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PROVIDER REVIEW
Principal Financial
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Principal Life Insurance Review

Overview

Founded in 1879, Principal Financial — formerly known as Bankers Life Association — is now a Fortune 500 company with offices in 19 countries. Today, this company is known around the world for its life insurance policies and a number of other financial products. With an A+ financial rating from A.M. Best and a reputation for being generous with charitable donations, Principal Financial is financially stable and has the strength to pay out your death benefit, bringing peace of mind knowing your loved ones will be taken care of.

Principal Financial underwriting allows policyholders to improve their “rate class” through riders and health lifestyle credits. So if you signed on as a smoker but have since quit, they will work with you to lower your premium.

In the market for a quickly approved policy? Principal Financial offers fast-tracked underwriting that requires no medical exams or lab tests at no extra cost for healthy applicants.


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Pros: 

  • User-friendly website. Policyholders have access to a portal to manage their accounts and make payments online easily. 

  • No medical exam required: if you qualify, you can ask for accelerated underwriting to give you the option to opt-out of a medical exam. The highest benefit for this option is $1 million.

  • Quick approval process. Industry-standard is approximately 30 days. Principal approves applicants in less than 48 hours with no exam and 15 days or less when a medical exam is required. 

  • Health lifestyle credits: live a healthy lifestyle? You’ll get points that you can apply toward getting a better rate on your premiums. 

  • Financially strong: High ratings from A.M. Best, Moody’s, and Standard & Poor. This company has the means to pay out benefits. 

Cons: 

  • The claims process only process over the phone. Only employers (for group insurance) can apply online.

  • Limited online options: Virtually all changes to your policy and plan have to be done over the phone. 

  • Policies delivered by mail: again, not the most tech-friendly company out there. 

  • No whole life policies. 

  • Family medical history included in the assessment. While they do have lenient underwriting, your family’s medical history will inform what your premium payment is. 

Principal Life Insurance sells group and individual life insurance policies through advisors, for the most part. Though the website has plenty of information, there is not a lot you can do with your account as far as applications, changes, and payments online. 

Throughout its history, Principal Financial has been a strong contender in the insurance industry, with a healthy financial status and high customer ratings, too. The bulk of Principal Financial’s customers tend to be business/group policies, which is probably why their online services for individuals/families have room for improvement. However, it’s still an excellent option to consider, particularly for those who need flexible options or lenient underwriting due to medical history or lifestyle. 


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