Life insurance can be worth evaluating for some seniors now, before the start of the new year. FG Trade Latin/Getty Images

The closing weeks of the year are often a smart time for adults to take stock of their financial health. The past 12 months may have been marked by a series of beneficial economic choices as well as some errors that may be worth correcting heading into the new year. Getting this balance right, however, can be difficult, especially for seniors and older adults reliant upon a limited budget. For this demographic, there's little room for error.

Understanding this, adding another premium to pay each month (or year) may not seem worth it on the surface. But certain insurance products can still be cost-effective and valuable, even for seniors.

And that means life insu

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