Buying life insurance is like buying a car. There are thousands of kinds, companies, and additional bells and whistles you can add.
When you’re buying a car, you probably do a lot of researching and shopping around, life insurance is no different.
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 carriers you will find that this company has a number of innovative products that place them in a strong position within the life insurance market.
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 buy 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.
If you are healthy you can 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 isn’t a big enough policy. They would be left with additional bills and unpaid expenses.
No exam life insurance allows you to get insurance coverage faster, but the speed is going to come with higher costs. It’s convenient, but is the speed worth the higher premiums? You’ll need to decide what’s most important to you.
How Much Life Insurance Do You Need?
Let’s talk about life insurance size. You want to give your family enough protection. How do you know if your plan will be big enough? You have to do the math.
How much debt do you have? Those bills are going straight to your family members. Will your policy be large enough to pay those off?
Will your family struggle without your paycheck? If so, your life insurance can help replace that.
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.
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.
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.
Our agents have years of experience working with all types of clients.
Don’t assume you have to find the best life insurance by yourself. We’ve built the relationships with the carriers to deliver the cheapest coverage to you.
If you still have questions about Principal, or any of the other companies we work with, just let us know. We would be happy to talk to you about your life insurance needs.