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Life Insurance

Principal Life Insurance Review

By David Krug 6 minute read

Principal Life Insurance differentiates itself from the competitors in the life insurance market by expediting the admission of healthy candidates. Many individuals are given authorization within days after completing their applications due to the expedited review process. It is possible to get loans without worrying about losing insurance coverage due to optional insurance riders such as lapse protection. You can choose between a term or an all-inclusive plan.

Individuals looking for a more comprehensive bundle or easier-to-use self-service alternatives may choose to investigate the services of other vendors. If you’re curious about Principal’s customer service, you can check out the company’s J.D. Power customer satisfaction ratings.

Pros and Cons of Principal

Pros

Principal Life Insurance Review - Principal Insurance Company Logo
  • A website that is simple to navigate
  • Principal TeleApp has a strong financial foundation on which to operate due to the rapid approval of proposals.

Cons

  • There have been no allegations made public.
  • The firm does not have a standard policy for mail-order life insurance.
  • On the website, there is a dearth of policy information.

Factors that affect Principal Financial life insurance rates

The Principal calculates your risk using data from the Department of Motor Vehicles, the Medical Information Bureau, and prescription database. This is a standard procedure in the insurance sector for any sort of organization. When computing preferential and super preferential rates, the following variables are considered:

  • Age. Young, healthy, and fit applicants pay less than their senior counterparts.
  • Insolvency and a criminal record are both undesirable outcomes. According to your principal, your criminal history has been searched for felony convictions and bankruptcies dating back 10 years.
  • A driver with an excellent reputation. Your driving record for the previous five years must be clean, with no DUIs or reckless driving and no more than two minor traffic citations within that time frame.
  • Health. The fact that the school’s principal has lax health restrictions is a plus.
  • Approval rates may be impacted by medical conditions such as a family history of heart disease, stroke, or diabetes prior to the age of 60.
  • We admire your commitment to living a healthy lifestyle. By participating in this program, you may be eligible to upgrade your vehicle’s rating class.
  • Occupation. Individuals who operate in potentially hazardous environments may experience increased insurance prices.
  • History of prescriptions. This should have no effect on your insurance prices unless you have a history of major offenses.
  • I’ve previously had health insurance. Additional benefits include life insurance policies with a Preferred/Super Preferred rating.
  • Tobacco use is strictly forbidden. Individuals who have not smoked in the preceding 24 months are entitled for a premium reduction.

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 mentioned below:

  1. Click here to see the Principal Financial website. Select Individuals > Insure > Life Insurance from the drop-down menu that appears.
  2. Please complete the form below and I will contact you with a quotation.
  3. It is critical to include personal information such as your current age, gender, and insurance policy. Kindly provide your height, weight, and smoking status, as well as your age and gender. Select See my Quote from the drop-down menu to view a quotation you’ve provided.
  4. Numerous quotes will be shown in front of you. To book a call, please complete the online form or call 800-247-8000, extension 2522.

Principal Financial offers term and permanent life

Principal, on the other hand, does not provide whole life insurance, a rather common form of insurance.

  • Universal life is indexed. It is possible that a stock market index, such as the S&P 500, will accelerate the growth of the cash value of this long-term insurance policy.
  • It is critical to secure one’s survival in order to live a long and wealthy life.
  • Seniors must be between the ages of 55 and 80 to qualify for combination insurance coverage. If one of them dies, the policy will pay out to the surviving spouse. If both individuals die within four years of the policy’s inception, you can acquire a term insurance rider that provides a death benefit equal to 122% of the original policy’s death benefit, saving you money.
  • Long-term care. The maturities of a fixed premium insurance and a guaranteed death benefit policy range from one to thirty years.
  • For individuals between the ages of 18 and 60, the insurer offers no-medical-examination coverage up to $1 million.
  • Existence in all eras and locations throughout history. You will be able to adjust your premiums and death benefits for the remainder of your life to reflect fluctuations in the stock market.
  • The cosmos’s age is unknown. When you have access to the cash value of your insurance policy, making changes to your premiums and death benefits becomes much easier.
  • Due to the substantial risk of loss connected with this product, Principal sells it exclusively via prospectus.

You can skip the medical exam, if you pass a health questionnaire

Principal Life Insurance Company offers a streamlined underwriting process and waives the requirement for a medical examination for term life insurance coverage.

To begin, call a financial representative who will assess your personal and medical background to establish your eligibility.

You may be able to obtain coverage without having to submit to a medical examination within 48 hours of applying for life insurance. Around half of the candidates who are the most physically fit will be approved in January 2021.

Principal Financial offers more riders than many competitors

Additional coverage is advised in addition to the standard four or five optional add-ons offered by the majority of insurance companies:

  • Riders gain from accelerated death. If you have been diagnosed with a terminal illness, the death benefit on your life insurance policy may be worth up to $1 million.
  • He is a twenty-year-old. Rider who works as a mechanic. Your insurance policy covers children under the age of 18 for medical expenditures up to a maximum of $25,000.
  • The cost of living is considered. You may expand your insurance coverage without undergoing further screening in order to stay up with inflation.
  • Critical sickness compensation may be available to riders who fall ill. You will be reimbursed if you are diagnosed with a catastrophic ailment such as a heart attack or stroke as a result of this coverage.
  • With this rider, you’re covered regardless of what happens in the future. Adding insurance coverage is not always required by a medical evaluation at various points in life.
  • Rider outfitted with cutting-edge lap-time-shortening equipment. With this rider on long-term insurance, you will be unable to get loans or make withdrawals.
  • Rider for insurance with the opportunity to share the premium. Consider getting two insurance policies to protect yourself in the event of a divorce or other major tax change.
  • The expense of premium riders is waived. It is not necessary for you to pay an additional premium if you attain incapacity-proof status.

Principal Financial life insurance reviews are mixed

When AM Best provides Principal Financial Group an excellent financial grade, it indicates the company’s capacity to pay claims in the event of a disaster. Although Principal Insurance Company has an A+ rating with the Better Business Bureau, a significant percentage of its clients have complained about billing and claims processing concerns.

How Principal Financial compares to other insurers

If you are not in need of whole life insurance, this insurance firm offers a choice of alternative products. You have three options: term, universal, or survivorship. Life insurance plans that do not guarantee acceptance sometimes contain a 48-hour waiting period for otherwise healthy applicants.

For instance, a 30-year-old healthy guy may be qualified to acquire a $500,000, 20-year term insurance policy from Principal Insurance for as little as $20 per month due to Principal’s rates being lower than the industry norm. Typically, another service provider would charge you $25 per month for the same level of security.

Almost sure, you will come across businesses with greater customer satisfaction ratings and policies that go above and beyond the bare necessities of conducting business. Conduct research and evaluations of several insurance plans to determine which one is the greatest fit for your needs.