Complex sentence: The early victims of AIDS in the U.S. were largely gay men, typically relatively young and without wives or children (the traditional beneficiaries under a life insurance policy), but often covered by life insurance through employment or as a result of investments.
Split into simpler sentences: The early victims of AIDS in the U.S. were largely gay men, many of whom were not particularly old. They typically had no wives or children (the traditional beneficiaries under a life insurance policy), but they had life insurance policies through employment or as a result of investments.