Life insurance
New Business & Underwriting News

 
 
 
 

Please feel free to reply with any questions or feedback you may have. We’ll respond as quickly as we can.
 

eDelivery enhancements

  • Contact information is added. We heard from you that you’d like to be able to see the email addresses and phone numbers used for eDelivery when you’re reviewing the case for approval. We’re pleased to let you know this information is now available in the approval email. This will allow you to review and update any information needed before the policy is ready for signatures. 
  • Full eDelivery for Term in New York. Effective November 17, full eDelivery will be available for Principal® Term policies in New York. These policies are currently eligible for eDelivery, however, the policy has to be printed and a wet signature applied. With this enhancement, policies will be able to be eSigned and returned to Principal electronically.

    You should note, this process will not apply after December 7 for cases that require a Disclosure Statement at delivery. On that date, the New York Order that has temporarily allowed eSignatures on replacement documents is set to expire. So, you can use full eDelivery for these cases, between November 17 and December 7. But after that date, policies that require a Disclosure Statement at delivery will again need to be printed and wet signed by the client.
 

clock

Review our current service times

 

Key year-end dates for life and individual disability new business processing


Drop Ticket is updated for combo cases

If you submit ‘combo’ cases – life and individual disability insurance (IDI) together – we have good news for you. The Principal Drop Ticket has been updated to allow you to indicate you want the Part B completed for both life and IDI. When you select ‘yes’ to the question to include both, the applicant will be presented with questions for both when completing the Part B.
 
Drop Ticket tip: To ensure the eSignature process goes smoothly, be sure to include a valid email address and direct phone number for both the financial professional and client. Do not provide 800 numbers, phone numbers that require extensions, or office numbers that are not immediately accessible by either party. Cell phone numbers work best and make authentication easy.


Upcoming E-App changes

We’re making a few changes to the E-App you access through iPipeline to streamline and simplify the process for you. Here’s what’s changing:

  • A separate Part B request is no longer needed. When you access the “Proposed Insured Part B” page, you only need to indicate within the application that Part B needs to be requested. Then, we’ll automatically send the online Part B email to your clients once we receive the eApp submission. (Effective November 4, 2020)
  • The full E-App option will require less work for you. The full E-App (Parts A, B, and C) will be replaced on iPipeline with the version that includes Parts A and C only. After completing those, you’ll simply request Principal to complete the Part B. (Effective December 2020)
  • New, more clear options for completion will be available in Lifepipe. When submitting an application through the quote engine you’ll see two easy-to-understand options: “Term Insurance” and “Term Insurance with CER Rider.” Both options will allow you to select either E-App with carrier-completed Part B or Drop Ticket in order to complete your submission the way you want. (Effective December 2020)

Updated term conversion dating guidelines

We recently updated the policy dating guidelines on Principal Term conversions to ensure coverage from an existing Term policy into a new permanent life insurance policy is seamless. Here are the updated guidelines:

  • Partial conversions – The existing term policy can be surrendered or adjusted on the monthiversary day. The new policy will be issued the following day.
  • Full conversions – The existing term policy can be surrendered on any day of the month, other than the 29th-31st. The new policy will be issued the following day. 

Note that if the existing policy is paid by EFT, the EFT draw date for the new policy may occur on a different day than the previous policy.


Temporary underwriting guidelines extended through year-end

The temporary underwriting guidelines that have been in effect since March have been extended through the remainder of 2020. View the details.

 
 
 
 

Twitter   |   Facebook   |   LinkedIn   |   Blog


Terms of Use  |  Disclosures  |  Privacy  |  Security  |  Report Fraud



Insurance products issued by Principal National Life Insurance Co. (except in NY) and Principal Life Insurance Co. Securities offered through Principal Securities, Inc., 800/247-1737, Member SIPC and/or independent broker/dealers. Principal National, Principal Life and Principal Securities are members of the Principal Financial Group®, Des Moines, IA 50392.
For financial professional use only. Not for distribution to the public.

© 2020 Principal Financial Services, Inc. Principal, Principal and symbol design and Principal Financial Group are trademarks and service marks of Principal Financial Services, Inc., a member of the Principal Financial Group.

If you are not appointed with any company of the Principal Financial Group® and do not want to receive any further marketing emails, click here and we'll remove you from our global marketing email list.

LF1320 | 1394976-112020 | 11/2020