I think that's basically correct, but you don't even have to put it in quite those terms. Life expectancy measures are dominated by early deaths. The group of people without a college degree probably includes most of those who are likely to die early (teen moms, structurally unemployed, lumberjacks or electrical linemen, etc.) It also includes a bunch of people without those risk factors (administrative assistants, etc). So as more of the latter group get a degree, the high-risk population comprises a greater and greater share of the group without a degree.