Supporting the ‘better late than never’ market with life insurance

The saying, “better late than never,” applies to many aspects of life, including buying life insurance.

As an advisor, it’s essential to recognize this and support clients who have put this type of coverage on the back burner.

“Most older clients have delayed life insurance because life ‘got in the way,’" said Jarad Stolz, vice president of insurance sales and associate chief underwriter at Diversified Insurance Brokers, Inc. "Maybe they didn’t have a family or young kids in their 20s or 30s. Or perhaps, they focused on paying down debt, and never got around to getting it."

Cost may have been a barrier as well. For those who have spent their younger years living paycheck to paycheck or struggling financially, a life insurance policy simply wasn’t a priority.

The goal is to recognize this group and provide the guidance they need to secure coverage that protects them moving forward.

Why life insurance is still important between ages 45 and 60

First and foremost, those in this age range are usually in the “super earning” years of their careers when they will accumulate most of the savings they will need for their retirement.

“It’s also a time when living expenses are the greatest. They may be caring for older parents while funding their children’s education and still paying the mortgage,” said Kyle McMahan, chief marketing officer at WoodmenLife.

In this stage of life, protecting the family’s well-being is critical. If a primary earner passes unexpectedly, the surviving family needs financial stability.

But life insurance is also about more than a death benefit. It is an important long-term financial asset.

“Permanent life insurance can accumulate cash value, provide liquidity, and support retirement income, making it a versatile tool that complements savings and investments rather than competing with them,” McMahan explained.

How to support these clients

When you work with clients between 45 and 60, be sure to lead with education, empathy, and encouragement, experts say.

Remember that people care deeply about protecting their families and need someone to meet them where they are and help them take the next step. Emphasize that it's never too late and reinforce the importance of taking that first step.

As you guide the late starter market with life insurance, keep these tips in mind:

Find a coaching mindset

“The best advisors are part mentor, part teacher, and part accountability partner,” McMahan said.

Just as a good trainer considers all facets of a client's lifestyle before creating a workout plan, a great insurance professional takes a holistic approach to financial health to develop strategies that not only build wealth over time but also protect and preserve the family's future.

Reframe life insurance as a proactive financial tool

Instead of positioning life insurance as a worst-case-scenario product, help clients understand that insurance policies can strengthen their financial foundation right now through tax advantages, cash value growth, and asset protection.

“Insurance is a strategic financial asset, and not just a safety net,” McMahan explained.

Address the cost misconception head on

Many older clients assume life insurance coverage is out of reach at their age.

“Show them real options. Policies exist for every budget, and seeing actual numbers is often what moves people to act,” McMahan said.

Connect life insurance values and identity

Help clients connect their financial decisions to their values and to who they are—responsible people who take care of their families and want to protect what they've built.

Start with a personalized needs analysis

“Always lead with questions, not products,” McMahan explained.

What do they still owe? Who depends on them? What are their retirement goals? What life milestones are ahead? Every stage of life is an opportunity to evaluate needs and adjust coverage accordingly.

Discuss wills and beneficiary designations

Many clients in this age group haven't addressed their estate plan.

“Help them understand the real consequences, and how naming beneficiaries directly through a life insurance policy can spare their family significant turmoil,” McMahan said.

Position life insurance as a complement to retirement planning

This age group is actively thinking about retirement.

“Show them how a permanent policy with cash value can supplement retirement income and provide financial flexibility well beyond the death benefit,” McMahan explained.

Encourage small, consistent steps

Remind clients that big financial goals don't require big dramatic actions. Small amounts of premium invested consistently can generate meaningful protection and value over time.

“The key is to start and stay consistent,” McMahan said.

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Anna Baluch is a finance reporter and writer with more than a decade of experience. Contact her at [email protected]