Gompertz-Makeham Law

The Gompertz-Makeham Law models human mortality rates, combining two components: an age-related increase in death risk (Gompertz part) and a constant background risk that affects all ages (Makeham part). As people age, their likelihood of dying rises exponentially, while a fixed risk persists regardless of age. This law helps demographers and actuaries predict lifespan patterns and manage insurance and pension systems by quantitatively describing how mortality risk evolves with age.