Yes. By far, the lowest priced life insurance plans for seniors are term life insurance policies.
Term life costs a lot less than permanent life insurance because it provides temporary coverage for seniors, usually lasting up to 20 years.
Seniors may be able to choose a policy term (duration) of 10, 15 or 20 years for term life insurance, depending on their age and health.
Here's how to find low cost life insurance for seniors online.