Using the Gompertz law I use the following excel formula to calculate life expectancy for a single life:
Where: Ap = Age principal life -Assume 65 Mp = Mean principal – Assume 82.1 SDp = Standard deviation principal – Assume 11.4
The result is 16.1 years
If I assume the following for a 2nd life (Spouse)
As = Age spouse life -Assume 60 Ms = Mean spouse – Assume 86.3 SDs = Standard deviation spouse – Assume 9.5
The result is 23.7 years
Using Newton’s method I can approximate the joint life expectancy for the couple using the following formula for the joint life probability and solving for JLE (joint life expectancy) where the joint probability = 0.50.