Why can't l use the word "late" in this sentence?

[Wash Nion]

English Language Tests, Intermediate level

ESL/EFL Test #210 "What Comes Next? (4)", question 7

As the old saying goes: ..........

(a) He who hesitates is found
(b) He who hesitates is lost
(c) He who hesitates is late
(d) He who hesitates is long

English Language Tests, Intermediate level

ESL/EFL Test #210 "What Comes Next? (4)", answer 7

As the old saying goes: He who hesitates is lost.

Correct answer: (b) He who hesitates is lost

Your answer was: incorrect
As the old saying goes: He who hesitates is late.
_________________________

why can't l use the word "late" in this sentence?
Would the word "late" in this case be understood as "dead"?

Wash Nion

[Canadian45]

You can't use late because the old saying is "He who hesitates is lost."
No, late wouldn't be understood as dead.