Principal Financial Group Disability Insurance Reviews Consumer Affairs
Important Notation: Equally of September xxx, 2021, Principal no longer offers life insurance coverage.
If you'd similar to find the all-time term life insurance programme for you, please check out these carriers .
At Policygenius, nosotros're committed to providing objective and transparent communication through strict editorial standards to help you get insurance right. Read more about our methodology.
THE BAD
Fewer customization options
Can't update some information online
THE Bottom LINE
Primary offers competitive rates at every historic period subclass and favorable underwriting for a number of medical weather. They've also earned high scores from several customer satisfaction boards and credit rating agencies.
Every bit of September 30, 2021, Principal no longer offers life insurance.
If you'd like to find the best term life insurance plan for you, please cheque out these carriers.
Cost
Average monthly premium price for a predetermined applicant profile and common health weather.
9.8
Confidence
Consumer confidence based on scores from major financial rating institutions.
viii.5
3rd-Party Ratings
Satisfaction from consumer sentiment institutions and complaints to state insurance boards.
8.3
Policy Details
Availability of such options as term length and no-med-test availability.
seven.vi
Ease of Application
Ease of use, convenience, online tools, and availability.
seven.five
four of five
J.D. Power surveys charge per unit based on production offerings, price, statements, interaction, advice, and application. An overall satisfaction score of 4 denotes a visitor "ameliorate than virtually".
J.D. Power Rating
A trusted client satisfaction and product quality enquiry agency
A+
An A+ denotes a score betwixt 97 and 100 (out of 100) based on xiii criteria, including unanswered complaints, type of business, and authorities activity.
BBB Rating
A nonprofit system focusing on market trust and product quality
A+
A.One thousand. Best ratings range from A++ to D. An A+ rating denotes a "superior" visitor based on their ability to see ongoing insurance obligations.
A.M. All-time
100-year-old U.Southward. credit rating agency focused on the insurance industry
The Details
The Proficient
Very competitive rates. Principal has some of the most competitive rates at every age bracket in the manufacture, as well equally favorable underwriting for a range of mutual medical weather condition, including asthma, diabetes, sleep apnea, and a personal or family history of cancer.
Financially strong. Main earns high scores from the major credit rating agencies, including A.K. Best and Standard and Poor's. If you're worried virtually their ability to pay out decease benefits to beneficiaries in the future, don't be!
The Bad
Fewer customization options. Compared to other carriers, Chief offers fewer term length options and riders. However, they exercise offering the most mutual riders, similar an accelerated death benefit rider at no extra price.
Can't update some information online. Principal customers can alter their payment data and address online, only will need to make a phone telephone call to abolish their policy and mail in paperwork to change the policy'southward casher.
The Breakdown
Cost
Average monthly premium cost for a predetermined applicant profile and mutual wellness weather condition.
9.viii
The cost of life insurance depends on multiple factors. Your age, health, the state yous live in, and of class your chosen policy, can affect how much you'll pay. Principal'south rates are competitive at every age bracket. They also offer favorable underwriting for some of the most mutual health weather cited on life insurance applications.
Below are Chief's rates for a salubrious, non-smoking male applying for a $500,000, 20-year term policy at different age brackets:
| AGE | Principal AVERAGE | Industry Average |
|---|---|---|
| 20s | $24.21 | $28.02 |
| 30s | $25.97 | $32.06 |
| 40s | $55.31 | $60.97 |
| 50s | $134.08 | $152.00 |
| 60s | $471.62 | $504.29 |
Sample rates are for a good for you, non-smoking male in California applying for $500,000 in Preferred-rate class coverage. Rates current as of November 2020, co-ordinate to Policygenius data.
In add-on to affordable rates for applicants in good health, Principal is too a adequately solid pick for people with more complex medical histories. They offer cheaper-than-average rates for some of the near mutual health conditions, including asthma, diabetes, and a personal or family history of cancer:
Here are some common wellness weather condition that can qualify for lower life insurance rates with Principal:
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Asthma
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Diabetes
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Lupus
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Narcolepsy
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Parkinson's
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Slumber apnea
→ Desire to read more nearly life insurance with pre-existing atmospheric condition? We got yous covered.
Confidence
Consumer confidence based on scores from major fiscal rating institutions.
