Does an life insurance company has the right to keep raiseing it rates on the eldely?

It depends on the type of insurance. If you have a whole life or guaranteed universal life policy, the rates are set when you take out the policy and the company cannot increase the rate, ever.

If you have a renewable term insurance policy, the rate will increase each time you renew the term.

The agent that sold you the policy should have fully explained rate increases and how they worked and if your policy was subject to them.