life insurance companies ????? plz help?

My question is,
How life insurance companies work? If you are 70 years old can you get one that pays you $ 250 k? So the question is if you are really old, can you still buy one and they really pay you and no BS?
And if you can get one for a 70 years old how much you should pay on average per month?
So if yes, you can buy one for an old person, how these companies make money? For example, If you buy one for a 75 years old and you pay $ 200 a month and you pay it for 2 years then he or she dies so the company just earned only $ 5 k then they have to pay back $ 250 k ?????

Let me know your thoughts.

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