Depending on the country where you live, the laws can be vastly different, since in most countries the debts you may have with the government are inherited in the case of your demise, however any debt with a private entity is immediately forgiven, it is because of this many companies and businesses refuse to give loans to the elderly and to the sick, since they do not want to lose money in the case of their death, however it seems that now insurance companies are taking part of that risk by giving insurance to those people so those businesses can offer them loans.
Yeah, my dad for example couldn't get any loans for the past ten years or so, and that's fine, well he could get tiny loans, like few grand, but not mortgage for example. It's clear why nobody would give someone ten year loan, when they are 65-70 years old, it's questionable that they would be paying that back, they might die, and in some cases it's true unfortunately. So all in all, banks do not give debt to elderly, but they are refraining from giving it to young people these days too, the rates are too high, and that means there is really no way most of these people would pay.
This makes default rates increase a lot, and that is why it's really not ideal for most people to get any loans at these rates. They still do give some loans to some people, but they rather give it to companies that does well, that way banks know that companies will pay it back, specially the strong ones, if Apple asks you for loan, would you reject it? Of course not.