Principal Disability Insurance Review

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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.

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 Oct 5th 2017