Principal Life Insurance
in Life Insurance from Principal Financial GroupUnaffiliated
|Financial Strength Rating||A+|
Principal Life Insurance Review
Where does Principal Life Insurance do business?
Principal Life Insurance is an insurance carrier based in Des Moines, IA. The company was founded in 1879 and offers life insurance in 50 states (and Washington, DC). Life insurance is important for anyone who has loved who depend on them financially. It can also help with final expenses and burial costs.
What types of life insurance coverage does Principal Life Insurance offer?
Insurance carries typically offer a wide variety of policies. One of the best ways to save money on life insurance is to avoid unnecessary coverage. Only purchase policies and riders you actually need.
Here is a brief description of the coverage Principal Life Insurance offers.
- Term Life Insurance - This is the simplest type of life insurance. It is payable if the insured person dies within a specific period of time, such as 5, 10, or 30 years. Principal Life Insurance offers term lengths ranging from 10 to 30 years. Death benefit amounts range from $200,000 to $1,000,000.
- Level Term Insurance - These are term policies that have the same fixed premium and payment amount throughout the life of the policy.
- Decreasing Term Insurance- This type of term insurance has fixed premiums but the death benefit decreases over the life of the policy.
- Universal Life Insurance - This type of policy guarantees a fixed death benefit and an investment account. The cash value of the investment account will vary depending on the portfolio's performance.
- Variable Universal Life Insurance - Provides the most flexibility when it comes to investing the cash value of a universal life policy in separate accounts with "variable" values.
- Indexed Universal Life Insurance - This type of universal life insurance allows policyholders to place the cash value of the policy in a fixed account or an equity index account, such as the S&P 500 or the Nasdaq 100.
As well as the basic coverage types mentioned above, Principal Life Insurance also offers the following policies:
- Group Life Insurance - Principal Life Insurance offers some of its policies as a group benefit to employees who meet certain eligibility requirements, such as having worked for a month in the company. Typically, these policies can only be adjusted or purchased after a qualifying life event, such as marriage or the birth of a child, or during an open enrollment period.
- Guaranteed Issue Life Insurance - These policies offer a cash death benefit to the beneficiary. All coverage applications are approved regardless of health concerns. The catch is these policies usually have lower death benefits and higher than normal premiums.
- Survivorship Life Insurance - This type of policy covers two individuals and pays a death benefit to a beneficiary after both have died.
How can you save money on a Principal Life Insurance life insurance policy?
When you ask for a quote with Principal Life Insurance, ask what policy discounts are available.
What is the financial strength rating of Principal Life Insurance?The financial strength rating of a life insurance company scores its ability to pay contracts and policies.
Each agency has its own standards and rating scale and a company's rating can change any day. It's a good idea to check the financial rating of an insurance company before you purchase a policy.
There are five main rating agencies. SuperMoney's financial strength rating is based, among other factors, on the average score from available ratings.
Principal Life Insurance scores an A+, SuperMoney's highest available rating.
- Washington, DC
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Rhode Island
- South Carolina
- South Dakota
- West Virginia