Is a policy from peoples life insurance company dated 1946 any good?

Most, much older policies tended to have a much higher cost per $1,000 of life than newer policies. All that said, if the person who owns the policy cannot qualify for a standard plan (because of health or other issues) then keeping the old policy may be a good idea. Bottom line, I would shop for a new plan and compare to this old policy. mcdlife.com