Principal Life Insurance Review

Principal Life Insurance Review, it will be a big help to you. The fast approvals for healthy consumers distinguish Principal life insurance from the competition. Many people are granted within days of applying because of the expedited approval process, which skips the medical test. Optional riders, such as lapse protection, let you take out loans without fear of losing your insurance coverage if you withdraw too much. You can pick between term and universal plans.

However, if you’re looking for a more comprehensive package or self-service capabilities that are more straightforward to use, you may want to look into other organizations’ offerings. But Principal gets good marks from respected rating agencies, such as J.D. Power, for customer satisfaction, so you might want to check them out and see how they stack up.

Pros and Cons of Principal

Principal Life Insurance Review - Principal Life Insurance Logo


  • A simple to use web site
  • Process of quick approval
  • A strong financial foundation for Principal TeleApp


  • There aren’t any allegations in the public domain.
  • Mail-order policy
  • There is no insurance that covers you for the rest of your life.
  • A dearth of policy information on the website

Factors that affect Principal Financial life insurance rates

Using data from the DMV, Medical Information Bureau, and Prescription Database, Principal assesses your risk. This is standard procedure for any insurance business. Their preferred and super preferred rates take into account:

  • Age. Applicants who are young, healthy, and in good health pay less.
  • Having filed for bankruptcy and having a criminal record. In the previous ten years, Principal looks for criminal convictions or bankruptcies on your background.
  • Reputation as a driver. You must have a clean driving record for the last five years, with no DUIs or dangerous driving, and no more than two minor infractions in that time period.
  • Health. It’s a good thing the principal has lax health regulations. Medical concerns, however, such as a family history of heart disease, stroke, or diabetes before age 60 have an impact on approval rates.
  • Credits for leading a healthy lifestyle. By earning credits in this program, you may be able to move up a rating class.
  • Occupation. Those who work in hazardous environments may have to pay higher premiums.
  • History of prescriptions. This shouldn’t have an impact on your rates unless your past is really egregious.
  • Insurance coverage held in the past. Prior life insurance policy that had a Preferred/Super Preferred rating qualifies as an added benefit.
  • Tobacco use. Those who have not smoked in the last 24 months are eligible for a discounted fee.

How to get a quote from Principal Financial life insurance

A difficulty with life insurance is that you can’t sign up for a policy online. The steps below will help you receive a custom quote:

  1. Go to Principal Financial’s homepage. Then select Individuals > Insure > Life Insurance from the drop-down menu that appears.
  2. Click Request a Price Quote for me.
  3. Provide information such as your current age and gender as well as the type of insurance and the quantity of coverage you choose. Also provide your height, weight and whether or not you smoke. To see a quote you provided, click See my Quote.
  4. You’ll see several quotations in front of you. Contact the company at 800-247-8000 ext 2522 or fill out the online form to book a call.

Principal Financial offers term and permanent life

Principal has a good selection of term and permanent plans, however they don’t provide whole life insurance, which is very common.

  • Indexed universal life. The cash value of this long-term insurance is linked to an index, such as the S&P 500, which might lead to faster growth.
  • Survivorship is the key to a long and fulfilling life. Seniors aged 55 to 80 can get a combined insurance that insures both of them and pays out if one of them dies. If both persons die within four years of initiating the policy, you can purchase a term insurance rider that pays 122% of the original policy’s death benefit.
  • Long-term care. This insurance, which has set premiums and a guaranteed death benefit, is available for maturities ranging from one year to thirty years.
  • No-medical-exam coverage up to $1 million is available from the insurer for persons aged 18 to 60.
  • Existence in all places and times. Coverage is available for as long as you live, and you can adjust your premiums or death benefits as market circumstances change.
  • The length of time that the universe will last is variable. With the cash value, you have the freedom to make changes to your premiums and death benefits.
  • Principal only sells this product via prospectus due to the increased risk of losing money.

You can skip the medical exam, if you pass a health questionnaire

A unique feature of regular plans like term life insurance is that Principal offers an expedited underwriting procedure and waives the medical exam.

To be eligible, you must first fill out an online application and then schedule a phone interview with a financial representative, who will take your personal and medical history into account.

Without a medical exam, you may get life insurance within 48 hours of applying. As of January 2021, around half of healthy candidates are accepted.

Principal Financial offers more riders than many competitors

Customize your coverage with more add-ons than the standard four or five offered by most companies:

  • Accelerated death benefit rider. If you’re diagnosed with a terminal disease, you may be able to access up to $1 million of your death benefit.
  • Rider who is still a child. Children under the age of 18 may be covered for up to $25,000 under your insurance.
  • The cost of living is included in. Increase your insurance coverage to keep up with inflation without having to submit to any additional underwriting.
  • Rider receives a critical illness benefit because of his or her sickness. If you get a catastrophic sickness such as a stroke, you’ll receive a one-time payment from this policy.
  • Rider that ensures you’ll be insured no matter what happens. A medical checkup is not required to add insurance coverage at particular periods.
  • Rider with lap-time reduction technology. If you have a permanent policy, you can add this rider to prevent you from taking out loans or withdrawals.
  • Rider for policy with split option. If you divorce or your tax situation changes significantly, consider purchasing two plans, one for you and one for your spouse.
  • Premium rider waiver. If you become incapacitated, you won’t have to pay your premium any more.

Principal Financial life insurance reviews are mixed

To show that it can pay out claims when needed, AM Best awards outstanding financial ratings to Principal Financial Group. Principal has an A+ rating with the Better Business Bureau, but its customers complain about invoicing and claims concerns.

How Principal Financial compares to other insurers

If you don’t require whole life insurance, Principal has a good selection of term, universal, and survivorship plans to choose from. Term life insurance plans, which do not guarantee acceptance, often have a 48-hour approval period for healthy candidates.

A 30-year-old male in good health may get a $500,000, 20-year term insurance for $20 a month with Principal since their premiums are lower than the industry average. With other businesses, the same coverage would normally run you $25 a month.

Companies with even greater customer satisfaction ratings, additional policies, and add-ons may be found, of course. To choose the finest coverage for your needs, shop around and evaluate many possibilities.

Checkout our review of Primerica Life Insurance Review for another life insurance review.

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Levi Jorgensen
Levi Jorgensen is a life-long explorer. When he's not writing about life insurance, he works as an appraiser of antiques. He's based in Columbus, Ohio with his wife and 2 children.
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