I'm not buying the Demographic Theory of Senescence. > Aging is nature’s way of leveling out the death rate, assuring that we don’t all die at the same time. Aging puts our deaths on an individual schedule so we can die at different times; other causes of death tend to kill everyone or no one. It's a magical "group selection" hand-wavy argument—it sounds nice and is kind of heart-warming, but when making an evolution…
http://www.senescence.info/evolution_of_aging.html
http://longevity-science.org/Evolution.htm
http://en.wikipedia.org/wiki/Evolution_of_ageing
Group selection isn't as dead as you might think; I've seen it show up in a number of places in evolutionary considerations of aging over the years. But then the field of aging as a whole is very reluctant to let go of any of its hypotheses.
Insofar as there is any consensus on the evolutionary reasons for aging in multicellular organisms, it is along the lines of aging providing a necessary state of life history to provide a selection advantage in conditions of environmental change. Functionally immortal or at least negligibly senescent species clearly can exist, as there are some in the wild at present, but in near every niche that life history option has been outcompeted by aging species. Here is one expression of that idea, which again you'll see is veering into group selection:
http://arxiv.org/abs/1103.4649
"Understanding why we age is a long-lived open problem in evolutionary biology. Aging is prejudicial to the individual and evolutionary forces should prevent it, but many species show signs of senescence as individuals age. Here, I will propose a model for aging based on assumptions that are compatible with evolutionary theory: i) competition is between individuals; ii) there is some degree of locality, so quite often competition will between parents and their progeny; iii) optimal conditions are not stationary, mutation helps each species to keep competitive. When conditions change, a senescent species can drive immortal competitors to extinction. This counter-intuitive result arises from the pruning caused by the death of elder individuals. When there is change and mutation, each generation is slightly better adapted to the new conditions, but some older individuals survive by random chance. Senescence can eliminate those from the genetic pool. Even though individual selection forces always win over group selection ones, it is not exactly the individual that is selected, but its lineage. While senescence damages the individuals and has an evolutionary cost, it has a benefit of its own. It allows each lineage to adapt faster to changing conditions. We age because the world changes."