Life insurance serves several critical purposes for seniors over 85 and their loved ones. Firstly, it provides financial security and peace of mind by ensuring that loved ones are not burdened with end-of-life expenses such as funeral costs, medical bills, and outstanding debts. Secondly, it can serve as a means to leave behind a legacy or provide an inheritance for beneficiaries. Additionally, life insurance proceeds can help cover estate taxes, ensuring that assets are passed on smoothly.