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Life Insurance

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.
  • Strong claims services including express claims processing to help speed up benefit payments

We provide life insurance options to fit your specific needs

Don’t miss these added features and services: [1]

Voluntary Life Insurance

Voluntary life insurance allows employees to buy coverage at affordable group rates through the convenience of payroll deduction. And since the employees pay the premiums, there is to direct cost to your company.

Standard Features

  • Flexible benefit designs to meet individual needs
  • Guaranteed coverage for all employees
  • Available to employers with 5 or more employees
  • 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

Optional Features

  • Accidental Death and Dismemberment (AD&D) coverage [2] 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

These value added features and services are not part of the insurance policy and are subject to change or termination at any time.
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.
From The Principal

Beneficiaries receive rapid service and a decision on life insurance claims in 5 days with Express Claim Processing!

Express claim processing

Have a question? Call us at 1.800.986.3343

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Securities offered through Princor Financial Services Corporation, member SIPC