When you’re looking for life insurance, one of the most important decisions that you’ll make is deciding which company is going to be best for you. Every company has different products and rates. It’s vital that you find the one that’s going to work best for you.
The Principal Financial Group (also referred to as Principal Life Insurance Company) came into existence over 130 years ago with a mission to provide “inexpensive and dependable life insurance to bankers and their employees.” To this day, Principal Life Insurance continues to be an industry leader with strong financial strength ratings from the top ratings agencies. In fact, A.M. Best gives the company an A+ (superior) rating.
Principal opened its doors in Chariton, Iowa in 1879 and has since grown into one of the largest employers in Iowa with over 15,000 employees. Over the years, the company expanded its offerings beyond life insurance and now provides a multitude of products and services ranging from disability insurance to retirement and investment offerings to over 17 million customers.
When comparing Principal to other life insurance companies on the market you will find that this company has a number of innovative products that place them in a strong position within the life insurance market.
But before you make your final life insurance purchase decision though, we recommend looking into some other company reviews as well, such as our reviews on Zander Insurance, Primerica Life Insurance and United Home.
Our Principal Life Insurance Company Review
Here at Rootfin, we’ve had the pleasure of working with Principal over the years. One of our favorite things about Principal is their very quick turnaround time on their life insurance and disability insurance applications. Some of the fastest in the industry.
Principal's Accelerated Underwriting Program
In fact, you can get up to $1,000,000 of life insurance on any of their products (10, 15, 20, 30 year term or any permanent policies) with NO medical exam.
You have to be healthy to qualify for this no-exam policy and they'll make a decision within 48 hours. Currently, there isn't a carrier on the market that goes more than $400,000 for life insurance with no medical exam.
For most people, $400,000 is not going to be nearly enough life insurance protection. Not having enough insurance coverage is one of the worst mistakes that you could ever make for your loved ones. They would be left with additional bills and unpaid expenses.
There are a couple of advantages and disadvantages that you should take note of when you’re shopping for insurance protection. It’s important that you make the best life insurance decision for you and your loved ones. One of the best benefits of these plans is that you can get approved for life insurance much faster than you can with a traditional policy. With a no exam policy, you can get approved for coverage in a matter of days. With the Principal no exam policy, you will get life insurance in 2 days. With a traditional policy, you could wait up to a month and a half to get life insurance. If you want to get life insurance faster, then a no exam policy is going to be a better choice.
One of the drawbacks of a no exam policy is that you’re going to pay more for your coverage than you would if you purchase a policy with a medical exam. The purpose of the medical exam is to give the insurance company an idea of how much risk you are for life insurance. Without the medical exam, they are taking a much higher risk, and they are going to offset that by charging you higher premiums. Principal offers excellent no exam rates, but regardless of the company, no exam is never going to be the most affordable option.
How Much Life Insurance Do You Need?
Before you purchase life insurance, it’s vital that you get enough protection for your family. Not having enough coverage will leave your family with additional bills and expenses that they wouldn’t have the money to cover. There are a couple of categories that you will need consider when you’re shopping for life insurance.
The first number that you should look at is your major debts. The primary goal of your life insurance is to give your family the money that they need to pay off your mortgage loan, student debts, business loans, and anything else that they would be responsible for if you were to pass away.
The next number that you need to account for is your annual income. If you’re one of the main sources of income in your household, then your family would have to sacrifice their standard of living and find ways to quickly replace your paycheck. Having a life insurance plan in place will prevent them from suffering from those financial struggles.
The last factor that you need to put in the equation is any final expenses or bills, like funeral expenses or burial fees. The average funeral can cost $10,000 or more, which can be difficult for a grieving family to cover. Life insurance will give them the money that they need to pay for those bills.
Other Principal Strengths
What really sets Principal Life Insurance Company apart is their “Healthy Lifestyle Credits” program. This has been particularly helpful for those who are currently healthy but their medical past is hurting them. Those with an imperfect health history can qualify for a better health class than what most companies would offer with these healthy lifestyle credits.
Our client's that we've placed with Principal always give us positive feedback and an excellent Principal Life Insurance review while discussing their experience with the company. Working with this company has been a pleasurable experience for the agents here at Rootfin as well. Because of the company’s strong ratings and our happy clients, we will always recommend Principal Life Insurance when it makes sense and fits a customer’s needs.
Getting the Lowest Rates
There are several ways that you can secure lower insurance rates from the company. It’s important that you get the lowest insurance premiums available, and making a few changes can help you do that. Regardless of which company that you choose, either Principal or one of the other companies that we choose, there are a few key lifestyle changes that you can make that will help you save thousands of dollars.
If you want to save money, the first thing that you should do is cut out any tobacco that you currently use. If you’re listed as a smoker when you apply for coverage, you’re going to pay drastically more for life insurance. Some companies are more understanding of smokers and tobacco users, but smokers are going to pay at least twice as much for their coverage. Kicking those bad habits is one of the best ways to cut your monthly premiums in half.
If you're considering The Principle for your life insurance or even just want a Principal Life Insurance quote, we would welcome the opportunity to earn your business. We consider them to be one of the top life insurance companies on the market today. Please don't hesitate to contact us for quotes or for any questions about Principal Life Insurance Company, or any of the other companies that we work with that may better suit your needs.
Contact Us For Principal Life Insurance Quotes
You have many choices and options when looking for an agent to provide you with life insurance. Here at Rootfin, our mission is to earn your long-term business and provide you with the best overall customer service experience possible. Our team will work diligently to put you in the best policy and find you the best life insurance rates available while always answering your questions and addressing your concerns during the process.
It would be our pleasure to work for you and represent you now and in the future. We look forward to serving you and helping you save money on your life insurance coverage with Principal or any of our other companies.
If you have any questions about Principal life insurance, please contact one of our agents today. We would love to answer those questions and ensure that you’re getting the best life insurance rates possible. We know that finding the best life insurance plan can be a long and difficult process. It can be overwhelming trying to pick the best company for you, but that’s why we are here to help. It’s our mission to ensure that you’re getting the best rates possible.
You never know what’s going to happen tomorrow, which means that you shouldn’t wait another day to get the life insurance protection that your family deserves. If something tragic were to happen to you, and you didn’t have any life insurance coverage, your family would not only have to deal with the emotional implications, but they would also have to struggle through the financial pains as well.