Principal Life Insurance Company Review

                                       principal life insurance company reviews


Buying life insurance is like buying a car. There are thousands of types, companies, features, and additional bells and whistles you can add.

When you’re buying a car, you probably do a lot of researching and shopping around, price checking, comparing rates, and reading reviews about the car and its manufacturer.

Life insurance should be no different. As you prepare to purchase a life insurance policy, you should do you research to ensure you get the best coverage, at the fairest price, for your needs.

Below, we’ll be looking into one particular life insurance carrier, Principal Life Insurance, to assess their credit ratings, policies, coverage, and cost to help you determine whether or not they might be the right provider for you and your family’s needs.

Principal’s History

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+ rating, which is their superior rating for assessing a company’s financial viability.

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.

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 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.

Our Principal Life Insurance Company Review

Principal Life Insurance QuotesHere at Rootfin, we’ve had the pleasure of working with Principal over the years. 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, by and large 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, offering flexibility to policyholders to mold a plan which fits their unique needs.

Principal Life Insurance really stands out among its competitors in one specific area.

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.

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.

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 hear back from Principal with their decision within 48 hours.  Currently, there isn’t another carrier on the market that goes more than $400,000 for life insurance with no medical exam. making Principal the clear winner if you’re in good health and in need of a quick policy above that amount.

For most people, $400,000 isn’t a big enough policy. For individuals with children, mortgages, medical bills, student loans, and other expenses, a policy of that size just isn’t substantial. Their families would be left with additional bills and unpaid expenses.

While no exam coverage, especially the level of coverage you can get from Principal, is highly appealing, it does come with a catch.

No exam life insurance allows you to get insurance coverage faster, but the speed is going to come with higher costs. It is incredibly convenient, but is that speed worth the higher premiums? To answer that question, you’ll need to decide what’s most important to you.

How Much Life Insurance Do You Need?

While we’re on the subject, let’s talk a moment about life insurance size. You want to give your family enough protection to supply for their needs, but how do you know if your plan will be big enough? You have to do the math.

  • Start by staring down your debt. 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?
  • The next consideration is the cost of daily living: Will your family struggle without your paycheck? If so, your life insurance can help replace that.
  • Last, factor in any final expenses or bills: Funeral expenses or burial fees add up quickly. 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.

Other Offered Life Insurance Company Reviews

Instant Quote
About Jeff Root

is the owner of He's an independent life insurance agent who has helped 1,000's of consumers purchase life insurance online and over the phone.

This entry was posted in Insurance Companies. Bookmark the permalink.

Comments are closed.