Life insurance is a key component of most any overall financial plan. One reason for this is because the proceeds from a life insurance policy may be used by survivors for paying off debts, continuing their ongoing living expenses, or even ensuring that a child or a grandchild has the money they need to attend college.
For some people, getting approved for life insurance may be easy – particularly if you are in excellent health. But for others, an adverse health issue and/or employment in a risky occupation can make approval more difficult. If you are in this situation, though, you may be able to obtain the life insurance coverage that you need via a no exam policy.
No exam life insurance – officially termed as no medical exam life insurance coverage – is a type of life insurance that does not require the applicant to undergo a medical examination. These examinations will frequently include the submission of a blood and a urine sample.
Before committing to purchase a no exam life insurance policy, it is important to make sure that you are moving forward with the proper type and amount of coverage. You should also review the insurance carrier that you are buying through to make sure that it is strong and stable financially, and that it has a positive reputation for paying out its claims. One company that fits into these parameters is The Principal Financial Group.
About The Principal Life
The Principal Financial Group (often simply referred to as The Principal) is a global financial investment management leader that is headquartered in Des Moines, Iowa. Founded in the late 1800s as an insurance company, The Principal has grown and expanded exponentially over the years.
This company is now a global investment management leader and is a member of the Fortune 500. The Principal has also earned numerous awards and accolades, including being ranked as #3 for best overall service to micro plans, the receipt of the Advisor’s Choice Award for advisor support (post-sale), and the receipt of over 90 Best in Class designations over the past ten years from PLANSPONSOR magazine’s Defined Contribution Services Survey. In addition, the company has also been named as one of the World’s Most Ethical Companies, and as one of American’s Best Employers.
Today, The Principal holds more than $655 billion in assets under management, and it serves more than 22 million customers around the world. The Principal Financial Group, Inc. is traded on the New York Stock Exchange. The Principal has also been a member of the S&P 500 since July of 2002.
As of the end of the third quarter 2017, the company had roughly $1.5 billion in operating earnings and $1.8 billion in net income. In just the third quarter of 2017 alone, The Principal brought in a record net cash flow of $5 billion.
The Principal Insurer Ratings and Better Business Bureau Grade
Due in large part to its strong and stable financial footing, The Principal Financial Group has earned high ratings from the insurer rating agencies. These include a(n):
- A+ (Superior) from A.M. Best Company
- AA- (Very Strong) from Fitch Ratings
- A1 (Good) from Moody’s Investor Services
- A+ (Strong) from S&P Global
In addition, The Principal Financial Group has been an accredited company of the Better Business Bureau (BBB) ever since 1948. The BBB has given this company a grade of A+, which is on an overall grading scale of A+ to F.
Throughout the past three years, The Principal Financial Group has closed out a total of 70 customer complaints (of which 30 were closed out within the past 12 months). Of these total 70 complaints, 49 had to do with problems with the company’s product and/or service, while another 12 of these complaints were related to advertising and /or sales issues. An additional 7 complaints centered on billing and/or collection issues, while one was related to delivery issues, and another one had to do with the company’s guarantee / warranty issues.
No Exam Life Insurance Offered by The Principal
The Principal Financial Group offers a wide variety of life insurance coverage options. These can help with many different needs, such as paying for one’s final expenses, paying off large debt such as a mortgage, paying for childcare and / or education costs, covering the balance of outstanding debt(s), completing a retirement plan, accessing estate liquidity, and providing lifetime income for survivors.
The company provides both term and permanent life insurance policy alternatives. With term life insurance, death benefit only protection is offered, without any cash value or investment build up. Because of its “simplicity,” term life can oftentimes be very affordable – even for a high amount of coverage.
As its name suggests, term life insurance is purchased for a specific amount of time, or “term.” This is usually for 10 years, 20 years, or even for 30 years, depending on the needs of the insured.
While some life insurance policies require the applicant for coverage to be fully underwritten – which includes undergoing a medical exam where a blood and urine sample are submitted – no exam policies do not have this requirement. Because of this, some people who have certain types of health issues (or who work in a risky occupation) may have a better chance of qualifying.
At The Principal Financial Group, the Principal Accelerated Underwriting program can help to expedite the life insurance approval process on some policies. In this case, an applicant can have an answer back from the company within just 48 hours.
Via the Principal’s Accelerated Underwriting program, information about the applicant is gathered through many of the “traditional” sources, such as the application for coverage, as well as by checking the MIB (Medical Information Bureau), the applicant’s prescription medication records, and/or their motor vehicle reports.
Next, the company’s TeleApp is completed through a brief telephone call with the applicant in order to collect his or her personal history. This process is open to those applicants who are between the ages of 18 and 60 years old, and who are applying for any retail life insurance products of the company with face amounts of up to $1 million.
There are several different health classifications that an applicant may be approved for. These include a Preferred, as well as even a Super Preferred rating. And, due to the expedited time frame, an individual may have their policy in place within just days (as versus weeks or months with traditional underwriting).
Other Products and Services Available
In addition to no exam life insurance coverage, The Principal offers a long list of products and services for both individuals and businesses. These include the following:
- Individual Retirement Accounts (IRAs)
- Retirement Plans
- Retirement Annuities
- Mutual Funds
- Personal Trusts
- Charitable Trusts
- Private Split Dollar Arrangements
- Disability Insurance
- Estate Planning and Irrevocable Life Insurance Trusts (ILITs)
- Employee Retirement Plans – Including 401k and 403bs, ESOPs (Employee Stock Ownership Plans), Non-qualified Deferred Compensation Plans for Employees, Pension Plans, and Pension Risk Transfer.
- Group Insurance Coverage – Including disability insurance, group life, group dental coverage, group vision, group critical illness insurance, and group accident insurance.
- Business Succession Planning and Wealth Transfer
- Retirement Income, Survivor Income Benefits, and Income Protection plans for business owners
How to Get the Best Premium Rates on No Exam Life Insurance Through The Principal
When we talk to a client, one of the first questions they ask is “how much is my insurance plan going to cost?” and it’s an important question. You want to get the cheapest life insurance.
Your life insurance should protect your family without straining your bank account every month. If you think your life insurance is going to be too expensive, think again. There are plenty of ways you can get lower premiums and still get insurance protection.
Just like every other insurance company, Principal is going to look at dozens of different things to determine your rates. If you want to save money, you need to pose as little risk as possible.
Some of the ways you can do this are by improving your diet, getting more physical activity, cutting out some bad habits, like excessive drinking or smoking. All of these factors can save you hundreds of dollars.
If you have any questions about getting cheaper insurance coverage, through Principal or another company, let us know. We can be reached by phone, toll-free, by dialing 800-277-3098.
We understand that purchasing life insurance can be somewhat confusing. There are many different variables to consider – and you want to ensure that you are going in the right direction. This is where we come in. So, contact us today – we’re here to help.