The answer to this question is kind of lengthy. If you decide to wait until later in life to purchase life insurance, you'll have to pay much higher premiums or even have to settle for a life insurance policy that you don't really want in the first place.
Additional Underwriting Requirements
The longer you wait in life to get life insurance, the more medical exams and fine print you'll have to go through to get a policy in place. The underwriting requirements for older people and people with diseases are much more complex.
Seniors have the option to purchase smaller life insurance policies that don't require a medical exam.