Individual Disability Insurance - Claims Management Services
Dealing with a disabling illness or injury can be a stressful event. That’s why Principal Life Insurance Company does everything possible to help customers file a disability insurance claim. Should the need arise, your Claim Analyst works with you every step of the way while you’re on the road to recovery or reconciling with your disability.
Learn more about Principal Life’s individual disability insurance claims services.
- Commitment to service
- Services
- Confidentiality
- Types of Claims
- Filing your claim
- Ongoing claim review
- Common claim questions
Commitment to Service
Principal Life Insurance Company is dedicated to providing you with quality service during your disability.
You will receive excellent service should you go on claim with your Individual Disability Insurance policy from Principal Life. Our experienced staff has an average tenure of ten years and is committed to handling claims quickly, accurately and with compassion.
Of claimants surveyed in Principal Life's annual DI claimant survey*:
- 97% were satisfied with claims services
- 99% were satisfied with receiving benefits promptly
- 98% were satisfied with the accuracy of the benefit payments
Services
Social Security consultants help with your application for Social Security Disability benefits (if your policy includes the Social Insurance Substitute benefit).
Vocational Rehabilitation Specialists can assist with your return to work.
Confidentiality
All information received by Principal Life is kept confidential and is only accessible to authorized personnel. For this reason, we are not able to share claim information with your producer, or anyone other than you, the policy owner, or your legal representative.
Types of Claims
You may think that you will never be impacted by a disabling illness or injury that leaves you unable to work. Most people think they are caused by serious accidents. The fact is, fewer than 1 in 10 long-term disability claims result from injuries.* Most are caused by illnesses and medical conditions. Here are some of the illnesses, diseases and conditions Principal Life paid claims on in 2010:
Filing Your Claim
Step 1: You can notify us of your need to file a claim in several ways.
Toll-Free |
800-422-3788 |
| Fax | (866) 317-4526 |
| Principal life Insurance Company Ind. Disability Insurance - Claims Des Moines, IA 50392-0410 |
|
| IndividualDisabilityClaims@exchange.principal.com |
Step 2: Within 48 hours of receiving the notice of your claim, we mail you:
- A Disability Claim Notice to complete.
- An Attending Physician’s Statement to be completed by the physician treating you.
OR - Print out and complete a Disability Claim Notice.
Step 3: Within 10 days of either receiving your notice of claim or the completed Disability Claim Notice, you will receive a letter outlining your policy provisions and any additional claim requirements.
Step 4: Once the completed claim forms are received, your Claim Analyst will contact you. We also contact your physician and employer to gather any additional information. Through the review process, you are kept up-to-date on the status of your claim. Contact your Claim Analyst with any questions or requests.
Ongoing claim review
During the life of your claim, we will need to periodically obtain validation that you continue to qualify for benefits under the terms of the policy. We determine the frequency of those updates on a case-by-case basis.
Common claim questions
Q.What forms or information is needed to file a claim?
A.We will ask you to complete a statement of disability (Disability Claim Notice) and there is also a form(s) for the attending physician(s) to complete. In addition, we may also request such information as: financial documents, occupational information and copies of medical records.
Q. What financial documentation do I provide?
A. You'll need to submit your federal tax returns to validate your occupation and earnings. If you have a residual disability, you'll also need to submit financial documentation to help us determine your monthly benefit. Financial documentation requirements vary depending on your employment status (whether you are an employee, self employed, a partner, or a shareholder of a corporation). Common types of financial documents requested are: W-2s, IRS Form 1040s, IRS Schedule Cs, IRS Forms 1120, 1120S or 1065, monthly profit and loss statements and employment pay stubs.
Q. How long does the claim approval process take?
A. Depending on your specific claim, once we receive all claim requirements you can expect a decision within five to seven business days. If additional information is needed, we communicate this.
Q. What if I have several policies with Principal Life?
A. You only need to complete one set of forms or other requested information for a claim covered by your Group Disability and Life or Individual Disability and Life coverage. We share copies to other departments involved. Claim decisions for each product are done independently based on the provisions of each policy.
Q. When will I receive my first benefit check?
A. Benefits begin to accrue at the end of your policy’s elimination period once your eligibility has been established. The first benefit is 30 days after the end of the elimination period. Example: A disability begins on January 3, 2011, with a 90-day elimination period. Benefits begin to accrue on April 2, 2011, and the first benefit check is paid on or around May 1, 2011. Future benefit checks are due the first day of each month.
Q. Can I get my benefit payments via Electronic Funds Transfer (EFT)?
A. Yes, if your monthly benefits are for more than three months.
Q. Are my disability benefits taxable?
A. Only if your employer paid part or all of the premiums for the policy.
