There is no widespread rule that all insurance agencies follow when it comes to age limits on life insurance. Senior citizens, or adults over 50 years of age, are generally still eligible for starting new life insurance policies or expanding their coverage. While an individual senior life insurance company may set age limits on certain financial products, a senior who is considering life insurance should determine for themselves whether a policy is a valid investment given their stage in life, financial standing, and intentions for the policy. Seniors should also keep in mind that the premium for a life insurance policy can increase with age.