Seniors considering a whole life insurance policy have multiple factors to evaluate before applying. Drazen Zigic/Getty Images

When it comes to making insurance decisions, seniors have multiple factors to weigh that may not be as important for those in younger demographic groups.

Cost is often at the top of the list, as many seniors and older adults already have thin budgets, primarily supported by Social Security and minimal retirement savings. Coverage options are another concern. When you're young, coverage options can be robust, often provided at a minimal cost. But that's not always the case for seniors, especially when life insurance is being considered.

That doesn't mean that this unique insurance type isn't valuable, however. But it does mean that it will require a closer

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