I understand and accept the premium will be extremely high but is it possible?
Yes, it may be possible for your parents to get life insurance at age 77 with health issues.
Some life insurance companies offer coverage to older people over age 70, such as, Colonial Penn, Globe Life, New York Life, and Mutual of Omaha, among others.
However, whether or not your parents qualify will depend on the insurance company's guidelines for approval, and your parents' health.
These plans usually do not require a physical exam, just some health questions; however, the premiums may be quite high compared to the amount of life insurance provided by the policy.
Here's how you an learn more about life insurance for elderly people.