Principal principle2/17/2024 It’s ideal for those with legacy or estate planning needs, or for transitioning a business when a business owner has died. It covers two people under one policy and pays the death benefit when both individuals have passed away. Principal also sells the Principal Survivorship Universal Life Provider policy. Those who qualify can get a Provider Edge II policy without a life insurance medical exam. It has a minimum death benefit of $100,000. Principal also offers Universal Life Provider Edge II for people ages 20 to 85. Principal Universal Life Flex III offers a guaranteed minimum annual rate of 1% for cash value accumulation. Those who qualify can get a Universal Life Index III policy without a life insurance medical exam. You can withdraw or borrow against the cash value you accumulate.Ĭoverage amounts range from $100,000 and up for businesses and from $25,000 and up for individual buyers. Face amount plus premiums paid, minus loans and partial surrenders.The death benefit is offered in three ways: Principal Universal Life Flex III offers flexible death benefits and premiums, and the potential for cash value accumulation. When you have a policy that builds cash value, you can withdraw or take loans from the cash value for any reason. Universal life insurance might be a good fit for you if you’re looking for lifelong coverage. Additionally, you can offer Principal’s voluntary term life, which allows employees to increase their coverage at their expenses and/or add life insurance for their dependents. You can choose to pay all, part or none of the group life insurance premiums for your employees, depending on your business budget. Principal also offers group term life insurance that you can offer to your employees. Some group life insurance policies from Principal come with access to some helpful benefits, which include a will and legal document center, an emotional health support line and an identity theft protection kit. Coverage up to $5 million per policy is available, with level premiums for 10 or 20 years. Principal offers guaranteed issue term life insurance, called Guaranteed Issue Term II, that business owners can use for themselves and key employees. Depending on the term duration selected and health classification, issue ages for this policy range from 20 to 80. Principal Term is targeted toward individuals and businesses. Principal offers four types of term life insurance: term life for individuals and businesses and guaranteed issue term life, group term life and voluntary term life for businesses.
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