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hile Sam Walton might not have been the first to discern that you can "get the business" if you beat the competition at pricing commodities the customer wants, he certainly succeeded in embedding this marketing concept in the psyche of the American consumer. With an amount in mind, what kind of policy will best meet my needs, circumstances, and risk tolerance? If so, how much? Most of us have no idea when we'll die; only a fictional actuary with the last name of Soprano is likely to give us the time, place, and method of our demise! These statistics are drawn from mortality tables that account for the probability of deaths within a very large statistical sample (typically a group of 1 million). Her 75-year-old mother has more than 14 times her daughter's chance that death could occur this year, but for having survived to age 75, she has a statistical life expectancy of age 88. Her statistical life expectancy suggests that she has an equal chance of dying before or living beyond age 84. will die this year. Let's review the nature of these pricing elements.

There are simply too many moving parts that can be repriced by the insurance company as, over time, it gains experience with its in-force policies. While this approach can be effective at pricing commodities bought and used without subjective considerations such as comfort, durability, or aesthetics (gasoline, paperclips, and paper towels come to mind), it is impossible to quantify the potential cost of one flexible premium Universal Life or Variable Universal Life policy versus another. In the trade, this is called "spreadsheeting." "I want a $1 million policy; tell me your price and I'll compare it with five other proposals and let you know which I'm going to buy." This buying paradigm, having captivated the minds and hearts of retail buyers, has found a new home among prospective health insurance owners. Low pricing is why Walmart is the number one retailer, with more employees and more revenue than any other retail business establishment in the world. Service, features, and benefits can also be important in the purchasing decision, but once those are determined, price is the ultimate determinant influencing where (or with whom) we will conduct our business.