Is there term Insurance for senior citizens? Yes. Term Insurance is a type of temporary life insurance policy that provides coverage for a specific period of time, usually for 30 years of less. However, depending on your age, the maximum duration of coverage may be limited to 5, 20, 15 or 20 years. The "Policy Term" is the length of time your life insurance policy provides coverage. The shorter your policy term, the lower your annual cost of life insurance. You can compare pricing and plans online by visiting a life insurance website and filling out a Quote Request Form to instantly compare the lowest prices on term life insurance for seniors.