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Principal No Exam Life Insurance Review

Shortcut: If you are just looking for quotes, please select "Principal" in the quote results from our form on the left or above (mobile). No exam rates at Principal are only available to those in excellent health. To learn more about our review of the Principal no exam life insurance product, please continue reading.


Quick Summary: The Principal life insurance company offers up to $1 Million in no exam coverage but only for those in excellent health. Must be in the Preferred health class to qualify for this program. Otherwise, an exam will be required. This is their regular term insurance but they offer accelerated underwriting without the physical exam for those that qualify.

The rates are very competitive as they are not charging you any extra to skip the exam like many other companies. This is a great option if you are in excellent health but if not, you'll need to look elsewhere for non-med coverage.


Too busy for the medical exam? There are plenty of options for great policies at affordable rates that don't require an exam. Check out this guide we put together comparing all the top options. Contact us with any questions or fill out a quote request to compare premiums.

About the Company

Principal insurance company logo

Principal life insurance company was founded in 1879, making it one of the oldest insurance companies doing business in the United States. Today Principal's network of companies operates in 18 different countries.

You can't get much stronger than Principal, who receives an "A+" rating from the industry standard A.M. Best. They also get "A" ratings from several other agencies that judge the financial security of insurance carriers.

With almost $600 billion in assets under management and a long track record of success, the Principal Life Insurance Company is a safe bet to be around for long time.

About the Policy

Product Name

Principal Life Insurance

Coverage

$50,000 to $1,000,000

Issue Age

18 to 60

Term Length

10, 15, 20, 30 years

Underwriting Process

Principal does not have a separate no exam product. What they do is offer "Accelerate Underwriting" for those in very good health. This applies to only the Preferred and Preferred Plus health classes.

What this means is that it's the same process for everyone to start. If you are very healthy, you can​ skip the medical exam and get approved quickly at a high health class.

Step 1 - BUILD cHART

Anyone applying for the no exam accelerated underwriting must fit into this build chart:

Source: Principal.com

Step 2 - Telephone Interview

Applicant must answer "Yes" to all of the following questions. A "No" answer will disqualify you from the Accelerated Underwriting program and you must submit to a medical examination.

  • If previously underwritten by The Principal, coverage was approved at Preferred or Super Preferred.
  • Applicant is a U.S. citizen or permanent resident with no travel to hazardous locations.
  • Stated blood pressure is less than 140/85.
  • Total cholesterol is less than 220, and cholesterol/HDL ratio is less than 5.0.
  • If age 50 or greater, applicant has a primary care physician and evidence of routine physicals.
  • No parent or sibling death from cardiovascular disease, stroke or diabetes prior to age 60.
  • No parent or sibling death from breast, colon, ovarian or prostate cancer prior to age 60.
  • No history of bankruptcy in the past five years.
  • No history of DUI or reckless driving within five years, or more than two moving violations in the past three years.
  • No history of felony conviction in the past five years.
  • No life, health or disability insurance has been rated, ridered or declined.
  • No prior informal request to The Principal within the last 24 months.
  • No labs have been ordered or completed within the last 12 months for life or disability insurance.

​Step 3 - Electronic Underwriting

The underwriting will consist of digital database checks:

  • Motor Vehicle Report 
  • Prescription Database
  • Medical Information Bureau

The Medical Information Bureau is a database that keeps records about previous insurance applications and approvals/denials at other companies.

Let's say you were denied 6 months ago for life insurance with a different company due to your elevated cholesterol levels. This will likely show up in the MIB and can affect your new application at Principal.

Decision Time

​Like the name says, "Accelerated" underwriting is fast at Principal. If you qualify to go the no exam route, you will have your decision in 48 hours usually. Those that do not meet the criteria to skip the exam may take up to 30 days.

Pros

Fast approval time 

No extra cost added for skipping the exam like other carriers

​$1,000,000 maximum death benefit is the highest available anywhere without taking a medical exam

Cons

Only available at Preferred health class for those in great health

Extras and Options

For an extra cost added to the premium you pay, Principal offers several riders to enhance your policy:

  • Children Term Insurance
  • Accelerated Benefits
  • Waiver of Premium Rider

 Principal automatically includes the right to convert your term insurance to a permanent policy up to age 70.5 or at the end of the initial term period, whichever is earlier. This option costs nothing and you are NOT required to proove evidence of insurability again at the time of conversion.

Cost

Principal charges the same rates for no exam as their regular term insurance. The pricing is some of the lowest available at the Preferred health class.

Sample No Medical Exam Life Insurance Rates - Principal Term Life

43 year old male at Preferred health class - pricing listed is per month

Death Benefit

10 Year

 20 Year

30 Year

$250,000

$20

$30

$49

$500,000

$34

$53

$91

$1,000,000

$56

$97

$169

36 year old female at Preferred health class - pricing listed is per month

Death Benefit

10 Year

20 Year

30 Year

$250,000

$13

$17

$24

$500,000

$20

$27

$41

$1,000,000

$29

$45

$75

Use our quoting tool to see the rate you'd pay for a Principal no medical exam policy.

How to Find the Best No Exam Policy

Principal is one of our highly recommended no exam carriers but it's not the right fit for everyone. If you are not in excellent health, you won't qualify for their non-med policies. ​

In the past few years, the choices for no exam coverage have really increased. This does make it tougher to know if you are choosing the right one though. You will want to look closely at cost, benefits, company strength, and underwriting process.

It's also very important to consider your own medical history and how the different companies view it. Each one has their own guidelines. Just because there is no medical exam, doesn't mean there is no underwriting.

The best way to do this is to work with an independent agency that is:

helping with life insurance
  1. Unbiased and not obligated to any particular life insurance company.
  2. ​Has access to all the top no exam products as well as some niche products for certain people/situations.
  3. Is a specialist in the no exam area.

You're in luck:) We do all the above and more. If you'd like to have a no pressure talk about options, please contact us or fill out the quote request form on this site.

Life insurance rates are fixed by law so there is no additional cost to use our service and expertise. We would be grateful to help you put protection in place for those you love.

About Ty Stewart

Ty Stewart is the founder of SimpleLifeInsure. He is an independent life insurance agent that works for his clients nationwide to secure affordable coverage while making the process simple. There is never any cost to use his services.

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