Most insurance policies, including permanent and term life policies, are available to people who are 62 years and older. However, all insurance companies have an age limit after which seniors do not qualify for life term policies. The cutoff point for these policies differs from one insurance company to another, states Trusted Choice.
Seniors looking for income replacement can purchase a term life policy, while those with complicated finances can settle for a permanent life insurance policy, according to Trusted Choice. However, past a certain age, seniors may not be eligible for longer-term or all-term life policies. A person who is 70 years old, for example, may be eligible for a 10-year life term policy but not a 20-year term policy. Different insurance companies have different age limits for term life policies.
Permanent life insurance policies such as universal and whole life policies are also available to people over 60. Under these plans, policyholders can adjust their premiums and death benefits depending on their circumstances. Generally, people over 80 cannot secure term life policies. However, they are still eligible for permanent life insurance policies, states Trusted Choice. Graded life insurance plans are also available for seniors with serious health problems.