Yes, there are whole life insurance plans, also known as, permanent life insurance policies, offered to senior citizens.

These permanent insurance plans provide guaranteed lifetime protection as long as the premiums are paid on time.

They provide a death benefit payout upon the passing of the insured person. These whole life plans also build up cash value inside the policy over time, which is available as a loan if needed.

Your premiums remain level, and your coverage does not expire. The amount...