Life insurance
New Business & Underwriting News

 
 
 
 

Informal applications

Good news! We’re lifting the temporary suspension of informal application submissions, effective Jan. 19. Beginning on that date, we’ll start accepting informal applications that meet the requirements listed below. But we’ll also monitor volumes and placement rates and will adjust the program’s availability as needed.

  • Minimum face amount of $5 million
  • If less than $5 million, must meet $10,000 in planned annual premium
  • Minimum issue age 50; maximum issue age 75
  • Ratings remain limited to Table 6 up to age 59 and Table 2 for ages 60 and over
  • Term or permanent product
  • Cover sheet that includes planned premium amount and offer needed to win the case
 

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Review our current service times

 

Reminder:
transition dates for
Principal UL Flex III and UL Protector V/SUL Protector III


Authorization to re-disclose health information

We take the protection of your clients’ information seriously. In order for us to be able share information that’s not included on Part B of the application with the financial professional or Field Office Contact on the case, we need an Authorization to Disclose Health Information (DD9079) form signed and dated by the proposed insured. The release allows us to provide details (to the extent permitted by state laws) from the:

  • Attending Physician Statement (APS)
  • Lab results
  • Mature Age Questionnaires
  • Paramed exams
  • ECGs
  • Prescription check

It doesn’t allow us to disclose details from the motor vehicle report, electronic inspection reports, or MIB.

The current version of the form is DD9079-4 and is automatically provided when you use the Drop Ticket platform or Create an App (it will also be available in the future from iGO E-App). The previous version of the form, DD9079-3, will continue to be accepted until March 8 – only DD9079-4 will be accepted after that.


Temporary guideline reminders

Keep these previously announced temporary changes in mind when submitting business:

  • Underwriting guidelines extended. The temporary underwriting guidelines we announced in March 2020 have been extended through January 2021. Get information on the guidelines 
  • Drop ticket for term business. All Principal® Term applications with face amounts of $1 million and less must be submitted via Drop Ticket. Exceptions to this requirement are cases where the insured is a resident of New York and life/individual disability combo cases

 

Notice and Consent tip

You can help avoid any potential delays by making sure the Notice and Consent form (also known as blood consent form) is completed and submitted appropriately.

  • The form is required prior to policy issue for the state where the application is written.
  • It must be signed by the insured prior to, or the same date as, the date the blood is drawn.
 
 
 
 

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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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LF1344B | 1471742-012021 | 01/2021