Introduction

Two types of life insurance policies are considered "principal financial life insurance": term and permanent. The duration of a term life insurance policy is predetermined. While most term life insurance plans are purchased for ten to thirty years, some providers also provide annual coverage. This may be needed if the policyholder passes away within the policy's effective period. Principal Financial includes term life insurance with options for expanding families, new homeowners, and others. Life insurance policyholders who pay their payments every month for the rest of their lives can expect to live as long as they do. In addition to the premiums, the cash value of a permanent life insurance policy can grow with interest.

Advice on Purchasing a Life Insurance Policy

Before researching providers, decide what kind of life insurance you need. First, you must determine if and how much life insurance you need. Think about which insurance companies provide the coverage options you require. There should be parity between the bids regarding the amount of coverage and the time frame used to calculate the cost. Check the policy's medical coverage standards to ensure they meet your needs. If you'd want to avoid a medical exam but are comfortable answering health questions, make sure that your preferences are reflected in the application process for each policy you're considering. Check out the number of customer complaints against each business, as this may indicate subpar service.

Main Financial Group Term Life Insurance Coverage Types

Term Life Insurance

The -term life insurance policy is used to cover the majority of the insured. Choose from term lengths of 10, 15, 20, or 30 years with this insurer. Principal Financial offers a one-year term option if you only need life insurance for a year. Principal financial term life insurance only pays out the death benefit if the insured dies within the policy's specified time frame. The policyholder can convert their term insurance to permanent coverage with a cash value.

The Benefits of a Term-Free Universal-Life Insurance Policy

The first of Principal Financial's four available permanent life insurance plans. While your universal insurance is in effect, you can change your rates and benefits. As circumstances in one's life shift, these modifications can prove invaluable. You can build up cash value in universal insurance, but the interest rate may fluctuate widely throughout the policy's duration.

Insurance For Your Entire Life That You Can Invest In

The policyholders who choose this type of universal life insurance are the ones who are financially savvy. An indexed universal policy works similarly to a traditional one because it builds a cash value over time. One key distinction is that the cash value's interest rate is tied in part to the ups and downs of a stock market index. Additionally, the policy's cash value builds up without incurring any tax consequences.

Coverage That May Change As Your Needs Do

Similar to other forms of universal life insurance, this one has several options for coverage. A universal variable policy is an investment-oriented variant of the more common indexed universal policy. The cash value of universal variable insurance can be invested directly in stocks and mutual funds through policy sub-accounts. These policies are often intricate and time-consuming to study.

The Value of a Term Assurance Policy for Survivors

The coverage for these two lives is limited and so restricted. The policy's benefits are only distributed "upon the death of the second life." Those interested in estate preparation might pick survivorship insurance.

What Are the Perks of Having Life Insurance Through Principal Financial?

Numerous Choices Exist For Long-Term Protection

Indexed universal life, Universal life, and variable universal life are the three types of permanent coverage provided by Principal.

Multiple Choices For Term Conversion

Principal's term life policies are convertible at any time throughout the policy's duration. You can convert your entire term policy into permanent coverage or only a portion of your term policy into an endless range.

Numerous Available Means Of Transport

You can choose from several different riders for your life insurance policy with Principal, albeit not all of them are available with every policy or at every issue age. Benefits can be paid out early in the event of death, or premiums can be waived entirely or adjusted for inflation.

Conclusion

All 50 states and worldwide markets have access to principal financial group life insurance protection through a primary, highly regarded, and well-established financial services provider. Principal offers a wide variety of universal plans, but there are only four different term lengths to choose from when it comes to term insurance, and they are all practical. Although not all riders are included in every insurance or offered in every state, the possibilities available are plentiful. Principal regularly beats its competitors despite good customer satisfaction scores, a healthy financial stability level, and below-average consumer complaints. The speed with which consumers can get approved for insurance thanks to modern underwriting techniques is commendable, even if the resulting lack of flexibility in coverage may leave some feeling shortchanged.