The Principal Financial Group Launches Simpler, More Affordable Term Insurance
August 1, 2007 (Des Moines, Iowa) — The Principal Financial Group® makes term life insurance easier and more affordable with Principal Term Connector, a new option designed specifically to meet the needs of participants in worksite benefit programs offered by The Principal®. Principal Term Connector offers 10 and 20 year term life insurance at a low cost, with a guaranteed death benefit protection and a simplified application process.
"Principal Term Connector expands our commitment to our worksite guidance programs which are designed to help employees look at their entire financial picture to identify needs," said Geoff Christy, national director of worksite solutions for the Principal Financial Group. "The goal is to help participants develop a holistic plan for a secure financial future. Both saving for retirement and protecting loss of income are important parts of that discussion."
If a need for income protection is identified through the worksite guidance program, participants now have an option with Principal Term Connector to purchase face amounts from $25,000 up to $200,000. Participants also have the option to convert Principal Term Connector to a cash value life insurance policy from The Principal offered at the time of conversion. This conversion is available until the end of the level premium period or age 70, whichever comes first. Principal Term Connector is the latest in a series of other risk solutions available including simplified disability insurance and fully underwritten term and disability products.
Worksite solutions from The Principal are next generation programs that provide one-on-one guidance and personalized needs-based assistance at the work place from a salaried employee benefits specialist. Designed to address participants' retirement savings and risk protection challenges, the program automates and simplifies retirement and other benefits planning and guides participant decision-making through action-oriented and personalized solutions.
About the Principal Financial Group
The Principal Financial Group® (The Principal®)1 is a leader in offering businesses, individuals and institutional clients a wide range of financial products and services, including retirement and investment services, life and health insurance, and banking through its diverse family of financial services companies and national network of financial professionals. A member of the Fortune 500, the Principal Financial Group has $282.1 billion in assets under management2 and serves some 18.1 million customers worldwide from offices in Asia, Australia, Europe, Latin America and the United States. Principal Financial Group, Inc. is traded on the New York Stock Exchange under the ticker symbol PFG. For more information, visit www.principal.com.
Insurance products and services issued by Principal Life Insurance Company.
1) "The Principal Financial Group" and "The Principal" are registered trademarks of Principal Financial Services, Inc., a member of the Principal Financial Group.
2) As of June 30, 2007.
