The Principal Financial Group Unveils New Universal Life Solution
August 22, 2005 (Des Moines, Iowa) — The Principal Financial Group® launches a new way for consumers to leave a secure legacy while at the same time helping to provide peace of mind. Principal Universal Life (UL) Protector IISM boasts increased flexibility for those who want to ensure future obligations are met through guaranteed death benefit protection for their business or a personal estate.
"Many of us are looking for ways to preserve our legacy by taking steps today to protect the future financial security of our loved ones," said Jerry Patterson, vice president of Life and Health Marketing for the Principal Financial Group. "Although Principal UL Protector II is available to clients at any point in life, it provides the most value to those with sizable assets who want to pass on these assets without passing on a tax burden."
In one comprehensive policy, Principal UL Protector II gives individuals choices in guaranteed death benefit protection up to age 121, extended the issue ages to age 85, premium payment options and a number of riders and provisions. As needs change over time, customers maintain the ability to increase or decrease their coverage amount and the length of guaranteed coverage. If premium payments are skipped or delayed, individuals can choose to pay "catch up" contributions to receive the original guaranteed protection.
"Principal UL Protector II is an ideal fit in the business marketplace, ranging from death benefit focused nonqualified executive benefit concepts to business exit strategies," noted Patterson. "The introduction of this secondary guarantee product reaffirms our commitment to providing basic life insurance protection through a wide variety of competitive, quality solutions that retain the exemplary service for which The Principal is known."
Designed as a low risk product, Principal UL Protector II is a tailored approach to compliment other solutions including estate planning and overall business needs. Principal UL Protector II is the newest addition to the complete universal life insurance portfolio of the Principal Financial Group, the second largest nonqualified executive compensation provider in the United States1 and the nation's 401(k) leader.
To help identify overall benefit needs, the Principal Financial Group also offers an innovative program to educate consumers on individual life and disability insurance and achieving financial security. The From Here to Security SM program from The Principal provides producers a multi-media toolkit of resources to help serve clients. For information about Principal UL Protector II or From Here to Security marketing materials available to producers, those interested should contact the company's National Sales desk at 800-654-4278. Individuals interested in learning more about Principal UL Protector II should contact their local Principal Financial Group representative.
About The Principal Financial Group
The Principal Financial Group® (The Principal®)2 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 $187.8 billion in assets under management3 and serves some 15.2 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) 2004 PLANSPONSOR Nonqualified Plan Survey
2) "The Principal Financial Group" and "The Principal" are registered service marks of Principal Financial Services, Inc., a member of the Principal Financial Group.
3) As of June 30, 2005.
