YES.. Whole life insurance policies are usually issued up to age 85. So, you father would be eligible for it. Both of the companies issue whole life policy up to age 85.
Regarding the tax implications, his heirs should not have to pay income tax on life insurance payouts (as you may have found out when looking for life insurance rate quotes). Only under certain circumstances where the insurance was purchased through an employer will you be subject to income tax. You can find out details specific to your situation when you get life insurance rate quotes.
Also there would be no Estate Tax payable given the value of estate below 5 Million USD.
I hope this helps...