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Principal

Principal Term Life Insurance Review

Principal Financial Group’s child rider excels at covering kids with health impairments. They are one of our favorite companies and All-Stars for doing the right thing for families.

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We're experienced

We've been in the life insurance industry since 1990, and have helped our customers protect their families with over $22 billion in coverage. That's a lot of happy customers.

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Principal Company Overview

Location

Des Moines, IA

Established

1879

Customers

600,000

Employees

14,000 worldwide

Location

Des Moines, IA

Established

1879

Customers

600,000

Employees

14,000 worldwide

Principal Ratings & Awards

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A.M. Best Better Business Bureau J.D. Power Moody’s Standard & Poor’s
A+ A+ 785 A1 A+

A.M. Best is an independent rating agency that ranks the financial strength of life insurance companies. Their best rating is an A++. Their worst is a D.

Better Business Bureau (BBB) is a non-profit that shares customer service feedback on businesses in the USA. BBB assigns ratings from A+ (highest) to F (lowest).

J.D. Power and Associates analyzes customers’ experiences with life insurance companies and ranks them on a scale from 1 to 1000.

Moody’s Investors Service is a leading provider of credit ratings, research, and risk analysis. Moody’s rating scale ranges from Aaa to C with 1, 2, and 3 to indicate whether the ranking is on the higher or lower end of that category.

Standard and Poor’s (S&P) is the world’s leading provider of credit ratings and creditworthiness. S&P’s scale ranges from AAA to D with + or – to define standing within each category.

Principal Financial Group was honored as one of the World’s Most Ethical Companies by the Ethisphere Institute in 2018.

Principal Financial Group is ranked 6th on Forbes’ list of America’s Best Employers for Diversity in 2017.

For the third consecutive year in 2017, Principal Financial Group achieved a 100% rating in the Human Rights Campaign’s Corporate Equality Index and earned recognition as one of the Best Places to Work for LGBT equality.

For the 16th time in 2017, Principal Financial Group was named one of the Top Companies for Executive Woman by the National Association for Female Executives (NAFE).

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To stand out in a competitive industry, most insurers focus on serving health or lifestyle niches.

Principal is excellent for:

  • Accelerated Underwriting
  • ADHD
  • Aviation & Pilots (Student Pilots)
  • Child Rider
  • Healthy Individuals

Principal’s child rider excels at covering kids with health impairments. They are one of our favorite companies and All-Stars for doing the right thing for families. Their accelerated underwriting uses a combination of underwriting expertise and technology to get you covered faster. For some applicants, it eliminates the need for lab testing and medical exams, making the process of getting insured less intrusive and simple.

Principal Comparison Quotes

Principal Term

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Company Male Female
Age 30 Age 40 Age 50 Age 60 Age 70 Age 30 Age 40 Age 50 Age 60 Age 70

