On everyone’s list of elite no exam life insurance carriers, Principal Life Insurance Company is a pioneer in the arena, and one of our favorite companies for consumers and business men and women alike.
Our Principal Life Insurance Company Review
Finding the right life insurance policy isn’t as simple as knowing what you want. It’s important to have a firm knowledge of the company that will be providing your policy as well. Good business practices and strong financial ratings are important, because you need to be sure your company will be around throughout the life of your policy.
In addition, several companies are most competitive within a certain niche, so the type of coverage you want will often dictate the company that you choose.
Welcome to our review of Principal Life Insurance. To give you an idea of what’s ahead, this is a strong company with a wonderfully unique approach to certain types of coverage. Read on for our straightforward take on what Principal Life has to offer.
About Principal Life Insurance
Principal Life Insurance belongs to Principal Financial Group, which is an American company managing assets of over $527.4 billion for 19.1 million customers worldwide. The company has offices in 18 countries around the globe, and boasts a national network of top-quality financial professionals throughout the United States.
In addition to several other positive rankings in a number of categories, Principal has been ranked by Forbes among the “World’s Most Ethical Companies” category. The company’s stated purpose?
“To give you the financial tools, resources and information you need to live your best life.”
As you know, choosing a life insurance policy isn’t as simple as knowing what kind of policy you want, finding the best premiums, and signing on the dotted line. There are a number of different factors that affect the process of getting covered – especially if you’re looking for a no medical exam policy – including the approval process.
For our money, one of the most exceptional things about Principal Life is its Principal Accelerated Underwriting program, which allows many applicants to be approved for a no medical exam policy within 48 hours at a preferred plus rate class. Sound too good to be true?
We thought so too. But it’s not!
That’s why if you’re looking for a hassle-free, fast-approved, no medical exam policy, Principal Life Insurance is likely our top pick. More on Accelerated Underwriting soon, but first, let’s take a look at some of Principal’s third-party ratings.
Business and Financial Ratings
Principal Financial Group is a Fortune 500 company and has been around since 1879. In the financial strength and business practice category, you’ll hardly find anything that beats Principal.
- A+ rating from the Better Business Bureau
- Ethical practices acclaimed by Forbes
- A+ (Superior) financial strength rating from A.M. Best – this is the second highest out of 16 possible ratings.
- Comdex Ranking of 91/100
The Principal Life Screening Process
Accelerated Underwriting works because the company has developed a unique screening process based on their own market studies.
According to Principal Life Insurance Company’s vice president Neal Halder, the industry standards for requiring a medical examination are in many cases, misguided and unnecessary. The company’s studies, claim Halder, have shown about 50% of eligible applicants to have enough favorable health factors to be approved with no medical exam or blood work. This dramatically improves efficiency and turnaround, largely enhancing client satisfaction and experience.
So what does this mean for you?
Eligible applicants between the ages of 18 and 60 may be approved for up to $1,000,000 of coverage with no medical screening within 48 hours, provided that they qualify based on information gathered from a few simple sources.
DMV – The company will then make sure that you haven’t been issued more than 2 tickets within the last 3 years as a driver.
Prescription Database – Finally, the company will look for any medications in your prescription history that indicate broad, high-risk health problems as opposed to ordinary sicknesses.
As long as you have a clean health history, driving record, and prescription history, you will likely be approved for either preferred plus or preferred rate class! In addition, you can get up to $2,000,000.00 in coverage for a Survivorship Life Insurance policy, and Principal Life offers an excellent Indexed Universal Life product – both with Accelerated Underwriting.
What’s so great about fast approval?
Not only does this make the process quick and painless for the average consumer, helping you to avoid needles, extensive screenings, etc. – it also keeps things moving for people who need fast approval for a particular reason. This may include a coverage for a divorce decree or an SBA loan.
The downside to no exam policies with most companies is that they don’t offer preferred plus rate class, so they can be very expensive. But if you qualify for preferred plus rates with Principal, your premiums may only be around 10% higher than a competitor’s policy that does require an exam.
Should you choose Principal Life Insurance?
The market certainly doesn’t offer any other $1 million no exam policies at these kinds of rates, but that doesn’t mean you should automatically want a Principal Life policy or that you’ll definitely qualify.
You may want to look for another carrier if:
- You have type 2 diabetes or another pre-existing condition,
- You participate in high-risk lifestyle hobbies,
- You have several offenses on your driving record, or
- You are able and willing to get a medical examination and blood work done.
In cases such as these, you may find a better deal or have an easier time qualifying with another carrier. However, if you would consider a slightly higher premium worth the benefits of fast, hassle-free, no exam approval within 48 hours and you feel that you would qualify, Principal Life Insurance Company might be your perfect match.
Principal Life Insurance Companies is part of one of the most impressive companies in the U.S. and boasts top ratings in financial strength and business practices, and it offers an outside-the-box approval process that you won’t find anywhere else on the market.
For people who are looking for a top-quality company and a no exam policy, Principal Life is an excellent pick.