To state the obvious, life insurance companies don’t operate without cost. Employees have salaries and benefits, buildings cost rent and office furniture depreciates. Life insurance company overhead isn’t something that agents or clients readily discuss. I’ve eaten more than my fair share of dinners paid with a carrier expense account (as I’m sure you have, too) and I’ve never asked where the money came from. Well, I take that back. I was at a very nice restaurant last year during AALU when a group of about 50 folks from MassMutual showed up. I jokingly asked the person sitting next to me whether or not she thought Mass got approval from its policyholders before it picked up the tab. It’s not really a joke, though. Policyholders pay for every dinner we eat. The question is whether or not, in the aggregate, overhead expenses impact a policyholder’s returns.