The report reviews the theoretical models for valuing life and small changes in risk, emphasizing the life cycle models of Shepard and Zeckhauser; Cropper; and Arthur. Their methodology is expanded to include approaches for valuing one life table compared with another (such as would result from a program that extended life expectancy). The effects of age, latency of risk, and alternative causes of death are related to the life tables. With specific assumptions about the discount rate, wealth, and the degree of risk aversion, the value of a statistical life can be calculated, and the consumer surplus for one life table can be compared with that of another. The results are demonstrated for three causes of death: cardiovascular disease, fatal cancer, and motor vehicle fatalities.