Should the elderly person in question get level term life insurance?
I think the general rule is if someone is dependent on your income then you should have life insurance. However, at some point that may become prohibitively expensive.
Depending on the age they may not even be able to get term insurance. Even if they could it would be prohibitively expensive.
Elderly adult should have enough assets to be self-insured. A paid off home, savings, etc.