Principal Life Insurance is one of the world’s most ethical companies, but what exactly does that mean when it comes to insurance? Read on to find out more information and decide if they have the right plan for you.
It’s easy to push off deciding on life insurance. No one wants to think about the fact that they’re going to die, and they definitely don’t want to think about what could happen after they’re gone.
The unfortunate fact is that death has become expensive in the United States. Life insurance is a great way to make sure that your loved ones won’t have to worry once you’re gone. There are a lot of options, so today we’ll be taking a closer look at Principal Life Insurance.
Principal is a well-established insurance company. They’ve been around since 1879, when they were founded in Des Moines, Iowa. Now, they’re one of the top providers of insurance plans in the world. Although we’ll be focusing on their life insurance plans, they also offer things like retirement and disability insurance.
You can trust them to manage your money — A.M. Best has given them an A+ rating. There won’t be any issue with paying out claims, unlike other companies who could take months or even years to finally pay the benefits to your family.
And there’s plenty of money to go around. Principal Life Insurance has over $629 billion dollars in assets, offices in 18 countries, and insures millions of people.
They’ve spent a long time building up success and trust in the industry, and it’s clearly been worth it so far.
Life Insurance Options with Principal
Principal Life Insurance offers two main types of life insurance: term and permanent. Term insurance will give you coverage for a specific period of time, while permanent insurance offers more long-term coverage.
Which one you choose will depend on things like your age and what you want to be covered.
Term Life Insurance
Term life insurance is great for people with tighter budgets, or for young families who are just starting out. You can also use this option if you want your life insurance to cover expenses that will go down with time.
If you want it to cover your mortgage, for example, or college costs for your kids, term insurance might work well for you.
Principal Life Insurance offers 10, 15, 20, and 30-year term lengths, so you can choose the one that works best for your needs. This insurance type will also have lower rates.
Permanent Life Insurance
If you have a family who you want to provide for after you’re gone, you’d want to look into Principal’s permanent life insurance. This is also a good option for younger people who are willing to take risks with cash. You’ll pay a higher initial premium, but the benefits would be worth it.
This covers major expenses like your estate or providing for a family. It can also help you grow cash value over time.
Principal Life Insurance offers three different types of permanent life insurance to fit a variety of budgets and needs: Universal Life, Variable Life, and Survivorship Life Insurance.
You’ve probably heard horror stories of people who weren’t able to get affordable health insurance because of previous health conditions. Someone who had a heart attack, for example, is now either uninsurable or can’t be insured at a rate they can actually afford.
On the other side of the coin are healthy people who have to go through all sorts of medical tests just to prove that they are insurable.
Principal recognizes these struggles and has plans in place to help as many people as possible get insurance coverage.
Many potential applicants could qualify for their no medical exam program. Principal realizes that about half of the people who apply for life insurance are already healthy enough that they don’t need an exam or blood work.
How do they figure out who can skip the doctor’s office? They check the Medical Information Bureau (MIB), the DMV, and the prescription databases.
Basically, if you haven’t had any major health scares, have a clean driving record, and are only taking prescriptions for common sicknesses, you can apply for Principal Life Insurance without undergoing blood tests or a medical exam.
Anyone from ages 18-60 can qualify for this program and select a policy of up to one million dollars — plus, you can still qualify for preferred rates, which most other no medical exam companies don’t offer.
If you do have a preexisting condition, you would have to undergo a medical exam, but it wouldn’t hurt you so much financially. They offer excellent rates for people with a family history of illness, recent weight loss, and high blood pressure, along with other conditions.
Once you become a policyholder, you can expect good customer service and benefits from Principal. They put their policyholders first.
Term life insurance plans are convertible, so you can choose to make your life insurance permanent if you want to. There is a cost associated with this change, and you’d be subject to certain terms, but the change is possible.
With the exception of suicide within the first two years, which is standard across companies, there are no exclusions to their policies. And there’s no risk for you if you change your mind about which company you’d like to work with. If you no longer want your policy, you can cancel whenever you want — but Principal can never cancel on you.
As far as customer satisfaction goes, Principal Life Insurance ranked 8 out of 21 insurance companies for satisfied customers.
Our Final Thoughts
Not only does Principal offer great benefits, but they also do so at a fair cost to the consumer. (That’s probably why the Better Business Bureau has also given them an A+ rating.)
Their term policies are an especially great value when you compare them to the death benefit coverage you’d get with a permanent life insurance policy.
You can get a five percent discount if you pay annually instead of monthly, and there are a variety of discounts available for people who are exceptionally healthy.
They definitely seem to have earned their stellar reputation. Principal Life Insurance is one of the best companies to give you peace of mind and that is why Top Quote Life Insurance has named them as one of the Top 25 Best Life Insurance Companies available.
Now that you’ve learned more about Principal Life Insurance, you can decide if the company might be the best option for your needs. Use the calculator to the right to check out potential rates, or contact us if you still have questions.
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