Senior term life coverage can provide life insurance protection that lasts for a period of 10, 15, 20 or 30 years depending on your age, your health, and the particular life insurance company.
For example, many insurers may offer term life insurance for seniors age 75 and over, but with a maximum duration of 5 or 10 years.
However, if you are age 65, you may be able to get senior term life for a period of 15 years of coverage.
If you outlive the duration of your term life policy, your life insurance coverage expires, an there is no death benefit payout.
That's one main reason term insurance costs a lot less than permanent life insurance protection for seniors.