Simple answer is YES.
You can effect a life assurance policy which will not be taxed within the estate in so far as the proceeds are used to pay CAT. These are known as Section 60 policies.
Any good advisor or Life Office can show you how this works.
If the cover is established on a joint life second death basis (i.e the sum assured is only paid out when both parents have died) the cost can be very inexpensive.