The phrase "olov hashalom" is often appended to names of the deceased. I don't know very much about it's history or any deeper implications, but at face value it just means "peace be upon him."
I once heard someone say "olov hashalom" about a living person, and then vociferously correct themselves with all kinds of blessings for the person to have a long life. Is there any reason, other than the implication based on its common usage, not to say this about a living person?