Principal Term Life Insurance Review
Their accelerated underwriting uses a combination of underwriting expertise and technology to get you covered faster
Principal Customer Service: (800) 986-3343
Table of Contents
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Principal Company Overview
Des Moines, IA
Des Moines, IA
Principal Ratings & Awards
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|A.M. Best||Better Business Bureau||J.D. Power||Moody’s||Standard & Poor’s|
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
- Aviation & Pilots (Student Pilots)
- Healthy Individuals
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
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|Age 30||Age 40||Age 50||Age 60||Age 70||Age 30||Age 40||Age 50||Age 60||Age 70|
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.
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Principal Features & Benefits
What we like
- Can be converted into a permanent policy.
- 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.
- Policy delivered electronically.
- 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.
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||Accelerated Death Benefit, Waiver for Disability 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.
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Increase your policy’s benefits with riders
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
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.
Wondering what types of riders are beneficial?
Principal Policy Service
- 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
- Visit https://www.principal.com.
- Click on Log In in the upper right hand corner.
- Choose Personal from the drop-down menu.
- Click the blue Register Now near the center of the screen.
- 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
- A phone interview is required.
- Underwriting will still include evaluation of medical records and motor vehicle records.
- 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.
- 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.
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.
- Level – Beneficiaries receive the policy’s face amount
- Increasing – Beneficiaries receive the policy’s face amount + accumulated value
- Return of Premium – Beneficiaries receive the policy’s face amount + cumulative premiums paid
Both options 2 and 3 are more expensive than option 1.
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.
Updated: November 2021
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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