Is it true that when you are older, your nerves are weaker and so is your ability to feel physical pain?

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My deceased grandma's roommate of 10 years and best friend for longer was told years ago that she had cancer but she kept denying it and did not seem to show any symptoms of cancer. My parents said the older you are, the less illness hurts you because your nerves are weaker and so is your sense of touch and taste. Is this true? It gives me hope that maybe when I'm old if I get sick, I won't feel too much pain either.
Is it true that when you are older, your nerves are weaker and so is your ability to feel physical pain?
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