Buying life insurance can be confusing. There are many types of life insurance, dozens of companies, features, and additional bells and whistles you can add.
That’s why you have to do a lot of research, shopping around, price checking, comparing rates, and reading reviews to find the right policy.
Below, we’ll show you everything you should know about Principal Life Insurance, to see if they’re right for you. You’ll learn their financial ratings, policies offered, and the benefits they offer.
- History of Principal Life Insurance
- Principal Life Insurance Company Financial Ratings
- Policies Offered by Principal Life Insurance Company
- Benefits of Choosing Principal Life Insurance Company
- Compare Principal to Other Life Insurance Companies
History of Principal Life Insurance
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.”
Principal Life Insurance 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 today.
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.
Before you make any major life insurance decisions, though, be sure to check out some of our most popular reviews of some of our choice providers like Zander Insurance, Primerica Life Insurance, and United Home.
Principal Life Insurance Company Financial Ratings
Financial ratings are important to consider when choosing a life insurance carrier. Good ratings mean you can feel confident that any future claims you file, will be paid out.
Here are the ratings for Principal Life.
- A.M. Best: “A+” (superior) rating
- Affordability Index: 9.1
- Ease of Applying: 9.5
- Customer Service: 9.7
- COMDEX Ranking: 90
A.M. Best is the industry benchmark for financial strength in the life insurance industry. The other three metrics are based on a number of factors including our industry knowledge of Principal compared with other companies. The COMDEX ranking is a composite score that considers A.M. Best and other top ratings agencies.
That A+ rating signifies Principal’s secure financial standing and trustworthiness, all but guaranteeing their likelihood of staying true to their financial obligations to both investors and policyholders.
Policies Offered by Principal Life Insurance Company
With a wide range of comprehensive policy types and a great customer experience, we feel confident in our positive assessment of the company.
Principal Life Insurance offers the following policies:
- Term life insurance
- Universal life insurance
- Indexed universal life insurance
- Variable universal life insurance
- Survivorship insurance
The company’s term life policies, the most popular life insurance product for most individuals, come in 10, 15, 20, and 30-year terms. Interestingly, the company also markets super-short-term life insurance policies that offer one year of coverage. This offers flexibility to policyholders to mold a plan which fits their unique needs.
One of our favorite things about Principal is their very quick turnaround time on their life insurance and disability insurance applications. Their turnaround time is one of the fastest in the industry, a benefit to anyone looking to lock in coverage as quickly as possible.
Benefits of Choosing Principal Life Insurance Company
Principal offers great policies for many situations, however, there are some areas where they excel above other top life insurance companies.
Get Covered Fast with Principal’s Accelerated Underwriting Program
Principal Life Insurance is able to operate on such a rapid schedule because of the nature of their underwriting process. With their no exam policies, you can get fairly expansive coverage without a visit to the doctor’s office.
If you are healthy, you can qualify for this no-exam policy and hear back from Principal with their decision within 48 hours.
Their No Medical Exam Policy Offers Up to $1 Million in Coverage
You can buy up to $1,000,000 of life insurance on any of Principal’s products (10, 15, 20, 30-year term or any permanent policies) with no medical exam.
Currently, there isn’t another carrier on the market that offers more than $400,000 of coverage for life insurance with no medical exam. For individuals with children, mortgages, medical bills, student loans, and other expenses, a policy of that size may not be enough.
Keep in mind that while no exam life insurance allows you to get insurance coverage faster, but it comes with higher monthly costs.
It is incredibly convenient, but is that speed worth the higher premiums? If you need coverage fast, it may be worth it. However, if you are healthy and can wait for coverage, it’s probably best to take the medical exam and get lower rates.
Principal’s Healthy Lifestyle Credits Program
What really sets Principal Life Insurance Company apart is its “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. Customers give positive feedback and excellent reviews of Principal Life Insurance with regard to their experience with the company.
Compare Principal to Other Life Insurance Companies
Although Principal Life Insurance Company is a great carrier, we always recommend you compare multiple companies’ rates when looking for a policy.
Below are several other company reviews that you may consider.