The Principal Goes Back to the Basics with Short-Term Disability
New product offers simple, affordable protection
May 22, 2012 (Des Moines, Iowa) – Nearly three in four Americans say they are concerned about their ability to support themselves should they become disabled and unable to work. In an effort to give more employees protection from the unexpected, the Principal Financial Group® introduces Basic Short-Term Disability, a lower-cost option to its standard disability products.
Available as an employer-paid or voluntary benefit, Basic Short-Term Disability is easy to understand, affordable and gives employers the opportunity to offer meaningful protection for their employees. The weekly benefit can be up to $500, allowing a disabled employee to cover essential bills such as utilities, loans or simply groceries.
“Disability insurance doesn’t need to be complicated, which is why we’re introducing a simple, easy way for employers to offer their employees protection against the unexpected,” said Tyler Matheny disability assistant product director for The Principal®. “Employers who have not offered disability coverage in the past, now have a range of basic options designed to meet the specific needs of their employees.”
The Principal can automatically generate quotes for financial professionals to easily incorporate Basic Short-Term Disability into their client presentation. Only gender and date of birth information are needed. With no salary or occupations required, no regular updates are necessary, which simplifies enrollment and ongoing administration.
Basic Short-Term Disability is offered as an alternative to the standard short-term disability product, which is still available to those looking for additional flexibility and features.
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About the Principal Financial Group
The Principal Financial Group® (The Principal ®) is a global investment management leader including retirement services, insurance solutions and asset management. The Principal offers businesses, individuals and institutional clients a wide range of financial products and services, including retirement, asset management and insurance through its diverse family of financial services companies. Founded in 1879 and a member of the FORTUNE 500®, the Principal Financial Group has $364.1 billion in assets under management and serves some 17.3 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.
- The Life and Health Foundation for Education (LIFE) survey, 2012.
- “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 March 31, 2012.