I starting typing stuff, then I realized I was assuming that people couldn't stay fertile arbitrarily long. Of course if you're no longer fertile at 50 Azathoth won't care much whether you'll live until 60 or until 400 (except insofar as you can help/hamper your children in having children themselves), but why couldn't you be fertile past 50 in the first place?
Most animals are fertile throughout their lives, although fertility often declines with age, like most functions.
Humans have the (female) menopause, and it is unclear what the evolutionary reason for it may be, but for most animals this is irrelevant.
At a recent Reddit AMA, Eric Lander, a professor of biology who played an important part in the Human Genome Project, answered this question:
His response:
This seems to me, at first blush, to exhibit the Evolution of Species Fairy fallacy. Evolution doesn't work to benefit species, populations, or the "next generation". If a mutation arises that increases longevity, and has no other downsides, then animals with that mutation should become more common in the gene pool, because they die less often. I remember reading that the effect would not be very strong, because most animals don't die of old age. But why would there be the opposite effect?
I am loath to attribute a very basic error to a distinguished professor of biology. Is there another explanation? Is the claim that evolution selects for mortality true?
Note: Eric went on to add:
This seems to be blatant rationalization of a preconceived idea that death is good. (I doubt he truly believes that extra progress is worth everybody dying.) So perhaps his first statement is also a form of rationalization. But it seems improbable to me that he would make such a statement about biology if he didn't think it well-founded. More likely there's something I'm misunderstanding.
ETA: one of the first Google results is this page at nature.com, The Evolution of Aging by Daniel Fabian, which goes into some depth on the subject. The bottom line is that it agrees with my expectation that evolution does not select for mortality. Choice quotes:
How could a distinguished professor of biology, a leader of the HGP and advisor to the US President, get something so elementary wrong, when even a biology undergrad dropout like myself notices this seems wrong?
ETA #2: Gwern points to the Wikipedia article on Evolution of Ageing, which lists several competing theories of the evolution of aging (and therefore mortality). This shows the subject is more complex than I had thought and there may be good reason to believe mortality is selected for by evolution (or at least is reliably linked to something else that is selected).
I should be glad that I didn't discover an obvious error being committed by a distinguished professional, even if he may be ultimately wrong!