1. The life insurance company guidelines for approval.
2. The age of the applicant.
3. The health of the applicant.
4. The type of life insurance being requested.
5. The amount of life insurance.
However, there are some life insurance plans called "graded benefit" life insurance which may provide a small amount of life insurance to older applicants, but the full coverage is not available until the insured person has owned the policy for at least 2-3 years.
In addition, graded (guaranteed) life insurance plans usually have higher premiums. Here's how you can learn more about guaranteed acceptance life insurance and request a free quote.