Life insurance
New Business & Underwriting News


A note from Brad Craig, AVP—New Business & Underwriting Operations:

I hope you were able to take time to enjoy the Thanksgiving holiday. I’d like to extend our thanks and appreciation to each of you—for your perseverance, patience, and partnership during this extraordinary year.

  • In the midst of a pandemic, you adapted your business practices on the fly. You continued to prioritize your client needs and helped over 90,000 individuals get the coverage they need.
  • You made the best of some challenging times when our time service was significantly stressed.
  • Then, when we introduced temporary changes to help get time service back in line more quickly, you adopted and supported the measures.


Review our current service times


Transition dates for indexed universal life policies to meet AG 49-A guidelines

Now, I have good news to share! Most new business and underwriting processes have returned to normal time service levels. We’re well-positioned to get all of your business that meets the guarantee guidelines issued and paid by year-end. And be on the lookout for a communication from us in the upcoming weeks regarding informal application submissions in 2021.

As an organization, we’ve learned a lot this year. Many of the efficiency practices implemented will be permanent and will benefit you and your clients long-term. This gives us great optimism for an outstanding 2021!

Thank you for your support and business. Stay safe.


Important year-end details for individual life and disability insurance

To help guarantee your life and individual disability business is processed and paid in 2020, we need all final underwriting and administrative requirements for policy approval and issuance (including premium) by Dec. 9, and all delivery requirements for new business, adjustments, and reinstatements by Dec. 28. While we won’t be able to guarantee processing after these dates, we’ll continue to process year-end business through Dec. 31. Get the details.

Full eDelivery for Term in New York – new effective date

Previously, we communicated eDelivery would be available for Principal® Term policies in New York on Nov. 17. We hit a snag and it didn’t happen at that time. But we’re pleased to let you know, this feature will be available starting Dec. 4.

As a reminder, 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.

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 E-App submission. This change is effective now.
  • 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. This change will be effective Dec. 12.
  • 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. This change will be effective Dec. 12.  

Tips for submitting conversion applications

Use the following tips to ensure your conversion applications are received in good order and new policies are issued as quickly as possible.

  • Meet term conversion application deadlines. Term conversion applications must be received in our Home Office by the final conversion date. Applications received after that date will not be accepted.
  • Submit all necessary forms for partial conversions and Guarantee Purchase Option conversions. From the Create an App feature on the financial professional website, select the “Adjustment – Non-Underwritten or Term Conversion to Existing Policy coverage” type to obtain the correct forms. Both the Adjustment and Term Conversion applications are required to complete the adjustment along with the conversion policy.
  • Follow backdating rules. The policy contract does not allow for backdating of term conversions.
  • Confirm new approval rating. If the clients’ existing policy has a rating of “A”, “B”, or “C”, call the National Sales Desk at 800-654-4278 to confirm the new rating that would apply.
  • Select whether to include the Chronic Illness Death Benefit Advance Rider. If the rider is not desired on the new policy, run the illustration as “Term Conversion.”
  • Meet all premium requirements. Premiums for the existing term coverage must be paid current at the time of conversion, and initial modal premium must be received for the new policy prior to policy issue.

Change in trust requirements

Effective immediately, a full trust agreement is no longer needed for applications where a trust is the owner and/or beneficiary of the policy. Instead, the Trust Certification and Indemnification Form (RF971) should be submitted with the application when a trust is the policy owner, and no documentation is required when a trust is the beneficiary. We’ll accept either the Trust Certification form or the trust agreement until Feb. 5, 2021. After Feb. 5, only the Trust Certification form will be accepted.


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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.
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LF1328 | 1430667-122020 | 12/2020