Although it is a good idea to re-evaluate your financial situation when you turn 50, you may still have similar life insurance needs to those you had at a younger age. Although it depends on the carrier, there is not necessarily a firm age limit at which you are no longer eligible to purchase life insurance. However, it may be more difficult to find a policy once you turn 70. The older you are when purchasing a policy, you can generally expect your policy premium to be more expensive. Most companies will also limit the type of policy and death benefit you can purchase at an older age.