I'm not a statistician, but something about that doesn't sound right to me.
>>> p = 1.2e6/7e9 # Probability of dying in any one year
>>> scipy.exp(log(1-p)*70) # Probability of NOT dying 70 years in a row
0.98807069644395429
>>> 1-_
0.011929303556045712
(1-p)**70