8.five
You'll likely go along your life insurance for a few decades. To ensure your policy lasts, your insurance carrier must remain in good fiscal continuing. And it has to be able to pay out whatsoever death benefits your beneficiaries are owed in the future.
For that kind of certainty, nosotros turn to top fiscal ratings firms that look at the stability of companies, and their likelihood of staying in business organisation long enough to meet the obligations of policyholders.
Fortunately, Principal has been in business organization for a pretty long time — over 140 years. Plus, they take over half a meg customers. And they savor high ratings from all 3 major credit rating firms.
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Year founded: 1879
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A.M. All-time: A+
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Moody's: A1
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Standard & Poor's: A+
A.M. All-time is a credit rating firm that focuses specifically on the insurance industry. Their A+ rating (effective November 17, 2020) for Main is the second-all-time class possible, reserved for "fantabulous" companies. Carriers with a B grade or lower are more vulnerable to take a chance.
Bond credit rating agency Moody'due south gives Principal an A1 rating, which means they're "upper-medium course and subject to low credit chance." A1 is the fifth-highest grade on Moody's 20-point scale, which ranges from Aaa (the highest) to Ca (the lowest).
The credit analysis firm Standard & Poor's rates Principal at A+ , meaning they have a very strong power to run into customers' fiscal obligations. Companies are rated on a calibration from AAA to D. The higher the rating, the stronger the visitor's stability.
Third-Party Ratings
Satisfaction from consumer sentiment institutions and complaints to country insurance boards.
viii.iii
Main has a decent record when information technology comes to customer ratings, including a high score from the Better Business Agency. Principal also received fewer customer complaints than many other insurance carriers co-ordinate to the National Clan of Insurance Commissioners.
Unfortunately, that'due south all the consumer sentiment available so far. Nosotros've provided the customer insight from tertiary-party sources we could discover below.
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Better Business Agency: A+
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Consumers Advocate: n/a
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Consumer Affairs: n/a
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NAIC complaint index: 0.32
The Better Business Bureau gives Chief an A+. The non-profit organisation grades companies on truthfulness in advertising, responsiveness to customer complaints, and other aspects. Customers tin submit ratings to the BBB, but these scores are non taken into business relationship.
Third-political party review site Consumers Abet and customer review site Consumer Diplomacy don't have ratings for Principal.
The National Association of Insurance Commissioners (NAIC) tracks complaints sent to state insurance departments with their national complaint index. A score of ane is the baseline average, and a score of 0 means there weren't plenty complaints to receive a rating. Principal's score of 0.32 means they've only had fewer complaints than the industry boilerplate.
Co-ordinate to their latest life insurance survey, J.D. Power gives Principal a 772 out of thousand points. That translates to 4 out of v Power Circles. Though we don't include this grade in our rating, nosotros're pointing information technology out hither because that'due south still an to a higher place boilerplate score.
Policy Details
Availability of such options as term length and no-med-exam availability.
7.vi
Main offers a standard term life policy besides as a handful of permanent life products, including guaranteed universal, indexed universal, and variable universal life policies.
Term life insurance
Term life insurance lasts a fix number of years (normally betwixt ten to 30) before expiring. Considering it's affordable, flexible, and like shooting fish in a barrel to understand, information technology's the best choice for nigh life insurance shoppers.
Primary Term
Principal Term, is a straightforward term life policy. Compared to other carriers, they offer slightly fewer term length options and riders.
However, they practise offer the most common riders which you can utilise to customize your policy, including an accelerated death benefit rider that comes at no extra cost.
| Policy Feature | Master Term |
|---|---|
| Eligible ages | 20 to 80 years |
| Term lengths | 10-, xv-, xx-, or xxx-year terms |
| Coverage minimum | $200,000 |
| Coverage maximum | $1 meg |
Healthier applicants can exist eligible for accelerated underwriting, which basically means skipping the medical exam. Simply eligibility requirements are quite strict, so virtually potential customers should brace for scheduling a lab test during the application process.
Available riders
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Accelerated death benefit rider. This provides up to 75 percentage of the expiry benefit (up to a $i one thousand thousand maximum) if the policyholder is diagnosed with a terminal disease. There's no extra charge for this passenger.
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Child protection rider. This passenger adds eligible children (anile 14 solar day to 18 years) to the policy when it's issued, with coverage bachelor between $5,000 and $25,000.
