Principal Financial – Guaranteed Universal Life Insurance Review
For 2019, we've ranked all the top companies that offer guaranteed universal life insurance. See where we have Principal.
Quick Summary: Principal Financial is a strong player in the life insurance market and their GUL product is no exception. Rates are low for certain ages but you can find less expensive elsewhere depending on your age and coverage amount needed. It's possible to get up to $1,000,000 without undergoing a medical exam if you are in great health and qualify.
About the Company - Principal Financial
Principal Financial was founded in 1879 and is a Fortune 500 company. They have received numerous awards and recognition for how they treat customers and employees.
Industry rating services all grade Principal very highly. This means you can feel safe they'll be around long into the future and be able to pay any death claims resulting from life insurance policies. A.M. Best gives Principal it's highest ranking, A+.
In addition to life insurance products, Principal offers a wide range of investment and retirement planning services.
What is Guaranteed Universal Life Insurance? (expand to learn more)
About the Principal Financial Guaranteed Universal Life Insurance Policy
Product Name
Universal Life Protector IV
Death Benefit
$50,000 to No Maximum
ISSUE AGE
0 to 85
Coverage Length
To age 90, 95, 100, 105, 110, or 121
Principal Underwriting Secrets
Principal is considered among the leaders in fast and efficient underwriting processes. Applicants in excellent health may qualify for their accelerated underwriting program which means no blood or lab testing up to $1,000,000 in coverage.
Principal Life Insurance Company has a Health Lifestyle Credits program which can help raise up a poor health rating due to an applicants past if they can demonstrate good current health today.
The secret to finding the cheapest life insurance rates is applying at the company that will view you most favorably. Just going with the one that shows the lowest rates can be a BAD idea and end up costing you more money.
Principal underwriting is competitive and forgiving for the following situations:
Cost - Sample Rates
Sample Principal guaranteed universal life insurance quotes:
52-year-old male at Preferred health class - pricing listed is per month
Death Benefit | to Age 90 | to Age 100 | to Age 121 |
|---|---|---|---|
$250,000 | $212 | $242 | $253 |
$500,000 | $425 | $484 | $506 |
$1,000,000 | $804 | $873 | $905 |
49-year-old female at Preferred health class - pricing listed is per month
Death Benefit | to Age 90 | to Age 100 | to Age 121 |
|---|---|---|---|
$250,000 | $149 | $174 | $183 |
$500,000 | $298 | $348 | $366 |
$1,000,000 | $541 | $614 | $671 |
Our custom quote tool on this page displays only guaranteed universal quotes so you can cut through the clutter. Please note that some carriers do not allow us to display their rates online. We will discuss if there are other options that might be a better fit.
Pros
Possible to get up to $1,000,000 without a medical exam if in great health
Extremely strong financially rated company
Healthy Lifestyle credits may bring lower premium payments
Low pricing for certain age bands and coverage amounts
Cons
Must pay more for the return of premium options that are included free with other carriers
Extras, Options, and Flexibility
Principal National Life Insurance Company gives a wide range of choices and options to customize your policy to meet your needs. These come in the form of riders which can be added, some free, some will increase your premium payments.
Principal also gives you 3 options for the death benefit, including having premium payments returned to you.
Automatically Included at No Extra Cost
Accelerated Benefits Rider - If the insured is diagnosed with a terminal illness, you can access up to 75% of the policy death benefit while they are still living. Any living benefits taken will be subtracted from the eventual death benefit payout.
Cost of Living Increase Rider - Provides the opportunity to increase the policy face amount in the future if inflation and cost of living overall increases. This will be based on the Consumer Purchase Index (CPI) to gauge the amount of increase allowed.
While there is no cost to include the rider, if exercised, there will be increases in your premium payments to account for the increased death benefit. The nice thing is that no new underwriting or proof of insurability is required.
Additional Options - At a Cost
Customize your GUL policy even further by adding these options:
Death Benefit Options - Change between 3 options for the death benefit payout including:
- Face amount only
- Face amount + any accumulated cash value
- Face amount + premiums paid in overtime
Source: Principal.com
Children's Term Insurance Rider - Provides $5,000 to $25,000 of life insurance coverage for current and future household children. May be converted to a permanent policy later in life with no proof of insurability needed.
Salary Increase Rider - Allows for the purchase of additional life insurance coverage without needing to go through underwriting again. The permitted amount of death benefit increase is based on an increase in salary of the insured the previous year.
Waiver of Monthly Policy Charge Rider - Should the insured become disabled, the premiums and policy charges will be paid keeping the coverage in force during a time of low income.
How To Make Sure You Choose the Right Universal Life Insurance Policy
The best advice I can give is to always work with an independent agent. If you call a company direct, they'll only push their products on you, and you save nothing. Rates are fixed by your state laws.
Life insurance is the ONLY thing we do. We know the ins and out of 60+ companies and can find you the lowest rates. Every. Single. Time.
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