Individually purchased disability and life insurance
Answers to common questions about the impact of COVID-19 on insurance policies purchased directly, either for yourself or your business.
Information is current as of June 30. Things are changing quickly. We're monitoring developments and will keep you updated here.
Questions about coverage
No, we evaluate COVID-19 as we would any other medical condition.
Yes, as long as your policy is in good standing (premiums are paid current and not in an over loan situation). Your policy covers your death, regardless of the cause.* There’s an additional review if your death occurs within two years from the policy being issued. We review and confirm the information you provided at the time the application was given.
* Subject to contractual terms of the policy and any applicable rider.
This rider covers an illness or incident that prevents you from doing two of the six activities of daily living (bathing, continence, dressing, eating, toileting, or transferring—which is moving out of a bed, chair, or wheelchair).
Premiums and payments
Your policy has a standard grace period, which has been extended in certain states. All premiums due must be received before the end of the extended grace period to continue your coverage.
This information will be updated on your billing statement. While we encourage you to continue to make payments on your insurance policy, if you're experiencing hardship, call us at 800-247-9988 to discuss your options.
- For disability insurance: Email DIService@principal.com or call 800-247-9988.
- For life insurance: Lifeinsurance@principal.com or call 800-247-9988.
- For life insurance policyholders in New York, the governor issued additional payment flexibility options (Executive Order 202.13). Full details are outlined in this notice (PDF).
- For life insurance policyholders in New Jersey, the governor issued additional payment flexibility options (Executive Order No 123). Full details are outlined in this notice (PDF).
We may be able to adjust the frequency of your premium payments which could help avoid the cancellation of your policy if you’re unable to pay right now. Fill out this Customer Service Request form (PDF) to get started.
Pay online or submit these request forms:
- For disability insurance: Set up or Change your Automated Payment Information (EFT) (PDF)
- For life insurance: Life Insurance Pre-Authorized Monthly Premium Withdrawal (PDF)
If you are quarantined or ill
If you’re under quarantine for COVID-19, you do not automatically have a disabling medical condition to satisfy the definition of disability under our policies. As with all claim submissions, the definition of disability and all other provisions outlined in the policy must be satisfied.
Claims for COVID-19 will be evaluated the same as any other illness. As with all claims, you must satisfy our definition of disability and all other provisions outlined in the policy.
If your job or business situation has changed
Our policies do not include a provision for temporary suspension in the event of a mandated quarantine. To discuss your individual situation, including flexible payment options, please contact us.
Yes, your coverage remains active if you continue to pay premiums.
You must satisfy our definition of disability and all other provisions outlined in the policy, so a business overhead expense policy would not automatically pay a benefit if a business closes due to COVID-19.
Insurance products issued by Principal National Life Insurance Co. (except in NY) and Principal Life Insurance Co. Plan administrative services offered by Principal Life. Principal National and Principal Life are members of the Principal Financial Group®, Des Moines, Iowa 50392.
This information is intended only as a general announcement. It is not a complete statement of the rights, benefits, limitations, and exclusions of the coverage described here. For cost and coverage details, contact your Principal Life representative.