This is true in health insurance but not true in life insurance. Life insurance policies pay out at time of death with certain exclusions. Common exclusions are death by: suicide, killed while committing crime, killed by policy holder beneficiary.
Therefore, the longer one lives, the benefit accrues to the insurance co, because the more premium policy holder pays to LifeInsuranceCo (LIC), LIC has more time to earn interest/investment profits from those premiums, and the cheaper the payout from LIC to policy holder beneficiary, because of inflation and since most payout amounts (eg $1M) are fixed at time of policy issuance.
Therefore, the longer one lives, the benefit accrues to the insurance co, because the more premium policy holder pays to LifeInsuranceCo (LIC), LIC has more time to earn interest/investment profits from those premiums, and the cheaper the payout from LIC to policy holder beneficiary, because of inflation and since most payout amounts (eg $1M) are fixed at time of policy issuance.