Many senior citizens ask themselves: do I really need an insurance policy? If you have retired, you may think that there is nothing more you can do for your family. You want a vacation, you want to rest. What if I tell you that you can relax and provide for your family at the same time? This is what essentially a life insurance is for a senior citizen: a way in which you can provide for your family without lifting a finger. All in all is up to you. Do you want to provide some financial support to you loved ones? Does your family need your help? These are things that you'll have to figure out all by yourself.
The next question you may be asking is: what type of life insurance should I buy? You can choose between two main life insurance types: whole and term. A whole life insurance is a policy that lasts for the entire lifetime of the insured and it builds cash value. A term life policy lasts for a limited amount of time, between 5 and 30 years and it doesn't build cash value, but it is a lot cheaper. As a senior, you would want to go for whole life insurance. The premiums are fixed and considering your advanced health you will not be paying them for too long.
The next step is deciding how much coverage your family needs. You should have in consideration several factors like: your current financial situation and any debts or mortgages loans that you leave behind. It is a known fact that many people, even when they retire they haven't finished paying back all their debts, so you should make sure that your policy can cover that as well.
It is important to get and compare many quotes from different insurance agencies. This is the best way in which you can find an affordable insurance policy which offers great coverage.