Life expectancy

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Life expectancy

The length of time that an average person is expected to live, which is used by insurance companies use to make projections of benefit payouts.

Life Expectancy

The length of time the average person is anticipated to continue living. An insurance company may use the "official" life expectancy of a person at a certain age in determining the risk of a life insurance policy or annuity. Likewise, the IRS uses the average life expectancy to determine the required minimum distribution from IRAs. Often, the official life expectancy has only a rough relationship with an individual person's actual life expectancy.

Life expectancy.

Your life expectancy is the age to which you can expect to live. Actuarial tables establish your official life expectancy, which insurance companies use to evaluate the risk they take in selling you life insurance or an annuity contract.

The Internal Revenue Service (IRS) also uses life expectancy to determine the distribution period you must use to calculate minimum required distributions from your retirement savings plans or traditional IRAs.

However, your true life expectancy, based on your lifestyle, family history, and other factors, may be longer or shorter than your official life expectancy.

References in periodicals archive ?
If I were living in parts of the country with those sorts of life expectancies, I would want .
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life expectancies much above the current average of about 75 years.
The figures from the Office for National Statistics show that life expectancy for men at birth in the area covered by the Cwm Taf Health Board, which has one of the lowest life expectancies in Britain at just 75.
Life expectancies (average future term of life) computed according to the 2001 CSO table are another matter.
401(a)(9)-1, Q&A E-7, provides a specific "election" process for choosing whether to recalculate life expectancies or use the term-certain method.
In the more than 50 years since, scientists have tested some creative possibilities for increasing animals' life expectancies -- among them organ removal, severe exercise and manipulation of hormone levels.
Additional presentations were made on Securitization of Life Settlements, Privacy Issues affecting Life Settlement Transactions, and Evaluating Life Expectancies.