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The Principal Gives Advisors The Gift of Time

New application support makes processing life insurance faster, simpler.

February 21, 2011 (Des Moines, IA) - As Americans rebuild from the economic crisis, financial advisors are answering more questions than ever before. A study commissioned by the Principal Financial Group® and conducted by Harris Interactive, revealed 81 percent of U.S. financial advisors are touching base with clients on a regular basis to help them deal with increased financial worry.

To give advisors more time with clients, The Principal® introduces a faster way to submit new business through e-application, TeleApp and a dedicated express team. By using the online system along with our in-house TeleApp specialists and express processing team, advisors can easily and quickly submit applications for term and universal life insurance.

“The number one job of advisors is to help clients plan more secure financial futures. Our job is to make life easier for advisors. This simplified process does just that, save time,” said Greg Linde, vice president of individual life insurance for The Principal. “We’ve also just re-priced our term insurance. A faster process and a new price give advisors an edge in the market and more time to focus on what’s important, their clients.”

How it Works

The new application process takes guess work and paperwork away from the advisor. Powered by iPipeline®, the iGO e-application guides advisors through a simple, online application. Once basic information is complete, in-house TeleApp specialists work directly with clients to obtain the necessary medical information. Then a dedicated express processing team focuses on in good order business and can issue a policy within four to five days.

Other timesaving benefits include:

  • Instant application confirmation and assigned policy number
  • E-sign and e-submit for faster processing
  • Less data entry

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The survey of financial advisors was conducted online by Harris Interactive within the United States between April 2 and April 12, 2010, among a nationwide sample of 650 producing financial advisors. Respondents for this survey were financial advisors who have agreed to participate in Harris Interactive surveys. Because the sample includes those who agreed to participate in the Harris Interactive panel, no estimates of theoretical sampling error can be calculated. A full methodology is available.

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 $318.8 billion in assets under management[2] and serves some 19.1 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.

"The Principal Financial Group" and "The Principal" are registered service marks of Principal Financial Services, Inc., a member of the Principal Financial Group.
As of Dec. 31, 2010.

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