The child-free client: how advisors can support this growing demographic

Individuals and couples without children are more common than ever before. In fact, the most recent data from the Pew Research Center found that among adults under 49 without children, 47% say they never plan to have children.

“We are working with more Double Income No Kids [DINKS] clients these days. I believe people are waiting longer to have children or simply forgoing them altogether because of the high costs of raising them,” said Chuck Czajka, founder of Macro Money Concepts.

Lifestyle preferences are also a major reason they are choosing to be child-free. Many prioritize traveling and pursuing interests or hobbies. Additionally, some individuals are simply not interested in raising children.

As a life insurance advisor, recognizing the increasing prevalence of this client base and providing tailored advice that supports their unique lifestyle and long-term goals represents a great opportunity.

Why many of these clients often skip life insurance

Clients who are single without kids have no one relying on their income. For that reason, life insurance is likely at the bottom of their financial priorities.

“Those who are DINKS usually earn enough money that life insurance just isn’t something they think about,” explained Jay Zigmont, founder of Childfree Trust.

Put simply, life insurance is typically only considered for those with dependents. If an individual or couple has none, most assume they don’t need a life insurance policy.

Instead, they focus on other goals, such as building savings, paying off debt, retiring, and/or investing in vacations, luxuries, or hobbies.

Importance of life insurance for those without children

Not having children doesn’t eliminate all financial risks. Life insurance, when understood correctly, provides more than just a death benefit.

“Many permanent life insurance plans offer living benefits like critical illness and long-term care coverage. With these policies, child-free clients can use part of the death benefit to cover these types of issues,” Czajka said.

Permanent policies can also provide tax advantages, with cash value growing on a tax-deferred basis. If a client becomes disabled and is unable to pay their premiums, the policy can still grow.

Policyholders can access this value through tax-free withdrawals or loans, and the death benefit is generally income-tax-free, providing flexibility and financial protection for many child-free clients.

Jarad Stolz, vice president of insurance sales and associate chief underwriter at Diversified Insurance Brokers, noted that some child-free clients may have a change of heart or lifestyle and eventually decide to have children. In these cases, having life insurance in place can be crucial.

“Maybe later they want to start a family, but if their health has deteriorated, they’ve missed their opportunity to get an affordable life insurance policy while they were younger and healthier,” explained Stolz.

Strategies for advising child-free clients

The key is to reframe the need for life insurance for child-free clients.

Instead of focusing on dependents, ask them about their business, their possible future plans, what they plan to do to cover final expenses,” Stolz explained.

For high-net-worth clients, highlight the tax benefits of life insurance.

“If you’re not discussing taxes and their connection to life insurance with a child-free client, they may never know about them, and as an advisor, you’re missing a major opportunity,” Stolz added.

It may also make sense to position life insurance as a supplement to other retirement plans. Clients can access the cash value of these policies during market downturns.

Zigmont explained that in some cases, however,  it doesn’t make sense to promote life insurance to those without children.

“If you are trying to sell life insurance as the primary product to child-free clients, you may turn them off, since it doesn’t align with their goal to ‘Die With Zero.’ Instead, you need to look at other products,” Zigmont explained.

Annuities with long-term care riders, for example, can allow them to fulfill their goal of dying with zero.

“Life insurance with a strong long-term care insurance component may work, but child-free clients are likely to see little or no value in the life insurance component,” Zigmont added.

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