Life Expectancy: A Comprehensive Guide to Its Legal Definition
Definition & Meaning
Life expectancy is a statistical measure that estimates the average age a person is expected to live, based on various factors such as age, race, and gender. This metric is crucial for actuaries, who use it to determine insurance premiums. Over the past century, life expectancy in the United States has significantly increased, from approximately 47 years in 1900 to around 75 years in 1990. This improvement is largely attributed to advances in sanitation, the discovery of antibiotics, and better medical care. However, increased longevity also brings a higher risk of certain diseases, such as arthritis, hypertension, heart disease, cancer, and stroke, particularly among older adults.
Legal Use & context
Life expectancy is often referenced in various legal contexts, particularly in areas such as:
- Insurance law, where actuaries calculate premiums based on life expectancy data.
- Estate planning, which may involve considerations of life expectancy when drafting wills or trusts.
- Healthcare law, as it relates to the provision of medical care and the impact of aging populations on health services.
Users can manage some aspects of these legal matters themselves using templates provided by US Legal Forms, especially in straightforward cases.
Real-world examples
Here are a couple of examples of abatement:
For instance, an actuary might determine that a 65-year-old male has a life expectancy of 20 additional years based on current statistics. This information could influence the cost of life insurance policies offered to him. (hypothetical example)