AIG

$19.92 $29.92 $75.66 $219.30 $800.10 $17.27 $25.84 $58.01 $159.45 $629.41

AXA

$26.53 $37.65 $79.54 $230.88 N/A $22.26 $35.08 $70.99 $162.05 N/A

Banner Life

$19.74 $32.30 $72.76 $208.20 $800.01 $16.90 $25.11 $56.59 $151.06 $729.71

Haven Life

$22.48 $32.38 $84.06 $230.90 N/A $19.46 $28.07 $61.66 $156.84 N/A

John Hancock

$25.41 $30.41 $74.76 $210.21 N/A $22.91 $26.41 $64.51 $171.86 N/A

Lincoln Financial

$28.44 $38.94 $78.71 $213.02 $813.97 $23.45 $30.63 $59.37 $147.74 $584.81

Minnesota Life

$22.42 $31.18 $87.12 $235.40 N/A $18.48 $26.84 $62.04 $153.12 N/A

Pacific Life

$20.21 $30.58 $75.07 $208.21 N/A $17.54 $25.14 $57.12 $149.30 N/A

Principal

$21.43 $30.54 $75.16 $213.06 N/A $18.40 $25.81 $57.58 $147.79 N/A

Protective

$19.75 $29.06 $72.77 $201.44 N/A $17.33 $25.07 $55.23 $139.04 N/A

Prudential

$33.25 $41.56 $83.56 $250.25 N/A $27.13 $37.63 $72.63 $171.06 N/A

SBLI

$19.87 $31.30 $83.33 $274.74 N/A $17.05 $24.62 $60.41 $165.73 N/A

United of Omaha

$21.29 $32.90 $82.78 $249.19 N/A $18.28 $28.17 $61.71 $172.65 N/A

US Life

$20.76 $30.27 $76.55 $221.87 $924.25 $18.16 $27.24 $58.82 $161.32 $636.77

William Penn

$19.71 $32.30 $72.76 $208.20 $800.01 $16.90 $25.11 $56.59 $151.06 $729.71

Sample monthly premium quotes for a $500,000, 20-year term policy for healthy, non-smoking individuals living in Minnesota. Pricing varies by gender (except in Montana). Women pay less for life insurance than men because they live longer on average.

Your life insurance pricing may be different and is determined by your individual risk factors and the state where you have your primary residence. Pricing as of May 2019.

Principal UL Protector IV

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Company Male Female
Age 30 Age 40 Age 50 Age 60 Age 70 Age 30 Age 40 Age 50 Age 60 Age 70
Principal $214.20 $304.05 $458.40 $761.75 $1314.30 $180.55 $253.75 $388.85 $641.25 $1073.15

Sample monthly premium quotes for a $500,000 guaranteed universal life insurance policy for healthy, non-smoking individuals. Pricing varies by gender (except in Montana). Women pay less for life insurance than men because they live longer on average.

A guaranteed universal life insurance policy is similar to a traditional level term policy, but you can opt to have the policy last your entire lifetime.

Your life insurance pricing may be different and is determined by your individual risk factors and the state where you have your primary residence. Pricing as of June 2019.

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Principal Features & Benefits

What we like

  • Can be converted into a permanent policy.
  • Child rider available without medical underwriting.
  • Includes Accelerated Death Benefit Rider at no charge.
  • Your medical exam can be done at home or work.
  • Option to skip phone interview.
  • You can review your medical exam results upon request.
  • You can manage your policy online.

What could be better

  • Accidental Death Benefit Rider not available.
  • Every applicant must get a medical exam.
  • Credit card payments are not accepted.
  • Policy not delivered electronically.

Principal Policy Details

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Principal Term UL Protector IV
Guaranteed level premiums? Yes Yes
Term lengths available: 10, 15, 20, 30* Policy can last your lifetime
Premiums returned at end of term? No Return of premium option available (see The Fine Print below)
Riders available: Accelerated Death Benefit, Premium Waiver for Disability, Child Rider Accelerated Death Benefit, Waiver for Disability Rider, Child Rider, Salary Increase Rider
Accumulates cash value? No Yes (see The Fine Print below)
Policy loans available? No Yes (see The Fine Print below)
Minimum issue age: 20 0
Maximum issue age: 80 85
Minimum face amount: $200,000 $25,000***
Missed payment grace period: 30 days** 61 days

*10-year term available for ages 20-80 (tobacco users ages 20-75); 15-year term available for ages 20-75 (tobacco users ages 20-70); 20-year term available for ages 20-65; 30-year term available for ages 20-55 (tobacco users ages 20-50).

**State of issue, payment mode, and draft date can all impact the grace period end date. Your policy will state specifics.

***Minimum face amount of $25,000 available for individuals under age 20. $50,000 minimum for ages 20-85.

» Compare: Term life insurance quotes

Principal Riders

Increase your policy’s benefits with riders

Child Rider

*Available at additional cost

You can add a child rider to your term policy for as little as $50 per year. This rider covers each of your children under age 18 with coverage of $10,000. Ask your Quotacy agent for details.

