More than half of advisers have yet to adjust their clients' protection needs in the wake of the removal of the default retirement age (DRA), according to Avelo.
Failure to acknowledge the need for extended provision could leave many consumers exposed without the necessary protection in place, it warned.
With the removal of the DRA meaning that people will increasingly be working older and potentially forced to rely on their earnings for longer, the need for protection later in life has become more apparent.
Less than four per cent (3.9%) of those questioned by the technology supplier had protection policies running to the age of 70 or above.
The survey of more than 150 Avelo Exchange users also found that a typical age range for protection policies maturation remained between 60 and 70, with just under half (44%) running to between 60-64 and a similar number (42%) running to between 65-69.
Overall, 54% said that they had yet to make any alterations concerning planning for clients' protection and retirement provision, but the firm said an encouraging proportion (46%) have adjusted their clients' projected retirement age in their financial planning.
Paul Yates, strategy and product development director at Avelo, warned that traditional planning for retirement at 65 was not realistic anymore.
"For the majority of people, retiring at 65 is no longer viable from a financial perspective," he said.
"People are living longer than ever before and so prudent planning is required to ensure they are properly catered for in retirement.
"It's early days I know but it's vitally important for the financial services industry to adapt quickly to reflect the reality of modern retirement so they can advise their clients effectively.
"Equally, from a consumer perspective, there's also a clear need for financial education as today's consumers grapple with a much more challenging financial planning climate than generations before them faced," he added.
