Principal consistently makes our list of the best life insurance companies to work with.
Principal Life Insurance Review
When we review life insurance companies, we’re looking at this from the standpoint of what is most important to the life insurance consumer!
You have many life insurance companies to choose from.
Here are some of the reasons why Principal Life Insurance Company is worth considering.
Principal Overview
Principal consists of Principal National Life Insurance Company in most states, and Principal Life Insurance Company in New York.
Principal has been a great company to work with. They are almost always a top 10 insurance company for most people, they are relatively quick with their underwriting decisions, and their policy owner service department is better than many other companies.
For business cases, Principal will be one of the most aggressive companies for many cases, and you should definitely consider them when buying life insurance.
Principal Ratings
The following Independent Ratings Services are for Principal Life Insurance Company and Principal National Life Insurance Company.
| Agency | Rating | Rating Definition | Rating Date |
| AM Best | A+ | Superior | 02/2019 |
| Moody’s | A1 | Good | 11/2016 |
| S&P | A+ | Strong | 04/2018 |
| Fitch | AA- | Very Strong | 08/2018 |
Ratings are subject to change.
Principal Underwriting
Principal has the following underwriting rate classes available:
- Super Preferred Non Tobacco
- Preferred Non Tobacco
- Super Standard Non Tobacco
- Standard Non Tobacco
- Preferred Tobacco
- Standard Tobacco
For people with high-risk health conditions, life insurance table ratings may apply. Principal offers up to a table 6 rating on term life, and up to a table 16 on universal life insurance.
Principal may add a flat extra charge for cancer histories, private pilots and scuba divers.
While Principal is competitive for many cases, they are tough to beat in the following areas:
- Build
- Heart Problems
- Prostate Cancer
- Epilepsy
- Financial Underwriting
- Foreign Nationals
- Aviation
In addition to their competitive underwriting, Principal offers the following:
Health Lifestyle Credits – With this program, Principal reviews your overall health history and assigns a score to you based on your positive and negative underwriting factors. With positive factors, we are able to offset up to 2 table ratings in some cases, and for others, the Healthy Lifestyle Credits program may help you move up from a preferred to Super Preferred rate class!
Principal Accelerated Underwriting – For some healthy non-smokers between the age of 18-60 looking for coverage between $50,000 – $1,000,000, Principal may approve you for their accelerated underwriting program which eliminates the need for a paramedical exam, and may get you approved in as little as 48 hours!
Principal Life Insurance Products
Principal offers many types of life insurance, including term life insurance, universal life insurance, survivorship universal life insurance and individual disability insurance.
Principal Term Life Insurance
Term life insurance is available from Principal with a number of features and benefits that are helpful, including:
- Minimum Policy Size = $200,000
- Issue Ages – 20 – 80 years old
- Choice of Term Lengths
- 10 Year Term
- 15 Year Term
- 20 Year Term
- 30 Year Term
- Choice of Standard Conversion or Extended Rider (extra cost)
- Accelerated Benefit Rider
- Children Term Rider
- Conversion Extension Rider
- Waiver of Premium
Principal Universal Life Insurance
Principal has up to 9 universal life insurance products available, depending on factors such as your state of residence, issue age, etc.
Principal Universal Life Protector IV – This is one of Principal’s most popular universal insurance products. The appeal of this product is that it offers a no-lapse guaranteed death benefit up to age 120 and beyond. It’s simple and easy to understand. As long as you pay your premiums on time, the guaranteed death benefit will be there.
If you are looking for a universal life insurance policy that may accumulate cash values over time, Principal offers 2 index universal life insurance policies and a number of other cash value accumulation types of policies.
Principal Summary
Principal is one of the core insurance carriers that we discuss most cases with. When Principal is competitive for your situation, we’ll let you know that.
Please take a few minutes to submit your quote request today. Thank you.
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