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Longevity risk is a big part of life insurance and pension fund risks.This is the risk associated with the fact that some members of a given reference population can live longer then expected. This work discusses longevity risk management as longevity risk is a substantial issue of concern due to uncertainty of longevity projections on the one hand and the large number of longevity liabilities on the other hand. We begin by considering research and the incremental advancement done on mortality , likewise we look at work done in retirement product markets. Additionally we consider longevity risk and it's management from the perspective of those exposed to the risk. Finally we examine life expectancy and life span from the point of view of the market players who are in the business of longevity risk.