Life Claim Services
Principal Life Insurance Company is an industry leader in providing group life insurance services - paying 96.5% of life insurance claims within seven calendar days. No wonder, 97.4% of beneficiaries were very satisfied or satisfied with their overall experience with us in 2010.
- Overview of claim services
- Filing a claim
- Resources used
- Claim decisions
- Express claim processing
- Beneficiary Support Services
- Answers to frequently asked questions
Our claim services offer customers:
- Excellent customer satisfaction results
- A personal representative for each claim
- Beneficiary support
- Express claim processing
- Single claim form submission for Life Waiver
Claims can be filed the following ways:
- Online: claim form submission
- Fax: 1.800.255.6609
- Mail: Principal Life Insurance Company
Attn: Group Life & Disability Claims Department
Des Moines, IA 50392-0002
Once notification of a death is received in our office, it is given to the Claim Manager who is dedicated to servicing the claim. Additional information may be requested from the beneficiary, group policyholder and funeral home. In addition, the Claim Manager may be able to express process the claim by obtaining information from the employer, beneficiary and funeral home telephonically.
Basic information needed to evaluate a Life insurance claim includes:
- Completed claim form (if the claim is express processed this information is obtained telephonically)
- Certified death certificate (a copy is typically acceptable if the seal is visible, if the claim is express processed the information is confirmed with the funeral home and a death certificate is not needed)
- Valid beneficiary designation
Depending on the circumstances of the claim, additional information may be necessary, such as:
- An accident report
- Toxicology and/or autopsy report
- Trust or estate documentation
- Guardianship information for a minor beneficiary
Many resources are available when reviewing claims. The following are the most commonly used sources:
- Death Certificate
- Funeral Home
- Medical Examiner Report
- Accident Report
Once a determination has been made on the claim we will notify the beneficiary (or insured in living life benefit situations) with a decision in writing. When approved, payment will be issued and an Explanation of Benefits document will be sent with a copy to the employer.
The life claim system calculates interest on the face amount of the policy based on requirements of the insured’s state of residence. We pay interest according to state mandates.
If correspondence is needed before making a claim decision, the Claim Manager requests the needed information. The beneficiary (or insured in living life benefit situations) is notified if a claim decision cannot be immediately reached. In unusual claim situations, we may request hospital records, medical treatment records, investigative reports, accident reports and any other information that would more clearly describe the events surrounding the injury/death.
The goal of Express Claim Processing is to provide prompt and accurate processing and payment of claims and alleviate beneficiary stress. This process has cost and time savings to employers and beneficiaries through simple methods of claim submission including web, telephone or fax.
Express Claim Processing allows Principal Life to react quickly to death claims under $50,000 — providing rapid service to the beneficiary and a decision on the claim within 5 working days without the employer or beneficiary submitting paperwork. Claims that meet certain criteria are referred directly to an express claim examiner.
Dealing with a potentially large and important sum of money after the loss of a loved one can be difficult. That's why Principal Life provides financial services for beneficiaries. They can speak directly to an experienced financial professional who can answer questions and help plan an overall financial strategy.
* Financial services are a value-added service available to group Life beneficiaries from Principal Life. This service is not a part of the insurance contract and may be changed or discontinued at any time at the discretion of Principal Life.
We understand that grief accompanies loss. Everyone grieves in a unique way and coping with loss and the grief process can be very difficult. That's why we offer access to Grief Support Services for our group life beneficiaries.
Will Preparation (for spouses and dependent beneficiaries)
Beneficiaries may need to take a closer look at their own legal documents after a loss. To help, Principal Life has arranged for online access to Will Preparation Services provide by ARAG®.
This service is free and available to spouses and dependent beneficiaries for three months to complete a will, living will, healthcare power of attorney and financial power of attorney.