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Life Expectancy Formula:
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Life expectancy calculation using survival probabilities is a fundamental concept in demography and actuarial science. It represents the average number of years an individual is expected to live based on survival probabilities at different ages.
The calculator uses the life expectancy formula:
Where:
Explanation: The calculation sums all survival probabilities from the starting age to the maximum age considered, providing the expected remaining years of life.
Details: Accurate life expectancy estimation is crucial for retirement planning, insurance pricing, healthcare resource allocation, and public policy development.
Tips: Enter survival probabilities as comma-separated values (e.g., 0.99,0.98,0.97). All values must be between 0 and 1, representing probabilities of surviving to each subsequent age.
Q1: What are survival probabilities?
A: Survival probabilities represent the likelihood of surviving from one age to the next, typically derived from life tables or mortality data.
Q2: How accurate is this calculation?
A: The accuracy depends on the quality of the survival probabilities used. It provides a theoretical estimate based on the input probabilities.
Q3: What is a typical range for life expectancy?
A: Life expectancy varies significantly by country, gender, and era. In developed countries, it typically ranges from 75 to 85 years.
Q4: Can this be used for individual prediction?
A: This provides a population-level estimate. Individual life expectancy can vary based on genetics, lifestyle, and healthcare access.
Q5: How does this differ from period vs cohort life expectancy?
A: Period life expectancy uses current mortality rates, while cohort life expectancy projects future mortality improvements for a specific birth cohort.