We’ve put together this Principal Financial review to give you more information to make the best decision possible.
You may have already seen that Principal Life Insurance Company is one of our top ten no medical exam life insurance companies, but now here’s our chance to tell you everything: good and bad.
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Review of Principal Life Insurance Company
Principal Life Insurance Company has a different approach when it comes to underwriting. More rightly said, they have a modern approach. They use “big data” to determine whether or not to underwrite a policy. Where do they get this big data? Three main places:
- Medical Information Bureau
- Department of Motor Vehicles
- Prescription Database
What does this mean for life insurance seekers?
Basically, Principal Life Insurance Company will check to see what these three entities have to say about you: do you have any red flags? Are you on any major medications? Do you have a bad driving record? Do you have cancer or a history of cancer? If you can say no to all of those things, then you stand a great chance of qualifying for the company’s accelerated underwriting.
Principal Life Insurance Accelerated Underwriting
- Available on both term life and permanent life insurance
- Eligibility: 18-60 years of age
- Death Benefit: $50,000 up to $1 million
- Medical Exam: Not Required
- Blood Work: Not Required
- Decisions within 48 hours
- 50-60% of applicants qualify for accelerated underwriting program
It is important to note that Principal Life Insurance is one of the rare companies that offer a one million dollar policy without requiring blood work or a medical exam for clients that qualify for the best health rate class.
Principal Financial Life Insurance Policies
Survivorship Life Insurance
Survivorship Life Insurance is when two people want to get on the same policy. Both persons are covered and the death benefit winds up going to the survivor once one of the two people dies. Principal Life Insurance offers up to $2,000,000 no exam survivorship life insurance policy.
Term Life Insurance
Principal Life Insurance offers level term life insurance for 10, 15, 20 and 30 year lengths. If you want you can also convert this policy into a permanent, cash-value policy. This death benefit is tax free!
Permanent Life Insurance
Principal Life offers permanent life insurance policies that stay active so long as you are paying your premiums.
Universal Life: flexible death benefit & premiums; cash value accumulation
Variable Universal Life: more aggressive cash value accumulation strategy; higher risk; can convert cash values to annuities for extra income
These are some of the policies you can get from Principal Life Insurance.
Principal Life Insurance Ratings
Principal Financial is among the top rated insurance companies in the U.S.
Principal Life insurance has been rated by one of the most prestigious ratings organizations: A.M. Best. They granted Principal Life a rating of “A+”.
Just like in your school days, A+ means superior and is an amazing rating! This should be a comfort to all potential life insurance customers considering a policy from Principal Life Insurance.
Principal Financial ratings as of April 2020:
- A.M. Best rating: A+
- S&P rating: A+
- Moody’s rating: A1
- Fitch rating: AA-
- Comdex ranking: 91 (out of 100)
Principal Life: Drawbacks
As you can see from this review of Principal Life Insurance, we think this is a great life insurance company, and we recommend it to a lot of people. There is really only one drawback: when you buy a life insurance policy from Principal Life, you are turning down dozens of top life insurance companies.
What is someone else offers something better?
Sure, you saw the A+ (and that’s a big deal!), so who could really be better than Principal Life? We agree that in a lot of cases, Principal Life is the way to go—but of course, not always.
Buying life insurance is a very personal thing-a customized experience. You need to consider different things than your friend does.
You may have a different budget. And you may have different health issues going on.
All that means is that there is no such thing as the “best life insurance company”; instead, there’s only “the best life insurance company for you”.
So is Principal Life the best life insurance company for you?
We can’t really answer that question until we know more about you. And you can’t really answer that question without the help of an unbiased expert in the field. Because to know if Principal Life is the best for you, you need to know what everyone else would offer you, and that’s just way too difficult to find out without the help of an expert.
We’re here for you.
After gathering some basic information about you, your needs and your health/lifestyle, then we can make a customized recommendation specifically for you. We may very well recommend Principal Life Insurance; but then again, we may not.
Our goal is to make sure you get the very best coverage you can, and we will only make a recommendation that we truly believe will help you get that.
Do you want to know if Principal Life is the life insurance company for you? Give us a call today for a free consultation.