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Principal Life Insurance Review

Principal life insurance distinguishes itself from the competitors by quickly approving healthy applicants. As a result of the faster approval procedure, many persons are approved within days of applying. Taking out loans without worrying about losing your insurance coverage is possible thanks to optional riders like lapse protection. It’s up to you whether you want a term or universal plan.

To learn more about the company, visit Principal Life Insurance Review. For those searching for a more complete package or self-service features that are easier to use, it may be worth investigating other companies’ services. If you’re interested in checking out Principal’s customer service, you might want to look into J.D. Power’s customer satisfaction ratings.

Pros and Cons of Principal

Principal Life Insurance Review - Principal Life Insurance Logo


  • A user-friendly website
  • Approval in a timely manner
  • Principal TeleApp has a solid financial base


  • 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

Data from the DMV, Medical Information Bureau, and Prescription Databases are used by the Principal to determine your risk. For any type of insurance company, this is a typical process. Preferential and Super Preferential rates take into consideration the following factors:

  • Age. Young, healthy, and in good health applicants pay less.
  • Insolvent status, as well as a criminal record In the last 10 years, Principal has been looking for criminal convictions or bankruptcies on your criminal record.
  • Acclaimed driver. You must have had no DUIs or risky driving in the past five years, and no more than two minor violations.
  • Health. That the school’s principal has lenient health restrictions is a positive thing. Approval rates might be affected by medical issues such as a family history of heart disease, stroke, or diabetes before age 60.
  • Thank you for living a healthy life. You may be able to move up a rating class by participating in this program.
  • Occupation. Premiums may be greater for those who operate in dangerous situations.
  • History of prescriptions. Your rates should not be affected by this unless you have a history of serious misdeeds.
  • In the past, I’ve had insurance. Life insurance policies with a Preferred/Super Preferred rating count as an additional benefit.
  • Use of tobacco. Discounted fees are available to those who have not smoked in the past 24 months.

How to get a quote from Principal Financial life insurance

Because you can’t apply for life insurance coverage online, it’s a drawback. You may get a personalized quotation by following the procedures shown below:

  1. Go to Principal Financial’s homepage. Select Individuals > Insure > Life Insurance from the drop-down menu that opens.
  2. Fill out the form and I’ll get back to you with a price.
  3. It’s important to provide information about yourself such as your present age, gender, and insurance policy. In addition to your height, weight, and smoking status, please include these details. In order to see a quotation you’ve supplied, click See my Quote.
  4. Several quotes will be shown in front of you. Fill out the online form or call 800-247-8000 ext. 2522 to schedule a call.

Principal Financial offers term and permanent life

However, Principal does not offer whole life insurance, which is a fairly prevalent type of insurance.

  • Indexed universal life. An index, such as the S&P 500, may contribute to a quicker rise in the cash value of this long-term insurance.
  • Survivorship is the key to a long and fulfilling life. Elderly people between the ages of 55 and 80 are eligible for a joint insurance policy that covers 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. Maturities range from one year to thirty years for the fixed premiums and guaranteed death benefit.
  • The insurer offers no-medical-examination coverage up to $1 million for those ages 18 to 60.
  • Existence in all places and times. For as long as you live, you can alter your premiums or death benefits to keep pace with the changing market conditions.
  • The duration of time that the cosmos will exist is unknown. Changing your premiums and death benefits is much easier when you have access to the policy’s cash value.
  • Due to the high risk of losing money, Principal only sells this product through a prospectus.

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

Principal offers an accelerated underwriting process and waives the medical test for term life insurance coverage.

A phone consultation with a financial representative, who will take into consideration your personal and medical background, is the first step in the process of becoming qualified.

Within 48 hours after applying, you may acquire life insurance without a medical exam. About half of the fittest applicants will be approved in January 2021.

Principal Financial offers more riders than many competitors

Consider adding more than the normal four or five optional add-ons given by most insurance providers:

  • Accelerated death benefit rider. Up to $1 million of your death benefit may be available if you’ve been diagnosed with a terminal illness.
  • It’s a young rider. Under your policy, children under the age of 18 are eligible for up to $25,000 in coverage.
  • Living expenses are included. In order to stay up with inflation, you can increase your insurance coverage without having to undergo further underwriting.
  • Riders who are unwell are eligible for critical illness benefits. A lump-sum payment will be made to you if you suffer a catastrophic illness such as a stroke as a result of this coverage.
  • You’ll be covered no matter what occurs with this rider. Adding insurance coverage at certain times does not necessitate a medical examination.
  • Rider equipped with cutting-edge lap-time reduction gear. Adding this rider to a long-term policy will restrict you from taking out loans or withdrawals.
  • A rider for a split option policy. Think about getting two insurance policies in the event of a divorce or other big tax change.
  • Waiver of premium rider fees. You won’t have to pay a premium if you become incapacity-proof.

Principal Financial life insurance reviews are mixed

AM Best awards Principal Financial Group exceptional financial ratings to demonstrate its ability to pay claims when necessary. Although Principal has an A+ rating from the Better Business Bureau, many of its clients have issues with billing and claims processing.

How Principal Financial compares to other insurers

This insurance company provides several options for you if you don’t need whole life insurance. You may choose from the following options: term, universal, and survivorship. Life insurance policies that do not guarantee acceptance frequently include a 48-hour approval period for healthy applicants.

A 30-year-old guy in good health may receive a $500,000, 20-year term insurance policy from Principal for $20 a month since their rates are less expensive than the industry standard. Normally, the same level of protection would cost you $25 a month with another company.

You may certainly find companies with higher customer satisfaction scores as well as policies that go beyond the basics. To choose the best insurance plan for your requirements, do some research and compare several options.

Visit our review of Primerica Life Insurance Review for one more insurance review.

Discover How Much YOU Can Save on Life Insurance

Our customers save as much as 35% compared to traditional life insurance offers…

Compare Quotes →

Avatar photo About the author: David Krug is the CEO/President of PolicyPeak, a modern and tech-driven life insurance company. David noticed a gap in the market for personalized policies at an affordable price. He founded PolicyPeak in 2022 with the goal of simplifying the buying process for consumers and offering policies tailored to their unique needs.