Review of Principal Financial Life Insurance
Principal Life Insurance Company has carved out a unique niche in the marketplace. As a result, it is often among the most affordable no medical exam life insurance companies . If you are considering no medical exam life insurance, please give us a call today to see if Principal Life Insurance is the best choice for you. Principal life insurance company.
Just like any other market, different insurance carriers create a lot of competition. As a result, comparing life insurance quotes among the top companies is the best way to guarantee you are getting the right deal and policy for you. Based on your specific needs and goals. You can check out our video below for more.
About Principal Financial Life Insurance Company
From the Principal Financial Company profile, Principal helps people and companies around the world to build, protect and advance their financial well-being with our retirement, insurance and asset management expertise.
Principal is a member of the Fortune 500 and has over $629 Billion in assets under management. The company has offices in 19 different countries serving 22 million clients.
Principal Life Insurance Accelerated Underwriting
As part of our review of Principal Financial Group Life Insurance, we want to highlight a new program called Principal Accelerated Underwriting . With this new program a client can be approved for a no medical exam life insurance policy at a preferred plus rate class in forty eight hours or less. It is due to this outside of the box innovative thinking that puts The Principal Life Insurance Company into our top ten best life insurance companies in the United States list.
The Principal Life Insurance Company’s assistant vice president and chief underwriter of individual life insurance states on their website that studies done by the company discovered that about fifty percent (50%) of eligible life insurance clients have a high amount of beneficial health variables which rules out the need for an exam and blood work.
Basically, he is saying that if a client is truly healthy then no exam or blood work is necessary, i.e. no needles on up to a million dollar life insurance policy! So how does the company know if a prospective client is healthy?
How Principal Life Insurance Company Screens Prospective Clients
Principal Financial Group’s innovative underwriting uses “Big-Data” to determine a clients eligibility for the Accelerated Underwriting product, through three different avenues. The Principal Accelerated Underwriting program works by gathering information through the (1) medical information bureau MIB, (2) department of motor vehicle reports, and (3) the prescription database.
Essentially, if you have a clean medical history (no history of cancer, heart disease, stroke, diabetes, etc.), a clean motor vehicle record (max 2 tickets in the last 3 years), and any prescriptions you take or have taken are for normal “run of the mill” sicknesses and not for things that pose a health risk, then you have a great shot at a preferred plus or preferred rate class.
Principal Life Insurance Product Information
The Accelerated Underwriting product is available for ages 18-60. And the face amounts available for this no exam life insurance policy are up to one million dollars (Yes, 1,000,000!). And unlike most no exam companies, you can qualify for a preferred plus rate class, which makes Principal Life very competitive with the top companies in terms of price.
And since other competitor’s no medical exam products only offer a preferred rate class, Principal Life Insurance typically beats the competition for no medical exam policies when it comes to price. Which is great news for those who need coverage fast, for things such as life insurance to cover a divorce decree or life insurance to cover an SBA loan.
You can obtain up to two million dollars ($2,000,000) no exam life insurance for Survivorship Life Insurance (SUL). And for those considering no exam indexed universal life, Principal Life Insurance has a great no physical IUL product.
Another Advantage of The Principal Life Insurance Company
The Company offers certain Healthy Lifestyle Credits geared towards helping clients obtain the best rate class possible. Favorable Healthy Lifestyle Credit Scores can bump a client up a rate class or two.
Principal Accelerated Underwriting Life Insurance Quotes
The following Principal Term Life Accelerated Underwriting quotes and sample competitor term life insurance quotes are for a preferred plus 30 year old male as of October 2017. Rates must be qualified for and are subject to change.
All in all, Principal Life Insurance Company is only about 10-15% higher premiums for the Company’s accelerated underwriting term life insurance. For some that small increase in price might be worth avoiding taking an exam. For others, Principal Life might not be the right fit.
Other Products Offered by Principal Life Insurance Company
This universal life insurance policy is available for ages 0-85, with face amount minimums of $25,000 ages 0-19 and $50,000 for ages 20-85. Available for Principal Accelerated Underwriting for qualified applicants.
You can choose from 3 different death benefit options, including a level death benefit, an increasing death benefit, or level death benefit with return of premium, minus any withdrawals.
You can add a waiver of premium rider to the policy that will waive any premiums due if you become disabled prior to age 65. Benefits are limited after age 59.
Selling life insurance
Aviation exclusion and hazard sports exclusion are also available.
This indexed universal life offering from Principal focuses more on cash value accumulation than death benefit. You can choose from three different accounts:
S&P 500 indexed account with one-year point-to-point
S&P 500 indexed account with one-year monthly average
Each indexed account has a 100% participation rate and a guaranteed 3% cap rate, although historic rates are much addition, the indexed accounts have a guaranteed credited floor of 0% and a 2% floor for the fixed account.
Two life insurance loan options, standard and alternate. The alternate loan option provides the benefit of indexed crediting on the portion of the cash value used as collateral for the loan, giving you the opportunity to earn positive arbitrage.
Three death benefit options, including level, increasing and ROP.
Principle Financial Individual Disability Income Insurance
Principal is one of the best disability insurance companies out there. And if disability insurance has never crossed your mind, consider the following…
According to the SSA, disability affects 25% of young adults before retirement. Disability income insurance provides income protection so if you become sick or injured you can receive a monthly cash benefit, providing income replacement so you can continue to have cash flow.
