This big article talks about Principal Life Insurance Company. They’re a company that’s been around since 1879, and they’re known for being good at handling money.
The article says they offer lots of different kinds of insurance, like life insurance and health insurance, and they can help with planning for when you retire.
The article says that Principal Life Insurance Company is all about helping out their customers and making sure they get the best prices.
It talks about how they’ve been doing this for a long time and how they’re strong and excellent at what they do. The article also talks about how they want to help people secure their financial future.
If you read this article, you’ll find out about discounts that can help you save money on your insurance.
It’s not just about giving information; it’s about giving you the power to make smart choices about your money and insurance.
History and Founding Year:
The company’s been helping people and neighborhoods for a really long time. They started in 1879 as The Bankers Life Association by a banker named Edward Temple from Chariton, Iowa.
CEO and Leadership Team:
Daniel J. Houston is the big boss of the company. He’s in charge of a team with over 11,000 workers and 16,000 money experts.
Market share and company size:
The company holds 5.4% of the U.S. individual life insurance market, and it’s one of the biggest mutual life insurance companies globally, making it part of the top 10.
Contact Details
- Phone Number: (319) 362-2149
- Address: 200 2nd Ave SE, Cedar Rapids, IA, 52401
- Customer Service Contact: 1-800-986-3343
- Policy Details: Varies by product and plan
- Fax Number: (515) 247-5930
- Operating Hours: Monday-Friday, 9:00 a.m.–5:00 p.m.
Services And Products
Principal Life Insurance Company has lots of different types of insurance to help people and families. Here are some of them:
- Term Life Insurance: Covers you for a certain time, like 10, 15, 20, or 30 years. It’s usually the cheapest and can help with things like replacing income, paying off debts, or handling education costs.
- Permanent Life Insurance: This covers you for your whole life if you keep paying. It can also build up some money over time that you can use. It’s good for long-term things like planning your estate or transferring wealth.
- Universal Life Insurance: A permanent type of insurance that’s flexible You can change how much you pay, the death benefits, and the cash value. It can grow without getting taxed right away.
- Variable Universal Life Insurance: Like permanent insurance, you can invest the cash value in things like stocks or bonds. It might give you more money back, but it comes with more risks and fees.
- Indexed Universal Life Insurance: Another permanent type that links money growth to how the stock market does. It helps protect from market downsides but can still grow with market upsides.
Besides life insurance, Principal also offers other insurance services, like:
- Disability Income Insurance: This helps if you can’t work due to a disability, covering things like bills and medical costs.
- Long-Term Care Insurance: Covers costs for long-term care services, like nursing homes or home health care.
- Annuities Give you regular income when you retire, either fixed or variable.
- Retirement Plans: Help with saving and investing for retirement, like a 401(k) or IRA.
- Investment Management: Pros handle your money, helping you diversify and get good returns.
They also have special packages, like:
- Principal Lifetime Portfolios: Mutual funds that adjust based on your age and risk level.
- Principal Edge Series: Different annuities with investment options, guarantees, and benefits
- Principal Milestones: An online program for planning and achieving financial goals.
Financial Details
Principal Life Insurance Company in Iowa provides essential financial information:
Insurance Costs: The amount you shell out depends on factors such as the type, amount, and duration of the insurance. Your age, health, and lifestyle play a role too. You can pay monthly, every three months, twice a year, or annually. For precise costs, inquire with the company or a financial expert.
Payment Options: Choose how to paycheck, credit card, debit card, bank transfer, or salary deduction. Pay in advance, arrears, or in installments. Your payment method aligns with the type of insurance and your preference.
Claims Payout: This is the portion of collected payments returned to those filing claims. In 2020, Principal Life Insurance Company reimbursed 95.6 cents for every dollar received, indicating financial proficiency and customer satisfaction.
Discounts and Incentives: Non-smokers, health-conscious individuals, and those with multiple policies or group plans may enjoy reduced rates. Additional rewards for loyalty, performance, or referrals include:
- Multi-Policy Discount: Combine insurance plans, like car and home coverage, for potential savings.
