Principal Disability Insurance Review

Basics

Founded	1897
A.M. Best rating	A+
BBB rating	A+
Company info	“The Principal Financial Group is a leading global financial company offering businesses, individuals and institutional clients a wide range of financial products and services.”

Ratings

Evaluation	4.75/5 - One of the largest financial services companies, Principal offers best in class underwriting and customer service.
Contract	4/5
Application process	5/5
Customer service	5/5
Underwriting	5/5

Base Policy Details*

Product name	N/A
Elimination period	30 days, 60 days, 90 days, 180 days, 365 days
Benefit period	2 year, 5 year, Age 65, Age 67, Age 70
Definition of disability	Own Occupation, Not working; True Own Occupation via rider
Guarantee	Guaranteed Renewable and non-cancelable
Partial/residual disability	Available via rider

Built-in Features*

Death Benefit	Lump sum benefit paid if insured dies while on claim.
Waiver of Premium	Premium waived while on claim.
Transplant Surgery Benefit	Pays a benefit if disability arises out of transplant.
Benefit Update Rider	Allows future increases to the coverage without evidence of medical insurability.
Capital Sum Benefit Rider	An additional lump sum benefit paid if you lose use of a hand or foot or sight in one eye.
Future Benefit Increase Rider	Automatically increases the monthly benefit for the first six years the policy is in force, unless declined.
Presumptive Disability Benefit Rider	Pays the benefit, regardless of ability to work, if you lose sight, hearing, speech, or both hands or feet.
Supplemental Health Benefit	Pays an additional lump sum benefit if disabled due to a critical illness.

Additional Riders Available*

Social Insurance Substitute	Part of the monthly benefit could be reduced if you qualify for social security disability insurance.
Rehabilitation Benefit	Pays an additional benefit if insurer participates in a rehabilitation program.
Regular Occupation	Changes the definition of disability to True Own Occupation.
Residual Disability and Recovery Benefit	Pays a benefit if you are still working and experience a loss of income. Also pays for vocational training.
Transitional Occupation Rider	An own occupation variation that pays a full benefit even while working in another occupation, until you make more than pre-disability.

*Subject to availability based on individual applicant’s personal profile.

Last updated on Mar 19th 2018

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