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The company was founded in 1879 as Bankers Life Association, offering life insurance to healthy adult men. It expanded its products in the ensuing decades, becoming Principal Financial Group in 1985 and spreading internationally in the 90s.
Principal offers life and disability insurance to individuals and businesses. Aside from insurance, Principal Financial also offers investor services and retirement planning. The company’s headquarter’s is in Des Moines, Iowa.
Principal offers life insurance products to individuals as well as group policies for businesses. Several plans are available:
- Term life– offers set premiums and a guaranteed death benefit throughout the policy’s duration.
- Universal life– has flexible benefits and premiums and accrues cash value over time. These policies last indefinitely as long as they continue to be paid.
- Variable universal life– adds additional investment components to a standard universal life policy, allowing it to grow in value.
- Survivorship insurance– is designed for couples; the death benefit is payable on the death of the second spouse. This is useful for certain types of estate planning.
Specific riders can be added to any of these policies for additional features and benefits. Speaking with the insurance company about your options will allow you to obtain a policy that meets your needs.
In addition to life insurance, Principal also sells disability insurance to individuals and employees. This plan provides supplemental income in the event that you become disabled due to an accident or injury.
Life and disability insurance is just a portion of Principal’s total financial products. The company also offers a number of investment and financial planning products, including mutual funds, annuities and retirement accounts. Additionally, Principal offers banking services to its members.
In order to obtain a quote, individuals must contact a representative directly, since they do not offer the service on their website or through the major brokers we work with. You can submit your information and wait for a call back by filling out this form.
The company’s website does not offer a claims form. The “Contact Us” page does lead to several different contact forms, however, none are designed for claims.
If you have an individual policy, you can reach customer service at 1-800-986-3343 to inquire about a claim or any other policy-related question. People with group policies should direct questions through their employers first in most cases.
The actual claims process for life and disability will usually require you to make initial contact with the company, and then follow this up with paperwork regarding the death or disability occurrence. The exact paperwork you need require will be detailed by the claims professional you speak with.
Principal Financial Group is accredited with the Better Business Bureau and has been since 1948. It has an “A+” rating on the BBB website, with 69 complaints having been listed in the last three years, 34 of which have been closed in the past 12 months. The majority of complaints are in regard to product or service.
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As one of the largest 500 companies in America and managing close to 500 billion in assets, Principal Financial Group offers life insurance products to a large number of individuals and businesses. They do not offer online quotes, therefore it may be inconvenient to those rate shopping, since they need to contact a licensed agent directly.
For a list of companies that we recommend, visit our Best Insurance Companies page.