I'm happy someone bumped this topic as I never read it.I LOVE the concept of aging and old age death. This could open up so many viable options for ancestry and make it a much larger part of the game.
Yes you COULD lose all the work you did for this character, but why not make it so surviving until a natural death gives your new character some huge benefits!
The way you played your character, what you ate, good actions, bad actions, people you killed (or didn't kill), the things you hunted, everything like this could all play major roles in your stats, attributes, beliefs, and maybe even LP when you are reborn.
Even what you were doing the moment you die. Dying not of a deadly blow in battle, but valiantly striking down your enemies as you give your last breath, or maybe you were just out farming, building, or whatever else.
I don't really like Loftar's idea of time consumption through actions, instead I think a certain amount of in-game play time makes more sense. It could be something like a base of 1000 hours, and then at character creation that character is randomly assigned more or less (within a certain number, -200 or +200 and anything in between or whatever. Then of course there could always be in-game factors that have affects on whether you lose or gain a number of hours until your (un)timely demise!
Of course with any old-age system should come with advantages and disadvantages as you get older.