No. Your parents will receive the proceeds of the life insurance and the 401(k). Your will controls the distribution of your probate assets, which are those assets that do not have a designated beneficiary, such as your house.
In order to avoid this type of situation, I encourage my clients to review their accounts – such as life insurance and a 401(k) – when they set up a new will. Although the will doesn’t control distribution of those assets, this is a good time to review all of your assets to make sure your assets go where you want them to.