Most seniors already have life insurance of some kind, but the death benefit often is too small to take care of funeral expenses and medical bills. In most states, a life insurance death benefit is exempt from creditors. It is also exempt from inheritance taxes. This makes it an excellent vehicle to transfer wealth to survivors.

Seniors often assume that they will not qualify for life insurance, but many states have laws requiring insurance companies to provide coverage to seniors. Since the senior population is growing fast, many insurance companies have found it profitable to offer life insurance to seniors.