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Helping you help your clients during challenging times

 
 

Check out the latest news and resources that can help you do business with us.

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Business market resources

  • PPP loan deadline approaching. Clients interested in Paycheck Protection Program (PPP) loans have until June 30 to apply. Our decision tree is a good resource that can help them decide which type of federal assistance is right for their situation. Get additional information and tools (recently updated for PPP Flexibility Act changes) to use with clients. 
      
  • Webinar opportunity: Getting ready for recovery: How small businesses are adjusting in 2020—Wed. July 1 (2 p.m. ET, 1 p.m. CT, 11 a.m. PT). Moderated by national business expert, Gene Marks, you’ll hear how three small business owners are positioning themselves for growth and success in the next six months. Register now   


Group benefits

  • Renewal extensions. For employers with fewer than 500 employees, there will temporarily be no rate increase on group benefit coverage. For group dental and vision coverage, this applies to renewal dates between May 1, 2020 and April 15, 2021. For group life and disability coverage, this applies to renewal dates between May 1 and October 15, 2020.
      
  • Extended grace period reminder. 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).

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Individual disability insurance

  • Temporary benefit update guidelines and grace period extension ending
     
    • Beginning July 1, customers will once again need to purchase at least 75% of eligible coverage to get the Benefit Update (BU) rider. There will be a 30-day transition period for business quoted in advance of this date. So, cases quoted prior to July 1 and with an application received by July 31, will have the temporary BU provision (50% of eligible coverage) honored. 
       
    • Also beginning July 1, billing grace periods will no longer be automatically extended. They’ll revert back to the grace period outlined in the policy (certain state exceptions will apply). 

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Individual life insurance

  • Temporary underwriting guidelines extended through July 31. Effective March 24, temporary underwriting guidelines were put in place to provide additional help for pending or newly submitted formal applications. See complete details

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Nonqualified deferred compensation

  • Updated Q&As to address COVID-19 and nonqualified deferred comp plans. Help answer questions plan sponsors may have regarding nonqualified defined benefit and nonqualified defined contribution plans. See 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.

The webinar is being held for educational purposes only. Gene Marks is a compensated moderator. Panelists may be compensated for participation. The moderator and the panelist are not affiliated with any member company of the Principal Financial Group®. The views expressed are their own.

For financial professional use only. Not for use with consumers or 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.

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LF1270 | 1226222-062020 | 06/2020