If you are wondering whether or not you need life insurance, it is definitely worth taking a look. My husband and I started this conversation when we found out we were expecting our first child. We immediately went into mom and dad and bear mode and wanted to do everything we can to protect our child and his or her future. Now, two children later, we feel that it is easier for us to rest because we know that our children will be financially supported if something happens to us.
Once you have decided whether or not you need life insurance, you need to decide which type of insurance and which insurer is right for you. One option for your insurance needs is Principal – a longstanding, trusted insurer with numerous options.
What is the client?
principal is a global Fortune 500 company focused on financial investment and management. The company was founded in Des Moines, Iowa in 1879 and remains the company’s headquarters. The client’s goal is to help people and companies from all over the world to protect their financial well-being.
With more than 32 million customers and a total of $ 701 billion In terms of total assets under management, Principal is a key player in the investment and insurance space. When it comes to their products, Principal offers everything from retirement accounts, investment products, and insurance for individuals to services like employee benefits and 401 (k) and group benefit plans for employers.
How does life insurance work?
If you are interested in the principal’s life insurance benefits, it is pretty easy to do.
First visit the client’s website. You can then choose from a number of options on the top toolbar. To go to the life insurance options, click on “Individuals”. It’s the option right next to the principal icon.
Then click on the “Insure” tab to open the various insurance options. From here, you need to choose what type of life insurance you’re interested in – term insurance or permanent life insurance.
I have decided to navigate to the risk insurance page. From here you can get a quote. Please see the Get My Quote button on the right side of the screen for more information.
To get my offer I had to fill out some personal information, nothing crazy. These have been the usual suspects when it comes to insurance:
- Date of birth.
- Whether I’ve used nicotine or tobacco products in the past five years.
Then, voila, your offer will be generated. I received my insurance costs for coverage based on a ten, 20, and 30 year term and was able to choose the amount of coverage I wanted between $ 200,000 and $ 5 million.
One thing that I found very helpful was the calculator that helped you determine how much coverage you needed. This is a question that my husband and I struggled with. We knew we needed life insurance, but we weren’t exactly sure how much we had Really required.
This page also shows you a few options for what to do next. You can schedule a call to an insurance professional, call them right away, or find a finance professional near you.
If you want to schedule a call or find a finance professional, you’ll need to fill out an online form with your name, phone number, and availability.
The cost of the client’s life insurance policies depends on the type of coverage you want (temporary or permanent), your age, gender and your health and lifestyle choices (e.g. smoking or not smoking). However, if you answer a few simple questions about yourself, you will receive an online quote for risk insurance within minutes.
From here, you can play around with pricing by adjusting your coverage period and amount. It really depends on your individual circumstances and insurance needs.
Functions of the client
The client offers two different categories of life insurance – limited and unlimited.
A variety of insurance options
With its term guidelines, the client addresses the following groups of people:
- Young people who can benefit from lower age rates.
- Growing families on a tight budget.
- People who are taking out life insurance for the first time and looking for a short term solution until they can afford something else.
- Individuals who already have life insurance but want to add to their coverage (e.g. you may have some coverage at work but want a little more).
They are also aimed at people who want flexibility, as their risk insurances offer terms of 10, 15, 20 and 30 years. For those who need a super short-term solution, Principal also offers a one-year term plan.
For permanent life insurance, the client offers the following:
- Universal life insurance.
- Indexed universal life insurance.
- Variable universal life insurance.
- Survival insurance.
Permanent life insurance is not necessarily suitable for everyone. However, if you are the sole breadwinner and many people rely on you for their financial well-being, this might be for you.
No medical examination for healthy people
If you don’t want to take a medical exam for coverage and are in good health, you might be in luck. If you meet the criteria that should be classified by the school principal as a “preferred health class”, you can probably avoid the hassle of medical examinations that often come with a life insurance application.
The helpful insurance calculator
Okay so my husband and I knew we needed life insurance when we found out we were counting on it BUT we had no idea how much insurance we actually needed. The client anticipates this problem excellently and provides an extremely helpful calculator right in the “Select your coverage amount” section of the offer.