- Safe Driver Discount: Maintain a clean driving record for possible reductions in car insurance costs.
- Good Student Discount: High-performing students may receive breaks on their car insurance.
- Defensive Driving Course Discount: Completing an approved driving course could lead to lower car insurance payments.
It’s crucial to note that these discounts may vary based on location and insurance type.
Principal Life Insurance Company in Iowa has some important details about what the insurance covers:
Policy Exclusions: There are things the insurance doesn’t pay for, like if someone intentionally hurts themselves, lies to get benefits, or if there’s a war. These things are listed in the policy contract and summary. It’s important for the person getting the insurance to read and understand these rules before agreeing to them.
Coverage Limits: There’s a limit to how much the insurance will pay if there’s a claim. This limit depends on what type of policy it is and how much it covers. The person with the insurance should check these limits in the policy contract and summary. They can adjust them based on what they need.
Extra Features for Extra Cost: You can add extra features to the insurance for more protection, like extra money if there’s an accident or help with bills if you can’t work. These extras cost more, but you can choose the ones that fit what you need. Examples include extra money for accidental death, not paying premiums if you get sick, getting money if you’re disabled, or helping with long-term care.
Claims
How it works when you need money from Principal Life Insurance Company in Iowa:
Getting Paid Steps:
- Tell Them Fast: If something happens and you need the insurance money, let them know quickly. You can do this by calling, going online, or sending a letter.
- Give Info and Papers: They’ll ask for some stuff to make sure everything’s okay, like the policy number, a death certificate, medical papers, or proof of what happened.
- Wait a bit: The company will check everything and might talk to you, the person with the insurance, or others to make sure everything’s right.
- Get Your Money: Once they’re sure, they’ll decide on your claim and give you the money. You can get it by check, at your bank, or through an electronic transfer. It depends on what you like and what’s in your policy.
What Papers You Need:
- For life insurance claims, you need the death certificate, the policy papers, a form for the claim, and a form saying who gets the money.
- For disability income insurance claims, you need the policy papers, a form for the claim, a paper from the doctor, a paper from the boss, and proof of how much you earn.
- For long-term care insurance claims, you need the policy papers, a form for the claim, a plan of what care you need, a paper from the provider, and proof that you got the service.
- For annuity claims, you need the policy papers, a form for the claim, a form saying who gets the money, and a form for taxes.
How Long It Takes:
- On average, it takes about 10.2 days for Principal Life Insurance Company to say yes to a claim. This can change based on what kind of claim it is and how much info you give them.
Customer Experiences
What people say about Principal Life Insurance Company in Iowa:
What people think:
People who used or are using the company’s staff share what they feel. It tells how happy and sure they are about the company and if the stuff works well and is worth it.
Where to find reviews:
You can see what people say on different websites like Google, Yelp, Trustpilot, or the Better Business Bureau. On Google, Principal Life Insurance Company in Iowa gets about 4.2 stars out of 5 from 25 people.
FAQs:
1. How do I get a quote from Principal Life Insurance Company?
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- You can get a quote from Principal Life Insurance Company by visiting the company’s website and using the online quote tool, or by contacting the company or a financial professional by phone, email, or mail. You will need to provide some basic information, such as your age, gender, health, and lifestyle, as well as the type, amount, and duration of the insurance policy you are interested in.
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2. How do I change my beneficiary on my principal life insurance policy?
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- You can change your beneficiary on your Principal Life Insurance policy by filling out and submitting the beneficiary designation form, which can be obtained from the company’s website, or by contacting the company or a financial professional. You can change your beneficiary at any time, as long as the policy is in force and you have the right to do so.
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3. How do I access the cash value on my principal life insurance policy?
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- You can access your cash value on your Principal Life Insurance policy by taking a loan or withdrawing from the policy, subject to the terms and conditions of the policy and the tax implications. You can request a loan or a withdrawal from the company’s website or by contacting the company or a financial professional. You will need to repay the loan with interest, or the withdrawal will reduce the death benefit and the cash value of the policy.
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