Is there life Insurance available for people age 55 and over? Yes, in fact, you may be able to buy life insurance up until age 85. Many people in their 50's purchase life insurance to make sure the home mortgage is paid off or the kids can go to college, or for any number of reasons. There's usually term life insurance available for people in their 50's for a period (term) of 10, 15, 20 or 30 years of coverage. Another option may be permanent life insurance that provides lifetime coverage. Learn more about life insurance for people over 55 and how you can compare prices and plans online from leading life insurance carriers.