If you're a senior citizen (or closing in on those golden years), you probably know that buying senior life insurance isn't quite as easy as it was when you were younger. Locating the best life insurance for seniors is all about finding an affordable policy that provides the coverage you're looking for. We've combed through life insurance companies to find insurance companies that understand what you're looking for in a policy and provide reasonably priced coverage.

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What seniors should know before buying life insurance

The first thing seniors should know before buying life insurance is that many people shop for life insurance in the autumn of their lives and for a variety of reasons. For example, a person may have custody of their grandchildren and want to ensure they can get through college after the grandparent's death. Someone might wish to buy final expense insurance so their family won't be responsible for the cost of their burial. Or, a couple may decide they want enough coverage to leave money to heirs or a charitable organization after they're gone. Whatever the reason for buying life insurance, here are some key facts seniors should know:

• Initially, premiums may seem high. Seniors shopping for insurance coverage should not allow the first quotes they receive to scare them off. There are far too many insurance companies and dedicated insurance agents in the world to believe that all premiums are equal. Shopping around is sure to uncover lower premiums.
• Premiums can increase. If the last time a person purchased life insurance was 30 or 40 years ago, they might not know that the premiums on some policy types creep up as the policyholder ages. Before buying a policy, it's essential to know if the premiums are fixed or whether they are likely to rise.
• It may be possible to skip the medical exam. No-exam life insurance policies are available for a senior with significant health problems (or a smoker). The premiums are higher than a traditionally underwritten policy, but it may be the best way to get the life insurance coverage they desire.

Does age impact the cost of life insurance?

The cost of life insurance increases with age. That's because insurance companies price policies based on risks. Statistically, the older a person is, the closer they are to dying. And once they die, the life insurance company pays their named beneficiaries. That's why it's less expensive to insure a 21-year-old than a 71-year-old.