They just answer a few additional questions about your insurance needs. For example, what should your life insurance cover? Would you like it to replace your income, cover debts, or even fund your children’s future education?
Based on how you answer these questions, you will provide some additional information. You will then receive an estimate of the amount of coverage you will need to cover your life insurance needs. Better yet, they’ll give you a math breakdown of how they got to the estimated amount. I’m sure there are some people out there who won’t get upset about this, but I was really excited about the details!
My experience in researching Principal
My experience with Principal is limited to interacting with the website and getting an online quote on life insurance. Their website was pretty easy to navigate and my listing was created in minutes. There were hardly any personal questions and I think it’s good that I didn’t have to give my phone number or email address to get a quote.
In my experience researching Principal’s life insurance, I found that Principal appears to be a solid company with solid financial backing and a pretty good reputation. Here are some of the positive things I discovered in my research.
They have strong financial strength ratings
What did I find when I really started looking for primary insurance? Well, according to financial Strength ratings listed on their websiteThey have consistently received high financial ratings from a number of rating agencies, including:
- A +, superior to A.M. Best company (as of February 2020).
- AA-, very strong, by Fitch Ratings (as of May 2020).
- A +, strong, from S & P Global (as of April 2020).
What does it all mean? This means that the client has little risk of defaulting on their ability to pay future claims. This means you can sleep easily when you get insurance with Principal.
Solid rating from the Better Business Bureau
The Principal Financial Group, headquartered in Des Moines, Iowa (headquarters), has one A + rating from the Better Business Bureau (BBB) and has been accredited by the BBB since 1948.
What does the BBB A + rating really mean? Well, this is BBB’s opinion on how Principal is likely to interact with their customers. They base their assessment on information they have received about the company, including any complaints made by customers and the public.
An A + BBB rating does not guarantee how a company will develop or react to its customers, but it is a good sign of trust.
Forbes rated Principal as America’s Best Workplace for Women
The Principal Financial Group was rated in the top 5 Forbes’ 2019 Rating America’s Best Places To Work For Women. While this is not direct evidence of the value or quality of their life insurance, it does say a lot about the company and how they treat their employees, especially their female employees.
Who is this brand best for?
Primary insurance offers a life insurance option called “survival insurance”. This is one of their permanent life insurance options and covers the lives of two people with death grants to be paid when the second person dies.
You may be thinking, what’s the point of getting insurance if both my partner and I have to die to see money? Well, the whole point of survival insurance is to help future generations (i.e. your children) as opposed to some form of income replacement. It can also be used to pay things like estate taxes.
The advantage of survival insurance is that the policies are often cheaper and easier to qualify than life insurance for individuals with individual insurance.
Healthy people who don’t want to take an exam
If you are in good health (as per the client’s criteria) you may be able to skip the medical examination. The client does not have a product without testing, but offers accelerated underwriting if you are classified as healthy.
To determine your health status, you need to meet certain criteria and then speak to an advisor to the school principal who will interview you and ask some health and family history questions.
Who shouldn’t use this brand?
People who want life insurance
If you are specifically looking for life insurance, the principal is likely not for you. While they offer a range of different life insurance products, life insurance as a whole is not part of their repertoire.
What is the difference between life insurance and universal life insurance? First of all, they are both classified as forms of permanent life insurance, which means that they offer life-long coverage. The difference between the two is based on the flexibility of the insurance. While life insurance offers consistency, your premiums are usually the same for the life of the policy. A universal policy offers flexible premiums and death benefits.
Young people who want a great high tech user experience
Let’s face it, Principal is a bit of a dinosaur. It’s been around since 1879. And while longevity is definitely one of its strong points, its traditional approach is also reflected in the site’s user experience.
Again, there is nothing wrong with the way it works. Navigation is easy and you can get a quote very quickly. However, when you compare Principal’s website to some of the newer, tech-savvy competitors, you can find that it is a little behind.