Actually, seniors may have a choice of term life insurance, permanent life insurance, or guaranteed acceptance life insurance policies.
Term life insurance offers seniors the option of choosing coverage that will last for a policy term (duration) of 10, 15, or 20 years. The shorter your policy term, the lower your annual cost of life insurance.
Permanent life insurance policies provide seniors with lifetime protection, as long as you continue to pay your premiums on time.
Guaranteed acceptance life insurance is permanent coverage that guarantees your approval for a policy if you meet the age requirements; for example, ages 45 to 85 years old. There is no health examination required, and you won't have to answer any questions about your health. Even if you have serious health issues, or have been turned down for life insurance in the past, you can still get insured.
Here's how to get senior life insurance protection.