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Group benefits

  • Renewal program extension for dental and vision. We’re extending the “no increase” renewal program for dental and vision policies with 500 or fewer lives through April 2021 renewals. Over the next 12 months, the program will provide dental and vision renewal relief for all policy anniversary dates (in addition to the 10% premium credit for May through September—applied to bills June through October). Renewal actions for life and disability policies will revert back to our standard formula beginning with the November 2020 policy anniversaries, as those coverages aren’t expected to have pandemic-related claim savings next year.
     
  • Grace period update. Beginning with July 1 billings, extended grace periods will no longer be offered. They’ll revert back to the grace period outlined in the group’s contract. In addition, the 60-day extension has now expired for policies whose contractual grace period ended in March. These policies will terminate if premiums due haven’t been paid (certain state exceptions apply).

Individual disability insurance

  • Extended grace period ending after June. Policies with bill dates through June will continue to receive the grace period extension—an additional 60 days beyond what is offered with the policy. The grace period extension will end after June, and policies will revert back to the standard grace period, except as required by state guidelines. Note, those policies granted an extended grace period prior to July 1 will continue to receive the full extended 60-day grace period.

    The following tools (login required) can be used to help you manage your book of business and stay aware of policies in danger of lapsing:
     

Individual life insurance

  • Grace period extension has ended in most states. The temporary 60-day extended grace period has ended for all policies going into grace June 1 and after except those in AZ, MI, MO, NJ, NM, NY, OH, and OR. Those policies granted an extended grace period prior to June 1 will continue to receive the full extended 60-day grace period. All others have the standard, contractual grace period.

    The following tools (login required) can be used to help you manage your book of business and stay aware of policies in danger of lapsing:
     

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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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LF1265 | 1205835-062020 | 06/2020