The Usefulness of Stochastic Mortality Modelling

The uncertainty over cohort life expectancy continues to concern insurance companies and pension schemes. For pension schemes in particular, the combination of low interest rates and guaranteed pension increases have led to a much greater focus on future mortality rates. This has led to increased interest in stochastic mortality models - that is, models that use stochastic techniques to forecast potential future mortality rates. However, given the high level of uncertainty in such models, is it worth projecting longevity stochastically at all?