Principal life insurance differentiates itself from competition by expediting the approval of healthy candidates. Many individuals are authorized within days of applying as a consequence of the expedited approval process. Loans can be obtained without fear of losing insurance coverage, courtesy to extra riders such as lapse protection. You can choose between a term or universal plan. For additional information, here’s a Principal Life Insurance Review.
For individuals looking for a more comprehensive package or easier-to-use self-service capabilities, it may be worthwhile to investigate the services of other providers. If you’re curious about Principal’s customer service, you may check out J.D. Power’s customer satisfaction ratings.
- Pros and Cons of Principal
- Factors that affect Principal Financial life insurance rates
- How to get a quote from Principal Financial life insurance
- Principal Financial offers term and permanent life
- You can skip the medical exam, if you pass a health questionnaire
- Principal Financial offers more riders than many competitors
- Principal Financial life insurance reviews are mixed
- How Principal Financial compares to other insurers
Pros and Cons of Principal
- A website that is simple to navigate
- Appropriate approval in a timely manner
- Principal TeleApp enjoys a sound financial foundation.
- There are no published allegations.
- Policy on mail-order
- There is no such thing as life insurance.
- On the website, there is a shortage of policy information.
Factors that affect Principal Financial life insurance rates
The Principal uses data from the DMV, Medical Information Bureau, and Prescription Databases to estimate your risk. This is a standard procedure for any sort of insurance business. Preferential and Super Preferential rates take the following variables into account:
- Age. Applicants who are young, healthy, and in good health pay less.
- Insolvency and a criminal record. Principal has been searching your criminal record over the last decade for felony convictions or bankruptcies.
- Renowned driver. You must have a clean driving record for the last five years, with no DUIs or reckless driving, and no more than two minor traffic citations.
- Health. The fact that the school’s principal has lax health rules is a plus. Medical conditions such as a family history of heart disease, stroke, or diabetes before the age of 60 may impact approval rates.
- We appreciate your commitment to living a healthy lifestyle. By enrolling in this program, you may be eligible to move up a rating class.
- Occupation. Premiums may be higher for people who work in hazardous environments.
- Prescription history. This should have no effect on your rates unless you have a history of major offenses.
- I’ve had insurance in the past. Additional benefits include life insurance contracts with a Preferred/Super Preferred rating.
- Tobacco use. Individuals who have not smoked in the preceding 24 months are eligible for reduced costs.
How to get a quote from Principal Financial life insurance
This is a disadvantage because you cannot apply for life insurance coverage online. You may obtain a customized quotation by following the steps shown below:
- Navigate to the Principal Financial website. From the drop-down option that appears, select Individuals > Insure > Life Insurance.
- Complete the form and I’ll contact you with a quote.
- It is critical to include personal information such as your current age, gender, and insurance policy. Along with your height, weight, and smoking status, please supply the following information. To view a quotation that you’ve provided, click See my Quote.
- Numerous quotations will be shown in front of you. To book a call, use the online form or call 800-247-8000 ext. 2522.
Principal Financial offers term and permanent life
Principal, on the other hand, does not provide whole life insurance, which is a rather common sort of insurance.
- Indexed universal life. A market index, such as the S&P 500, may help accelerate the growth of the cash value of this long-term insurance policy.
- Survival is critical to living a long and fruitful life. Seniors aged 55 to 80 are entitled to get a combined insurance policy that protects both of them and pays out if one of them dies. If both individuals die within four years of the policy’s inception, you can acquire a term insurance rider that pays 122% of the death benefit under the original policy.
- Care in the long term. Maturities for fixed premiums and guaranteed death benefits range from one to thirty years.
- For people aged 18 to 60, the insurer offers no-medical-examination coverage up to $1 million.
- Existence in all locations and eras. For the remainder of your life, you can adjust your premiums and death benefits to reflect changing market circumstances.
- The duration of the universe is unknown. When you have access to the policy’s cash value, it’s considerably easier to adjust your premiums and death payments.
- Principal distributes this product exclusively through a prospectus because of the significant risk of losing money.
You can skip the medical exam, if you pass a health questionnaire
Principal Life Insurance Company offers a streamlined underwriting procedure and waives the medical examination requirement for term life insurance coverage.
A phone appointment with a financial representative who will assess your personal and medical history is the first step toward qualification.
You may obtain life insurance without undergoing a medical examination within 48 hours after applying. In January 2021, around half of the fittest candidates will be approved.
Principal Financial offers more riders than many competitors
Consider purchasing additional coverage beyond the standard four or five optional add-ons offered by most insurance providers:
- Accelerated death benefit rider. If you have been diagnosed with a terminal disease, you may be eligible to receive up to $1 million of your death benefit.
- He is a Rider in his twenties. Children under the age of 18 are covered for up to $25,000 under your insurance.
- The cost of living is included. To maintain coverage in line with inflation, you can raise your insurance coverage without undergoing further underwriting.
- Critical sickness benefits are available to riders who are ill. If you are diagnosed with a catastrophic disease such as a stroke as a result of this coverage, you will get a lump-sum payout.
- With this rider, you’re covered regardless of what happens. At some points in time, adding insurance coverage does not need a medical check.
- Rider clad with cutting-edge lap-time-shortening gear. By including this rider on long-term insurance, you will be unable to get loans or withdrawals.
- Rider for insurance with a split option. Consider purchasing two insurance plans in case of divorce or other significant tax change.
- Premium rider costs are waived. You will not be required to pay a premium if you achieve incapacity-proof status.
Principal Financial life insurance reviews are mixed
AM Best bestows superior financial ratings on Principal Financial Group to indicate its capacity to pay claims in the event of a loss. Although Principal maintains an A+ rating with the Better Business Bureau, a significant number of its clients suffer billing and claims processing concerns.
How Principal Financial compares to other insurers
If you do not require whole life insurance, this insurance business offers numerous alternatives. You have three options: term, universal, or survivorship. For healthy applicants, life insurance plans that do not guarantee acceptance usually contain a 48-hour approval period.
A 30-year-old man in good health may be able to obtain a $500,000, 20-year term insurance policy from Principal for as little as $20 per month, as Principal’s prices are lower than the industry norm. Normally, another provider would charge you $25 per month for the same amount of security.
You are guaranteed to uncover businesses with greater customer satisfaction ratings and policies that go above and beyond the fundamentals. Conduct research and evaluate numerous insurance plans to determine which one is the greatest fit for your needs.
Visit our review of Primerica Life Insurance Review for one more insurance review.