Principal Life Insurance Company Review

Principal Life Insurance Company Review

The Principal Financial Life Insurance Company provides excellent value and is a niche company in the life insurance marketplace. Are they one of the best life insurance companies to buy from? They are often the company that provides the lowest rates for non medical exam life insurance. If you’re thinking about a no exam life insurance policy, give us a call now and we’ll see if the Principal Life Insurance company will provide you the best value.

Principal Life Insurance Company Review

principal non medical exam life insurancePrincipal started in 1879 as Bankers Life Association which is the name it stayed under for over a 100 years. Principal’s long history and reputation can be traced back to its founder, Edward Temple. Originally a banker, Temple founded the company in Iowa with a focus on providing life insurance options in the form of memberships.

Fast forward to 1985, and Bankers Life became what is now known as the Principal Financial Group. The company has now expanded into international markets including China, Brazil, India, Chile, and Mexico. In 2001, Principal became a publicly traded corporation when they filed their initial public offering.

Today, Principal is a member of the FORTUNE 500 and is a global investment management leader in addition to an excellent life insurance company.

Principal Life Insurance Company

Cost
Products
Financial Strength
Review Summary

The Principal Life Insurance Company offers excellent life insurance products at competitive rates. They're an A+ rated company and one of the top insurers for anyone shopping for $5 - $10 million in coverage.

86.7
Very Good!

Principal Life Insurance Products

Principal offers a variety of term and permanent life insurance products to the consumer. Principal has come up with short term and long term solutions for almost every customer.

Term Life Insurance

Term life insurance is temporary coverage. It provides shoppers the highest death benefit for the lowest price.

TERM LENGTH – Principal offers the following term lengths:

DEATH BENEFIT – Principal offers a maximum death benefit of:

Permanent Products

Permanent life insurance provides you the opportunity to secure lifetime coverage. Principal offers the following permanent products:P.

Principal No Medical Exam Life Insurance


Principal offers the highest death benefit for any Non Medical Exam products on the market. You can secure a $1,000,000 policy without an exam just as long as you can qualify. Principal only provides their non medical policy for healthy individuals. If you can’t qualify for their preferred plus or preferred ratings, then another life insurance company would be a better fit.

Principal Underwriting

Principal uses a unique life insurance underwriting approach. They determine if you’re eligible or not by using data with a 3 prong approach.

Principal will get the needed underwriting data from these 3 sources:

  1. DMV (Department of Motor Vehicles)
  2. Medical Information Bureau
  3. Medication/Prescription database

As long as you are a healthy applicant without any major driving infractions, you should qualify.

What exactly is healthy? If your medical history is clean and free from heart disease, cancer, diabetes, stroke, etc. and your prescription history isn’t significant – you should have a great chance of qualifying. How about your driving record? You can only have a maximum of two tickets in the past three years.

What if you’re not in excellent health or have a preexisting health condition? You more than likely won’t qualify for Principal’s Non Medical option and would have to take a medical exam to qualify for their term life products.

*If you have a risky health condition or hobby, there are other life insurance companies that might be a better fit.

Ratings and Financials

Principal Life is one of the best life insurance companies when it comes to ratings and financials. They have received and “A” rating from all of the major independent reviewers.

am best ratingsA.M. Best, Standard & Poor’s, Moody’s and Fitch have all provided Principal with ratings that show current and past financial stability. 

Principal should only continue to receive positive ratings in the future due to their track record. Principal Life’s superior ratings and financial performance makes Principal – well, a principal life insurance company!

Additional Information


We receive a lot of life insurance questions about Principal Life Insurance. Here is where you’ll find additional information that may help in your decision if Principal Life is the right fit for you.

Issue Age Limits: 18-60

Risk Classes Available:

  • Super Preferred Non Tobacco
  • Preferred Non Tobacco
  • Super Standard Non Tobacco
  • Standard Non Tobacco
  • Preferred Tobacco
  • Standard Tobacco

Conversion Information: Earlier of the level premium period or age 70. Conversion to guaranteed UL products available only after 2nd anniversary of term policy.

Pros

Here are Principal’s advantages and strengths:

  • Highest Non Medical Exam benefit amount of $1,000,000
  • No Exam Index Universal Life
  • Healthy Lifestyle Credits – You can get a bump of rating class or 2 with credit scores

Cons

Every company has some weaknesses. Here are a few things we didn’t like about Principal:

  • Must qualify for preferred rates to qualify for Non Med
  • $200,000 minimum death benefit

Riders

Principal Life offers an excellent variety of life insurance riders to their policies. Riders are a way to customize your policy.

Will Principal Life give you the best rate?

Will Principal or some other company like Pacific Life, Prudential, or CMFG Life get you the best deal? If you want to make sure you’re getting the best life insurance policy available, here’s what you need to do…

Step 1

Do This Now

Start by clicking here!

You’ll see our instant life insurance calculator where you will compare rates from dozens of the top companies.

Nothing too complicated, it just needs the basics about what you’re wanting, how much coverage, for how long, etc. That way we can understand your situation before we can help you.

Complete the calculator details as accurately as possible, and be absolutely sure your contact information is correct so we can reach you.

Step 2

Here's what will happen next

Once you’ve filled out the calculator, one of our licensed life insurance agents will reach out to you to provide you all your options and plan out who will provide you the best rate based on your specific health and lifestyle.

All of the recommendations will be based off of the details you provide. It’s very important that you’re honest and answer your agent’s questions accurately. 

This is where we really begin working to figure out exactly which company will get you the best rate, and how to make it happen. There are literally hundreds of companies and thousands of policy options available. We’ll make sure you get the best one.

Bottom Line

Principal Life is a great and financially strong company. They sell a variety of life insurance products that can meet most people’s coverage needs. Will they be the best company for you? We’ll be happy to find out for you.

Thank you for reading our article, Principal Life Insurance Company Review. Please leave a comment or question below.

If you’re not sure where to begin, give us a call. Our agents provide a free, no-pressure, educational approach to life insurance. We’ll compare dozens of the top companies in minutes to show you your most affordable options. Toll Free: (888) 411-1329

Principal Company Details

Name(s):Principal Financial Group,Principal Financial Services, Inc., Principal National Life Insurance Company

Address:

711 High St.
Des Moines, IA 50392-1520

Phone: (800) 986-3343

Website: www.principal.com

Ratings: A.M. Best (A+), Standard &Poor’s (A+), Moody’s Investors Services (A1), Comdex (91), Fitch (AA-)

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Michael Quinn

Michael Quinn

Michael is owner & life insurance expert at Life Insurance Blog where we've helped thousands of shoppers learn and secure affordable life insurance online.
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Simple way to compare and buy life insurance

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