The purpose of this Thesis, is to study affine dynamic models that capture the price andmortality dynamics, it would allow to introduce the longevity risk into the risk analysisand valuation for life contracts in Colombia. Taking that into account, it is shown a risk-freemulti-factorial affine mortality model for longevity risk applications with a close expressionof the survival probability curve. Within the scope of this document we will use a statespace representation to estimate the model parameters using a Kalman Filter. Colombianmortality data is used to asses 2- and 3- factor implementation.