I haven't bothered to read up, but based on the answers posted already I would try to explain it like this:
If I use the same example as you, a male born in the UK in 1927, dying today would; probably have the age of 79 (unless he was born after 13th November). At the time of WW2, other people born in 1927 would be teenagers, an age group that I imagine would usually have a very low death rate. However, the conflict would lead to many more teen deaths than in an uneventful period. The effect of so many teen deaths would have dramatically lowered the life expectancy of this time.
However after the war ended and so many young people stopped dying, the life expectancy would start to rise again. All the teens who survived the war would be subject to this new life expectancy. That is to say you are always subject to the current life expectancy regardless of when you are born.
This does not mean that the you will live to this age and not beyond as it is an average and is not applicable to individuals. If the life expectancy is constantly changing it will, as you say, reflect changes such as particularly virulent diseases, war, medical advances, etc.