Disability, leading to unpaid medical bills, is one of the leading causes of bankruptcy in the U.S. With disability insurance, you can receive a monthly income benefit that will help you stay solvent in your business or at home, paying the rent or mortgage, as well as staying on top of the rest of your finances.
Individual long term disability insurance is an affordable way to protect your business and family from the financial dangers that arise when disability strikes. Disability income is affordable and you can tailor a policy to fit your budget. Typically disability insurance premiums will be 1-3% of your income, depending on the policy benefits you choose and your occupation, age and health.
For example, if your income is currently $7,000 a month, then your monthly disability insurance rate will probably be around $70 to $210.
Core Value Income Protection
Principal Life Insurance Company’s Individual Disability Income Insurance policy provides long term disability insurance coverage that is guaranteed renewable to age 65, and conditionally renewable for life. The policy is also non-cancelable, (unless you fail to pay your monthly disability insurance premium). Simplified underwriting is available for single-life income benefit amounts up to $4,000 a month and multi-life income benefit amounts up to $6,000 a month.
All occupation classes available
Benefit periods available are 2 years, 5 years, to Age 65, to Age 67, or to Age 70.
Benefit maximum: Up to $20,000 per month issue limit; up to $30,000 per month participation limit with other disability coverage
Additional disability income insurance riders are available to for maximum customization.
If you are interested in Principal disability income insurance quotes or would like to compare it to the other top disability insurance companies we represent, please give us a call today to speak to a member of our team of professional independent disability insurance agents, who can help align you with the best disability insurance company and policy.
Is Principal Life Insurance the right company for you?
Most people searching for Principal Life Insurance Reviews are trying to find the best product and pricing available. The Principal Life Insurance Company is a great carrier that offers an excellent no medical exam life insurance policy. With face amounts up to 1,000,000, this is a unique product. Further, Principal Life’s disability income insurance is one of the best options for single-life and multi-life disability insurance in the marketplace.
However, Principal Life is not the best company for everyone. There is no one size fits all company or policy. For some of our clients, Principal Financial is the best option. However, for some clients, another company is going to be the right fit.
For example, those looking for life insurance with type 2 diabetes or some other pre-existing condition , may be better served with a different carrier. You see, for some people, due to health issues, lifestyle hobbies, or driving issues, they will not qualify for Principal Accelerated Underwriting or they may not qualify for the best rate class. And for others who don’t care about whether or not they have to take an exam there may be a better priced policy with another carrier available.
The bottom line is there are a ton of insurers and options available. The key to finding the best life insurance policies at the best life insurance rates is to let the professionals at TermLife2Go search dozens of different life insurance carriers to find the perfect fit for you. Only by doing this can you be assured that you are getting the best deal at the best price for your specific health profile.
TermLife2Go is an agency that works with dozens of top rated life insurance companies. Our #1 priority is to find you the best company at the best price…for you! That means we tailor a policy specifically to you because no two clients are alike. Let us leverage our expertise for you and see if we can’t save you thousands of dollars on life insurance.
We do not favor one life insurance company over another. Instead, we find out what you need and then we recommend the lowest priced, best life insurance company to meet your specific need. Therefore, if price matters to you, give us a chance to earn your business. We are here to serve you!
So, what are you waiting for? Give us a call today see what we can do for you!
If you enjoyed our article, The Principal Life Insurance Company Review, and/or have questions, please leave a comment below.
I have until 2019 to switch my term insurance of 250,000 to another policy before my rates go up. They are $26.25 per month right now. I am 60 years old and want to look at a 20 year policy meant to pay full coverage for my children.
Looking to replace your policy now makes perfect sense, it also make sense to try and get your coverage at least 6 months before your actual birthday due to the fact that many insurance companies will determine your “insurance age” by whatever age your six months closest to.
For example, if your birthday is in 4 months, many insurance carriers will already consider you 61 years of age rather than only being 60.
And when you’re in your 60’s that one year difference can begin to make a significant difference in the amount that you pay, particularly when you apply that increase to 20 years of premium payments.
Now its important to note that not all insurance companies will use one’s “insurance age” in determining ones rate, but there are enough insurance carriers that do where applying for coverage early certainly increases one’s chances at getting a better rate.
So, why don’t you give us a call when you have a chance and we’ll do our best to help you out.
I need a term life quote for $750k
Looking for term life insurance
– Have you ever been diagnosed with any pre-existing medical conditions?
– Are you currently taking any prescription medications?
– In the past 12 months have you used any tobacco or nicotine products?
– How long of a term are you looking for?
This is why we’ll need to have an agent speak with you prior to us being able to provide you with an accurate quote.
I just want a term life that pays the full coverage to my dependents. Thank you.
We should be able to help you out with that. We’ll just want to ask you a few questions so that we can determine what you can and can’t qualify for as well as learn about how much insurance coverage you are looking for.
So… just be on the lookout for an email from one of our agents.
Looking for 20 -25 year term life insurance quotes for a 48 year old male.
Sounds good, we would just need to learn more about how much coverage you’re looking for and what types of policies you’ll qualify for.
Just give us a call when you have a chance and we’ll do our best to help you out!
Please let me know if you have any coverage no medical ex life insurance NY call me after 3 pm eastern thanks
Please be on the lookout for an email response from one of our agents shortly.