The Principal Financial Group Helps Business Owners Plan for the Future
July 21, 2008 (Des Moines, IA) — Owners of small-medium sized businesses have multiple needs from preparing to someday exit their business to planning for their own personal retirement income. The Principal Financial Group® introduces Variable Universal Life Income IISM (VUL Income II); created to address these and other business and personal financial challenges.
One of the most flexible polices to date, VUL Income II provides death benefit protection, a tax deferred investment and supplemental income all in one place. These components make it well-suited for a wide range of business needs from executive benefits for key employees to a business succession tool to personal retirement income planning.
"Business owners are under increasing pressure to manage their business today while looking ahead to prepare for their own retirement," said Steve Parrish, business insurance director for the Principal Financial Group. "Business and personal challenges continually intersect for these individuals which is why Principal Variable Universal Life Income II creates one large safety net with protection, growth and income all in one affordable product."
Additional features of VUL Income II include:
- A Death Benefit Guarantee rider provides a choice of guaranteeing the death benefit to age 65, 85 or 100 for those wanting peace-of-mind knowing death benefit coverage is available for as long as needed.
- An automated income distribution feature is a hassle-free way for policyowners to receive supplemental retirement income from their policy on a monthly, quarterly, semi-annual or annual basis.
- A Return of Cost of Insurance rider enhances policy cash value when the policyowners reach the later of their 15th policy year or age 60. Over a five-year period they will receive a credit to their policy cash value equal to 100 percent of the cost of insurance charges they have paid up to that point.
- A Life Paid-Up rider keeps the policy from lapsing under certain circumstances when there is a large policy loan or loans outstanding.
"From protecting loved ones against financial hardship to accumulating cash for retirement, VUL Income II allows business owners to stay on top of their business while not neglecting their personal financial needs," notes Parrish.
For more information about business insurance from The Principal, brokers should contact their Principal Financial Group representative or visit www.principal.com.
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. A member of the Fortune 500, the Principal Financial Group has $304.2 billion in assets under management2 and serves some 18.8 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.
1) "The Principal Financial Group" and "The Principal" are registered service marks of Principal Financial Services, Inc., a member of the Principal Financial Group.
2) As of March 31, 2008
Insurance products and services issued by Principal Life Insurance Company.
Before investing in variable life insurance, investors should carefully consider the investment objectives, risks, charges and expenses of the policy and the underlying investment options. This and other information is contained in the free prospectus, which can be obtained from your local representative. Please read the prospectus carefully before investing.
Guarantees are based on the claims paying ability of the Principal Financial Group.
Policy rider descriptions are not intended to cover all restrictions, conditions or limitations. Refer to rider for full details. Riders are subject to state availability. Rider is subject to an additional charge.
While this communication may be used to promote or market a transaction or an idea that is discussed in the publication, it is intended to provide General information about the subject matter covered and is provided with the understanding that The Principal is not rendering legal, accounting, or tax advice. It is not a marketed opinion and may not be used to avoid penalties under the Internal Revenue Code. You should consult with appropriate counsel or other advisors on all matters pertaining to legal, tax, or accounting obligations and requirements.
Variable Universal Life Income is issued by Principal Life Insurance Company and distributed by Princor Financial Services Corporation, 800/247-1737, member SIPC and/or independent broker/dealers. Securities sold by a Princor Registered Representative are offered through Princor®. Principal Life and Princor® are members of the Principal Financial Group®, Des Moines, IA 50392.
