About Principal Financial Group
711 High Street
Des Moines, IA 50392
Phone: (800) 986-3343
Company Website: www.principal.com
It was a modest proposal that Edward Temple, a banker from Chariton, Iowa, presented to his colleagues in 1879 when they formed Bankers Life Association – “to establish an association which provides inexpensive and dependable life insurance protection for bankers and their employees…”
Now, 132 years later, the little association has grown to become the Principal Financial Group – an industry leader with 15,000 employees, 15 million customers and more than $144.9 billion of assets under management. They are one of the largest employers in Iowa, one of Fortune’s 100 Best Companies to Work for and a Fortune 500 Company.
They have expanded their product offerings from solely individual life insurance to a wide range of financial products and services including retirement and investment services, life and health insurance, and mortgage banking. The company became a public company in October of 2001.
Principal’s Financial Stability
To learn more about financial strength ratings click here
|Rating Service||Company Rate|
|Standard & Poor||A+|
|Moody’s Investors Services||A1|
Principal’s Product Portfolio
Principal Financial Group offers clients and prospective clients a diverse portfolio of insurance and financial products. The company also offers disability insurance as well as group plans such as critical illness insurance, and dental and vision plans.
We are pleased to represent Principal for the following life insurance products:
Term Life Insurance
Term Insurance is typically the best solution for individuals and families wanting to replace the income of a breadwinner when the worst thing happens. Families with children typically accumulate substantial debt and this debt needs to be addressed when a breadwinner’s income stream vanishes.
Purchasing term life insurance is the most affordable way to provide the income that is needed to help the surviving family members with living expenses, outstanding debt, mortgage payoff, college funding, and retirement funding.
Since term insurance is considered temporary and purchased according to the length of time needed like 10, 15, 20, 25, or 30-year terms, the monthly premiums are very affordable compared to the amount of the death benefit needed.
If you prefer more than just a death benefit from your term life insurance, Principal Life offers the following riders that will broaden your coverage and offer living benefits:This rider allows the insured to be advanced a portion of the death benefit if he or she is diagnosed with a qualifying illness that will likely result in the death of the insured in 1 or 2 years. This rider provides for the company to waive the insured’s premium payments if they become totally disabled and unable to work. The child protection rider provides life insurance on all eligible children who are between 15 days and 18-years-old. The rider will also cover all dependent children born or adopted in the future. Coverage limits are from $1,000 to $10,000.
Here are the actual rates for a $1 million 20-year term policy for a male and female non-smoker in good health:
|Age of Applicant||Male Non-Smoker||Female Non-Smoker|
For an accurate quote based on your actual age, please fill out our instant quote form on the right side of this page.
Finally, the term insurance policies from Principal Life Insurance are convertible. This means that the policyholder can convert all or a part of their term coverage to a permanent insurance policy without having to provide proof of insurability.
Universal Life Insurance
Many individuals and families prefer permanent insurance protection. Universal Life Insurance can provide a permanent death benefit with a cash component as well. Universal Life is the only type of life insurance that also provides the flexibility that many adults need over their lifetime. Life events happen to everyone and having life insurance that can accommodate those life events brings additional peace of mind to the table.
Pacific Life’s permanent insurance portfolio can accommodate different needs for different people through cash-value products such as:
Principal Life Annuity Products
If you are considering strategies to supplement your retirement income, purchasing an annuity through Principal Life insurance may be your perfect solution. The company currently offers four annuity products to accommodate investors with different needs:
|Type of Annuity||Who's it For?|
|Fixed Annuity||This type of annuity allows for the accumulation of wealth while earnings are tax-deferred. In exchange for a lump-sum premium, the insurance company will pay a fixed rated of interest over the life of the contract. The accumulated wealth can then be unitlized as an additional income stream during retirement.|
|Income Annuity||An income annuity (immediate annuity) is designed to pay an income stream immediately following the lump-sum premium payment. The funds remaining in the account will earn interest according to the performance of fixed or variable investments.|
|Indexed Annuity||An indexed annuity is a form of variable annuity that provides income that is generated by interest earned based on the performance of a stock index like the S&P 500 or NASDAQ 100.|
|Variable Annuity||A variable annuity is a tax-deferred retirement vehicle that allows you to choose from a selection of investments, and then pays you a level of income in retirement that is determined by the performance of the investments you choose.|