Life insurance policy types. Group Life Insurance, Principal

Help protect your employees and their families with Principal life insurance.

Group life insurance shows employees you value what matters most to them—their loved ones. Team life insurance.

Many employers offering employee benefits consider group term life insurance an essential part of their benefits package. Why? It provides employees with a basic level of protection. Plus, adding voluntary term life insurance to your benefits package allows employees to purchase additional coverage for themselves and coverage for their dependents.

Principal offers flexible group term life and voluntary term life insurance to meet the needs of you and your employees.

Who pays the insurance premium?

You can choose to pay for all, part, or none of the premium with Principal life insurance. If your budget is tight, employees could pick up the entire cost of premium with voluntary term life insurance.

Key features of Principal life insurance

When you combine group term life (employer-paid) and voluntary term life (employee-paid) coverage, you offer an even broader range of protection for employees. Best of all, your employees have guaranteed coverage—meaning they can get up to a certain amount of life insurance without answering medical questions.

Our flexible life insurance lets you customize a package just right for your company. Here are a few highlights of our coverage.

Life insurance whole life

Understanding group life insurance terms

Flat benefits

Coverage is a set amount. For example, a flat $20,000 is a life insurance benefit of $20,000.

Percentage of salary

Coverage is a percentage of the employee’s salary. For example, an employee has a life insurance policy that is twice (or 200%) her salary. Her salary is $50,000, which means a life insurance benefit of $100,000.

Increments

Choose from a flat dollar amount and let employees elect a benefit that fits their needs and their budget by selecting a benefit that is a multiple of that dollar amount. For example, if you select a $20,000 increment, employees could purchase $20,000; $40,000; $60,000, etc.

Accidental Death & Dismemberment (AD&D)

It’s no surprise. People have accidents every day. And, unfortunately, some of them are severe. Adding Accidental Death & Dismemberment coverage to group term life or voluntary term life provides your employees with even greater protection. A core benefit is paid for the loss of life, hands, feet, thumb and index finger, or vision as the result of an accident.

Extra features

Some of our group life insurance policies give employees access to extra services.

Affordable family life insurance

Travel assistance: Helps employees ease some of the worries of traveling – whether in the U.S. or internationally.

Will and legal document center: Lets employees create simple legal documents online.

Identity theft kit: Allows employees to be proactive in protecting one of their most important assets—their identify.

Beneficiary support: Helps those coping with the death of a loved one.

Varies by case size and requires underwriting approval.

Farm insurance

In some states, certain provisions listed as AD&D may be paid as a personal loss benefit.

These products and services are not part of the insurance contract and may be changed or discontinued at any time. Principal is not liable for products and services provided by third parties. Not available to group policies issued in New York.

This is an overview of the benefits group life insurance provides, but there are limitations and exclusions. For cost and coverage details, contact your Principal representative. Life insurance from Principal® is issued by Principal Life Insurance Company, Des Moines, IA 50392. Oregon Policy GC 6000(06/04) and GC 6000 (VTL) (06/04).

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