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Most clients opt for life insurance as they begin growing their families

There are reasons to recommend life insurance products even if clients have yet to start a family. For example, a life insurance policy could protect other family members if a client has a large mortgage or a large amount of general debt—though Bertrand points out clients with that amount of debt are unlikely to have the income to pay life insurance premiums. Younger business owners can also have a strategic use for life insurance products, particularly if they are in a business partnership or a joint venture.

For the most part, however, Bertrand says life insurance simply isn’t a priority for younger people. Given the difficulties financial professionals have getting younger people to open brokerage accounts and mutual funds, convincing them to purchase life insurance before they have children to take care of is likely to be an uphill battle. The chances of success get higher when life insurance products are tied to a defined need, however.

“This underscores the importance that financial professionals get personal with their clients and understand where they are in the arc of their life. People in their 20s and early 30s will always be a tough audience for life insurance because they may not see a need for it yet,” says Bertrand.

Until clients do see that need, no amount of urging is likely to get them to take action— which may explain the discretion shown by a substantial number of financial professionals who simply wait for clients to start families and see the need for life insurance more clearly.