Generally speaking, the older you are, the more life insurance costs you. That’s because over time, your chance of death increases. Term policies typically have purchase-age limits that correspond with the length of the term.
For example, you may be able to buy:
a 10-year term policy up to age 75, or
a 30-year term only up to age 55.
Why might you want life insurance when you’re older, if you no longer have dependents or a mortgage? You might still want to buy life insurance to pay for your funeral. Or you may buy a policy because the tax-free death benefit can help your children manage your estate expenses. You can buy permanent life insurance in your 50s, 60s or even 70s.