Principal Disability Insurance Review

Principal is one of the oldest and largest insurers in America. Their reputation for excellent underwriting practices and customer service earns them one of our highest rankings.

Table of Contents

Basics
Ratings
Base Policy Details*
Built-in Features*
Additional Riders Available*

Editorial disclosure

Basics

Founded1897
A.M. Best ratingA+
BBB ratingA+
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

Evaluation4.75/5 - One of the largest financial services companies, Principal offers best in class underwriting and customer service.
Contract4/5
Application process5/5
Customer service5/5
Underwriting5/5

Base Policy Details*

Product nameN/A
Elimination period30 days, 60 days, 90 days, 180 days, 365 days
Benefit period2 year, 5 year, Age 65, Age 67, Age 70
Definition of disabilityOwn Occupation, Not working; True Own Occupation via rider
GuaranteeGuaranteed Renewable and non-cancelable
Partial/residual disabilityAvailable via rider

Built-in Features*

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

Additional Riders Available*

Social Insurance SubstitutePart of the monthly benefit could be reduced if you qualify for social security disability insurance.
Rehabilitation BenefitPays an additional benefit if insurer participates in a rehabilitation program.
Regular OccupationChanges the definition of disability to True Own Occupation.
Residual Disability and Recovery BenefitPays a benefit if you are still working and experience a loss of income. Also pays for vocational training.
Transitional Occupation RiderAn 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.