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.
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.
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
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.