Whether or not a Senior citizen needs life Insurance will depend on his or her situation. Many seniors may need life insurance if they have no money saved to pay for the cost of their final expenses. Life insurance for final expenses will save your family members the financial stress of having to pay for your funeral upon your passing. In addition, many seniors get life insurance to leave money to their spouse and other family members upon their death. If your spouse relies on your income for financial support, life insurance can help leave your spouse in a better financial position if you were to die. And, some seniors take out life insurance to leave money to help fund for their grandchild's college education.