Can I open a life insurance policy if I am over 65?

Yes. It is unlikely that you could buy a whole-life policy or, if one could be purchased, it would be prohibitively expensive. However, you can buy a term life policy. Term insurance is usually a better buy than whole-life, since the benefits of a whole-life policy are modest. If you invested the money you saved each year buying term insurance in place of whole-life, you would come out ahead financially. Whole-life is convenient, but expensive for the return on investment.

My insurance company sells term policies to individuals up to age 74. They are not that much more expensive than a policy for someone aged under 60 - roughly a one-third increase in cost. I pay a group rate, since I am a member of a professional association that has negotiated a package rate with an insurance company. If you are a member of a professional association (e.g., engineer, doctor), you should check if your association has such an arrangement with an insurance company. An example of the rates charged by my company for term insurance are listed below.
- 51 to 55: Cdn$6.16 per month for each $25,000 unit of insurance.
- 56 to 60: Cdn$8.38.
- 61 to 74: Cdn$11.20.

If it is a new policy, you need to provide medical information to the insurer. If you have had any serious illnesses or undergone surgery, they will want to know why and will send you more forms to fill out. Certain medical conditions will usually disqualify you (e.g., type 1 or 2 diabetes), but the best way to find out what a company will accept or reject is to apply for a policy. For example, although my existing policy remains valid, the insurer will not let me increase my coverage, because of medical conditions that have developed since I first signed up for the policy.

There are certain TV commercials (Penn Life Insurance, I think) claiming to do just that - insure older people. You may also want to try with AARP and see what they have to offer

CAN i BUY LIFE INSURANCE IF i AM OVER 80 JUST TO COVER MY FUNERAL EXPENSES iF i AM HEALTHY.. i ONLY HAVE ONSET DIABETES OTHER THAN THAT i AM FINE

Yes you can. Go to a broker who can help you select various plans available. You will need a medical exam depending upon the amount of insurance requested.

Yes, but it will cost you a small fortune.

From the net - "Many companies offer life insurance to people age 80 and beyond. For older people, life insurance can be a less expensive and useful tool for estate planning and wealth transfer. If you are married, and need coverage for your estate plan, a joint second to die policy with your spouse may have merit. You should obtain professional advice to see if it is right for you. You can get competitive quotes for life insurance coverage at any age".