Premium Waiver for Disability

*Available at additional cost

Principal will waive premium payments during a period of total disability lasting six consecutive months or more. The waived payments don’t have to be paid back. This rider is not available on all policies and cost varies by age.

Accelerated Death Benefit Rider

*Included 

This rider—also known as a Terminal Illness Death Benefit Rider—is included in your policy at no charge. It gives you access to a portion of your policy’s death benefit, if you are diagnosed with a terminal illness resulting in 12 months or less to live.

Learn more

Wondering what types of riders are beneficial?

Principal Policy Service

Contact

  • Customer Service: (800) 986-3343
  • Fax: (866) 885-0390

Hours: Monday-Friday, 7:00 AM-6:00 PM Central

Payment Mailing Address

Principal Financial Group
PO Box 10499
Des Moines, IA 50306

Manage your policy online

  1. Visit https://www.principal.com.
  2. Click on Log In in the upper right hand corner.
  3. Choose Personal from the drop-down menu.
  4. Click the blue Register Now near the center of the screen.
  5. Proceed through prompts in order to establish online username and password.

What you can do online

  • Make payments.
  • View your policy and its status.
  • Update your contact information.
  • Access policy change forms.

The Fine Print

Guidelines & Exclusions

Accelerated Underwriting
  • A phone interview is required.
  • Underwriting will still include evaluation of medical records and motor vehicle records.
  • Eligibility
    • Ages 18-60 applying for coverage up to $1,000,000
  • Being eligible does not guarantee acceptance into the accelerated underwriting program.
  • If not accepted, you continue on to traditional underwriting in which a medical exam is required.
Term Conversion
  • For a 10-year term, you can convert into any Principal permanent product within the first seven years or by age 70—whichever is earlier.
  • For a 15-year term, you can convert into a permanent policy within the first 12 years or by age 70—whichever is earlier.
  • For a 20-year term, you can convert into a permanent policy within the first 15 years or by age 70—whichever is earlier.
  • For a 30-year term, you can convert into a permanent policy within the first 20 years or by age 70—whichever is earlier.
  • Partial conversions are allowed.
Accelerated Death Benefit Rider
  • Also known as Terminal Illness Death Benefit Advance.
  • Can be accelerated up to 75% of the death benefit—not to exceed $1,000,000.
  • When death benefit payout is accelerated, there is a processing fee of $150.
Policy Loans and Withdrawals - UL only

Principal’s UL Protector IV has a cash value accumulation feature.

  • Policy loans and withdrawals will affect the guaranteed death benefit.
  • The cash value interest rate is guaranteed at 2%.
  • Loans have a 4% interest rate.
  • Partial withdrawals available after first policy anniversary.
  • Partial withdrawals have a $500 minimum.
  • Two unscheduled partial withdrawals are allowed per year.
  • The sum of the two partial surrenders is limited to 75% of the net surrender value as of the date of the first partial surrender.
Child Rider
  • Newborn child covered when 14 days old.
  • Coverage options range from $5000 to $25,000.
  • Rider can be converted into any permanent policy for coverage up to three times that of the rider.
  • Principal does not require any medical or lifestyle information when approving a child rider.
  • Principal’s Child Rider is not available in the states of Maryland or Washington.
Premium Waiver for Disability Rider
  • Rider terminates at age 65.
Death Benefit Options (including Return of Premium) - UL Only

Principal’s UL Protector IV offers three different death benefit options.

  1. Level – Beneficiaries receive the policy’s face amount
  2. Increasing – Beneficiaries receive the policy’s face amount + accumulated value
  3. Return of Premium – Beneficiaries receive the policy’s face amount + cumulative premiums paid

Both options 2 and 3 are more expensive than option 1.

Updated: June 2019

More term life insurance reviews

We recommend without hesitation every company reviewed on Quotacy. When you comparison shop, the death benefit amount that your loved ones would receive and the cost of the policy are the most important factors to consider. If you have any questions about the best life insurance companies for you, contact Quotacy. We'll gladly help you evaluate your life insurance options.

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