Your source for COVID-19 tools

 

U.S. Insurance Solutions
News and resources
Helping you help your clients during challenging times

 
 

This e-newsletter and the new COVID-19 advisor website are your resources for all things COVID-19 impacting you and your clients—the Coronavirus Aid, Relief, and Economic Security (CARES) Act, underwriting and new business guidelines, digital marketing solutions, and more.

 
Quick links

CARES Act tools

  • Paycheck Protection Program: The latest on federal stimulus for business cash flow. Please join us at noon CDT Thursday, April 23, as we host Kimberly Weisul, editor-at-large for Inc. Magazine and Inc.com. Submit your questions and learn which federal stimulus is available to you and your business clients under the CARES Act. Lance Schoening, government relations director for Principal®, will moderate the event with panelists Weisul and Mark West, national vice president of business solutions for Principal. Register now to join (Can't attend? Register to get the replay.)
      
  • Financial assistance decision tree for your business clients. By answering just a few questions, this interactive tool can help businesses navigate what part of the CARES Act works best for them. View decision tree (Use Chrome, Safari, or Edge)

    Social post: Sifting through the financial-assistance options of the CARES Act may feel overwhelming. The Principal® decision guide can help you navigate. See which programs could work best for your business. https://bit.ly/2VAac5e
      
  • Paycheck Protection Program and tax credit calculators for business clients. Share these handy calculators with your clients to help them see how much financial relief through the CARES Act they might receive. Note: The Small Business Administration is no longer accepting new applications for the relief based on available appropriations funding. Additional funding is anticipated, and this site will be updated as new information is available. View calculators | Share email

    Social post: To help your business with the CARES Act relief options, use these Principal® calculators to quickly estimate the Paycheck Protection Program loan you might receive and how much may be forgiven—and how that compares to the Employee Retention Credit. https://bit.ly/2VoWxhd

Individual disability insurance

  • Relaxed Benefit Update Rider underwriting requirements. Effective immediately and through June 30, customers will be able to get the Benefit Update Rider if they purchase at least 50% of eligible coverage. Learn more
  • Lab and physical measurements. Effective through May 31, we’re not requiring lab and physical measurements for coverage up to specific amounts. Learn more
  • Online medical record sharing through Human API. See how clients can share records instantly and be underwritten in up to two days. Watch video | Learn more

Individual life insurance

  • Rate class underwriting changes. Review underwriting changes regarding rate classes and other underwriting details. Learn more
  • Financial hardship and premium flexibility for life insurance policies in NY. On March 29, 2020, the Governor of New York issued Executive Order 202.13, which expires on April 28, 2020, unless subject to an extension. We’ll be sending this notice to policyholders in New York advising them of their options under the Executive Order.

Group Benefits

  • Rate stability for select renewals. Employers with less than 500 employees and a policy anniversary date of May 1- Aug. 15 will not have a rate increase. Learn more
  • Financial hardship and premium flexibility in NY. On March 29, 2020, the Governor of New York issued Executive Order 202.13, which expires on April 28, 2020, unless subject to an extension. If a policyholder is unable to make a premium payment due to a demonstrated financial hardship, the insurer will allow premium to be paid over a 12-month period. This will include any notices of cancellation due to nonpayment in effect prior to the date of the Executive Order.

Nonqualified Deferred Comp

  • Addressing uncertainty with nonqualified deferred comp plans. Help answer questions plan sponsors may have regarding 457(b) plans, plans governed by 409A, and unforeseeable emergencies with these plans. Get Q&As

 

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Insurance products issued by Principal National Life Insurance Co (except in NY) and Principal Life Insurance Co. Plan administrative services offered by Principal Life. Principal Funds, Inc. is distributed by Principal Funds Distributor, Inc. Securities offered through Principal Securities, Inc., 800-247-1737, Member SIPC and/or independent broker/dealers. Principal National, Principal Life, Principal Funds Distributor, Inc. and Principal Securities are members of the Principal Financial Group®, Des Moines, IA 50392.

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© 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.

LF1245 | 1154996-042020 | 04/2020