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. Bloomberg Financial Dictionary
* * *
life expectancy ˌlife exˈpectancy noun life expectancies PLURALFORM [countable]
1. INSURANCE the age someone will probably live to, used by insurance companies when working out the risk of insuring them:
• Sixty-year-old men who still smoke have a life expectancy of less than 12 years.
2. the average number of years that something such as an electrical product will last
* * *
life expectancy UK US noun [C or U]
► (also expectation of life) the length of time that a person is likely to live: »
Life expectancy is the major factor influencing senior life insurance premiums.
► the length of time that something such as an electrical product is likely to last: »
As technology becomes more sophisticated, the life expectancy of household gadgets seems to diminish.
Financial and business terms. 2012.