Life insurance forms the cornerstone of an employee benefit package as most employees look to their employer to provide this coverage.
Why should you consider purchasing life insurance from Principal Life?
We offer a full portfolio of flexible options for you to offer the best solution for your employee needs, including easy access of benefits through various means:
- Accelerated benefits to help terminally ill employees.
- Express claims processing to help speed up benefit payments
- A choice of lump sum or interest draft account payment options to withdraw a portion or all of their funds at any time.
We provide life insurance options to fit your specific needs
- Our employer-paid basic life insurance helps cover the unexpected, sudden costs associated with a death.
Don’t miss these added features and services: 
- Free online access to the Will & Legal Document Center allows employees and their spouses to create a Will and Living Will, and designate a Healthcare Power of Attorney, Durable Power of Attorney and Medical Treatment Authorization for Minors. A Personal Information Organizer, estate planning education and tools, Identity Theft Prevention and Victim Action Kits are also part of the service. 
- Beneficiary Support Services to help survivors deal with the loss of a loved one.
Voluntary Life Insurance
Despite the fact that group life insurance is among the most frequently offered employee benefits in the U.S., 30% of full-time employees are not covered by a group life plan. Of even greater concern is that more than half of these individuals currently have no type of life insurance. 
- Flexible benefit designs to meet individual needs
- Guaranteed coverage for all employees
- Available to employers with 5 or more employees
- Make payments through convenient payroll deduction
- Individual purchase rights give a terminated employee the opportunity to convert his or her coverage (and spouse and child coverage if elected) to an individual life insurance policy, allowing for continued coverage
- Accidental Death and Dismemberment (AD&D) coverage  provides an enhanced benefit in the case of accidental death or dismemberment.
- Dependent life insurance can be purchased by your employees to cover the loss of a spouse or child.
- Accelerated benefits provide a way to help a terminally ill employee maintain health, financial, or personal needs before death.
- Flexible Waiver of Premium options allow coverage to continue and premiums to be waived if an employee qualifies under this provision.
- Portability allows employees and their dependents to continue life insurance coverage if their employment ceases. Employees are eligible to port up to $500,000 and spouses can port up to $250,000 of coverage. Rates are based on the current portability insurance rates in effect and are subject to change annually on May 1. Employees who want to port coverage need to submit a portability application and the first month’s premium within 60 days (31 days in New York) of their termination date.
- Full portability - coverage continues until the employee reaches age 70
- 3 year - coverage continues for three years from the date coverage is transferred
- 5 year - coverage continues for five years from the date coverage is transferred
Conversion to an individual life insurance policy is available when the ported group coverage is terminated.
For more information
- Contact your local representative of Principal Life
- These value added features and services are not part of the insurance policy and are subject to change or termination at any time.
- The use of the services provided by ARAG® Services, LLC should not be considered a substitute for consultation with an attorney. Principal Life Insurance Company is not responsible for any loss, injury, claim, liability, or damages related to the use of the ARAG Will & Legal Document Center. ARAG is not a member of the Principal Financial Group®. This is a general statement of life insurance underwritten by Principal Life. It is not an insurance contract or a complete statement of the rights, benefits, exclusions or limitations of the coverage described.
- LIMRA International, Group Life Insurance: Factors Affecting Industry Prospects, 2006.
- In some states, certain provisions listed as AD&D may be paid as a Personal Loss Benefit.