Should a 70-year-old buy life insurance? Here are 4 things to think about.

Purchasing life insurance in your 70s requires careful thought and financial consideration. AlexanderFord/Getty Images

When you're in your 70s, there are many items you may prefer to focus on besides finances and insurance types. But in today's unique economy, in which many seniors find themselves living on a limited budget of Social Security and retirement funds, the reality is that many would benefit from taking a broader approach to their financial health. And that may mean revisiting their insurance options, both for opportunities to cut costs and for other ways to boost their protections.

Life insurance is one such type worth looking closely at.

Despite a misconception that life insurance isn't worth it for seniors, especially those 70 and above, it can still be a smart and str