Principal Financial Group Disability Insurance–DI issue and participation limits return to normal for certain occupations in the financial services industry
Oct 27, 2010
Jamie Fleischner

Jamie Fleischner

27 Oct, 2010

Due to the stabilization of the financial services industry over the past year, Principal Life Insurance Company is returning to normal Individual Disability Income (DI) insurance issue and participation (I&P) limits for the following occupations in all states (effective immediately1):

·          Bond trader (not on trading floor)

·          Investment banker

·          Investment analyst

·          Hedge fund managers

·          Mutual fund managers

·          Private equity firms

·          Stockbroker (not on trading floor)

·          Venture capitalists


Principal Life will continue to monitor the economic environment and the:

·          Reduced Individual DI insurance I&P limits of $10,000/month; $15,000/month with group insurance for the following occupations in the real estate industry – real estate attorneys, mortgage brokers/originators, real estate agents/brokers and residential construction.2 

·          Uninsurability of real estate developers for all individual disability insurance products.


Underwriting Guidelines

Certain underwriting guidelines need to be met for financial services and real estate-related occupations when applying for coverage, such as:

·          Complete income verification, including:

         The most recent income tax returns with all schedules and supporting statements for the past two years

         Year-to-date income verification (i.e. pay stubs or profit/loss statements)

·          Minimum three years in the industry

 Note: Special underwriting considerations remain unavailable, such as the Enhancer Program, the Business Owner Allowance Program or the Section 179 Allowance Add-Back.

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