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Principal Life Insurance Company Review 2019 (Rates Included)

Written by Rob Pinner

Principal Financial Group History

principal life insurance company

Principal Life Insurance Company is one of the oldest life insurance carriers in the United States. Established in 1879 under the name of Bankers Life Association, Principal has been providing financial products to consumers worldwide.

In 1985 Principal officially became Principal Financial Group and in 2001 they became a publicly traded company. Principal Financial Group is a Fortune 500 company ranking 210th out of 500 companies.

With over 24 million customers worldwide and $675 billion in assets under managment, Principal Financial Group is one of the strongest companies you will come across.

Principal Life Insurance Company Ratings

Principal Life Insurance Company has an excellent track record when comes to paying claims to policyholders. Because of this, Principal Life has the highest ratings from the credit agencies.

They include the following:

  • A+ (Superior) from A.M. Best
  • AA- (Very Strong) from Fitch
  • A1 (Good) from Moody’s Investors Service
  • A+ (Strong) from Standard & Poor’s

Products Offered By Principal Life Insurance Company

Principal Life Insurance offers both term life insurance and universal life insurance products.

Principal Life also offers innovative underwriting techniques. There term life and permanent life require no exam for consumers age 18-60 with coverage’s ranging from $50K to $1 million.

Principal Life Insurance has had impressive results with there accelerated underwriting program.

  • 50% of applicants are approved
  • Average age is 39
  • Average turn around time is 12 days
  • More than 73,000 cases have applied for accelerated underwriting

This program is not a guaranteed issue policy, so being somewhat healthy is required to qualify.

Term Life Insurance by Principal Life Insurance Company

Term life insurance offered by Principal Financial Group comes with level premiums for 10, 15, 20, or 30 years. Issue ages are 20-80 years old with minimum death benefit of $200K.

Principal Term Life comes with the accelerated benefit rider which allows you to access up to 75% of the death benefit if you are diagnosed with a terminal illness.

Other riders available for additional premium are:

  • Children’s Term: You can add up to $25K per child.
  • Conversion Extension: This allows you to extend your conversion option to the full term or age 70.
  • Waiver of Premium: Premiums are waived for total disability

Principal Life Insurance term insurance is competitively priced for consumers age 35-55 years old.

Sample Term Life Rates for a 20 year term-Standard Rates

principal life insurance sample rates

Universal Life Insurance by Principal Life Insurance Company

Universal Life Insurance is a permanent life insurance policy with flexible premiums and flexible death benefits. Universal life policies also build up cash value over time. There are 4 types of universal life insurance:

Principal Life Insurance Company offers all 4 types, all with different features and options available.

Guaranteed Universal Life offered by Principal Life Insurance

Principal Financial Group offers 2 guaranteed universal life insurance products. They are called:

Both policies come with a no lapse guaranteed premium rider.

Traditional Universal Life offered by Principal Life Insurance Company

Principal Financial Group also has an impressive lineup of traditional life insurance products. Each has it’s own unique features and riders that you can add to tailor to your needs. They are:

Indexed Universal Life offered by Principal Life Insurance Company

Indexed universal life insurance is very similar to traditional universal life except for how the interest is calculated.

With indexed universal life you are invested in stock indices, such as the S&P 500. There is a floor, which means you cannot lose and a they cap your gains.

Principal Life Insurance Company offers three indexed universal life polices:

Variable Life Insurance offered by Principal Life Insurance Company

Principal Financial Group offers three unique variable life insurance products. Variable life insurance is unique in how the cash value of the policy is invested.

Variable life insurance offers sub-accounts which mirror mutual funds as the primary investments. This means you get the full effect of the stock market, experiencing the gains with the losses. Variable life products offered by Principal are:

Our Thoughts on Principal Financial Group

The Principal Group is competitive in several markets as well, not just exclusively to life insurance.  Their frugal ways of conducting business in which the Principal was founded on benefits its members, and is the strategy still utilized today.

Furthermore, Principal Life Insurance Company’s marketing strategy and central focus targets small businesses, individuals, and families both across our nation and worldwide. 

In the life insurance industry, the Principal offers highly competitive rates, a great selection of life insurance products, and innovation, all working together to meet the goals of the consumer’s life insurance needs. 

Be sure to contact your life insurance professional to see if the Principal Life Insurance Company can meet your needs as well.

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Rob Pinner
Rob Pinner

My name is Rob Pinner and I own EasyQuotes4You. At EasyQuotes4You we aim to make your life insurance buying process a smooth and stress free transaction.  We are independent life insurance agents servicing all 50 states. I have over 15 years of experience and have focused solely on life insurance for the past 5 years. If you have any questions or comments please don’t hesitate to give us a call.

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