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Conversion extension passenger. Allows the policyholder more than time to convert their term policy to a permanent i. Information technology activates at the end of the full level premium flow or when the turns 70, whichever comes first.
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Disability waiver of premium rider. This waives the premium equally long equally the insured is totally disabled, bailiwick to passenger limitations.
Temporary coverage
Chief offers temporary coverage up to $1 million.
Policy conversion
The policy is convertible until the earlier of the end of the term or to historic period 70. Conversion to guaranteed universal life products available but after the 2nd anniversary of a term policy.
Charge per unit reconsideration
If policyholders want to reconsider their premiums afterward their policy has been activated, they will take to look at least i year if they employ tobacco. Otherwise, it's on a case by case basis. Reconsideration is priced using the original issue age of the insured.
Permanent life insurance
Principal offers universal life insurance, as well equally indexed universal, variable universal, and survivorship life insurance. In that location is no whole life pick.
Universal life policies all have flexible premiums and death benefits, which can change depending on your fiscal state of affairs and marketplace conditions. A cash value component tin can be used to pay for medical expenses or premiums.
Principal'south indexed universal products are linked to a stock market index, like S&P 500 for Nasdaq. These policies earn interest based on that index.
Chief's variable universal life policies are more geared towards companies or executives. They could provide greater cash-value growth, but at that place'south adventure for losses if the investments perform poorly.
Anyone historic period up to age 85 can employ for Main's universal life policies, which come with coverage amounts of $25,000 to over $fifteen million.
However, we suggest most shoppers go with a term life policy over a universal life policy. Universal policies are too complex, and more than chiefly, too expensive for most people. Unless you lot run a company or you're planning an estate, you're better off with a term life policy and a regular savings account from a bank.
Survivorship life insurance covers two people, normally a married couple. The death benefit is paid afterwards the second person dies. Meant for people anile 55 to 85, there'south a minimum coverage amount of $250,000.
While this may seem similar a good idea, nosotros don't recommend survivorship policies. These types of policies are mainly used for manor planning and for tax purposes, and the second policyholder may non die for decades, which would defeat the purpose of income protection in the first place. We advise couples buy separate term life policies instead.
Ease of Application
Ease of use, convenience, online tools, and availability.
7.v
For the most part, applying for Master policies is a straightforward process.
Application process
Most Main Term applicants will undergo full underwriting. That entails answering questions about medical and prescription histories over the phone and scheduling a medical exam. The telephone interview and medical exam are then reviewed by the underwriter to decide the exact details of your policy.
In some cases, applicants may qualify for accelerated underwriting, which lets you skip the medical examination. To qualify, you lot must be a not-smoker in adept health with a low-risk lifestyle.
Turnaround time
Principal'due south turnaround time from awarding to active policy is about average, which is four to six weeks.
Policy commitment
Policies are delivered electronically.
Land availability
Master'southward term life policies are available in all 50 states and Washington, D.C.
Change method
Policyholders tin can change their payment data and accost online.
All the same, yous'll demand to make a telephone call to abolish a policy, and mail in paperwork to modify the policy's beneficiary.
Payment methods
Principal accepts payment by check and auto bank draft. Credit cards are not accepted.
Digital tools
Primary provides an online quote tool on their website then you can become an idea of how much you'll pay for premiums.
Claims documentation
Chief requires beneficiaries to submit a argument form and death certificate while filing a merits.
Frequently Asked Questions
Does Principal offering online quotes?
Yep. You can enter your personal information on the Chief'south website and receive a free online quote instantly. You tin as well get a free online quote here on Policygenius.
Do I demand to take a medical exam?
Most likely, yes. Most people who use for Principal's term life policy will have to undergo a medical test. You may be able to skip the medical exam if you're a non-smoker, in good health, and live a risk-free lifestyle. Most applicants should expect to go through full underwriting.
What are the main health conditions that Master covers?
People with the following conditions will receive ameliorate rates with Principal than with other carriers: asthma, diabetes, lupus, narcolepsy, Parkinson's, and sleep apnea. People with a family history of cancer and people who use CBD or marijuana will also benefit from a Principal policy. These conditions will likely disqualify accelerated underwriting.
Policygenius offers insurance policies from many of the nation's top insurers, who pay us a committee for our services. However, all editorial choices are made independently.
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Source: https://www.policygenius.com/life-insurance/reviews/principal-financial/
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