Principal Disability Insurance Changes
Oct 22, 2015
jamie

jamie

22 Oct, 2015

Principal Disability Insurance Changes Effective Immediately

Principal Financial Group announced the following changes to their individual disability policy effective immediately:

1) For occupation classes 6A, 5A, 4A and 3A, clients may purchase up to $20,000/month benefit.  Benefits may aggregate with another individual disability insurance for up to $35,000/month benefit. In addition, clients may purchase up to $35,000/month benefit if there is a group policy in force. The previous limit was $15,000/month for individuals and $30,000/month aggregate with other companies. Previously, the limit was $30,000 if there was participation with a group policy.

2) For occupational classes 5A-M and 4A-M which includes physician disability insurance in surgical and non surgical specialities, clients may purchase up to $17,000/month benefit, up from the previous $15,000/month limit. Clients may aggregate benefits up to $25,000/month benefit if participating with another individual policy. Clients may purchase up to $35,000/month total benefit if clients have a group policy.

3) For occupational class 3A-M, the same limits apply; clients may purchase up to $15,000/month benefit.

Additionally, there have been some changes made to occupational classes:

  • Physician Assistants 4A-M (more favorable than previous)
  • Psychiatrist 4A-M
  • Anesthesiologists 3A-M (less favorable than previous)
  • Emergency Room Physicians 3A-M (less favorable than previous)

For more information about the changes to Principal Financial Group’s disability insurance changes or to request a quote comparison, contact Set for Life Insurance today!

About Principal Financial Group:

The Principal Financial Group®(The Principal®) is a premier global investment manager, and among the industry leaders in a long list of products and services.

  • #1 provider of Defined Benefit retirement plans1
  • #1 provider of Employee Stock Ownership Plans2
  • #2 provider of Nonqualified Deferred Compensation plans3
  • #3 Greenest CRE Company4
  • #4 provider of non-medical insurance coverages5
  • #4 manager of target-date lifecycle mutual funds in the U.S.6
  • Best Place to Work in Money Management7
  • Best Place to Work in Information Technology8
  • One of the World’s Most Ethical Companies9
  • One of America’s Best Employers10

With more than $530.3 billion in assets under management, The Principal serves 19.9 million customers worldwide through a national (U.S.) network of financial professionals and a diverse family of companies with offices in 18 countries.

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Getting the right disability insurance can be downright confusing. At Set For Life, we’ll help you understand the options and work with you to select just the right product for you and your family. These articles will help you understand some of the complexities involved, but we’re happy to walk you through it! If you’re ready to get set, reach out for a quote today!