I don't think that will destroy the life insurance industry. In fact, I think it will help them.

If I buy a life insurance policy for a 15 year old today, I pay them $X in order to receive $Y when the insured dies. If the insured lives for 70 years, the insurance company has 70 years to invest $X, in order to have $Y available when the insured dies.

But if the insured lives 80 years, then the insurance company has 10 more years to invest $X. They gain from that situation, rather than lose.