Vice President and Economist, Equitable Life Assurance Society of the United States, and Adjunct Professor of Economics, Baruch School, City university of New York. The critical comments of Drs. Bernard Clyman and Robert Ferrari and the helpful contributions of Messrs. William Forgang, Yul Rhee and Mrs. Rita Scholze are gratefully acknowledged. The paper draws heavily on data collection and background papers of the Life Insurance Association of America (LIAA), as listed In the paper. All errors remain the author's responsibility.