Would it be too late for a late 20s and between mid 30s to get a life insurance? What are the considerations that we should look into?

Not too late as long as the cost to benefit ratio makes sense. In my opinion, it’s best to get covered for critical illness and disability for 5 times of my income and 10 times of my household expenses respectively. I think this calculator could help you figure out how much you need https://plannerbee.co/calculator-insurance/

It is never too late to get a life insurance - of course the earlier the better because insurance prices are cheap when you are younger. The key question is why do you want to get an insurance (now).