Life insurance
New Business & Underwriting News


A note from Neal Halder, AVP and Chief Underwriter.

When we announced the discontinuation of ASAP (Automatic Standard Approval Program) effective April 1, 2021, we expressed confidence in our ability to continue delivering on our commitment to competitive underwriting decisions. I’m pleased to announce the new Principal® Risk Upgrade Program is now available to support these efforts. This program is similar to ASAP, but it offers a couple key advantages, including its availability for use with term cases and eligibility with select non-medical impairments. Plus, you and your clients will automatically receive the benefit of the program for cases that qualify, without needing to request it.



Review our current service times

Full details are available in our Principal Underwriting Guide, but here are a few eligibility highlights:

  • All products except One-Year Term
  • Issue ages 20-65
  • Face amounts up to $5,000,000 (with total coverage amount of up to $20,000,000 with all companies)
  • Table 2 or flat extra up to $2.50
  • Includes non-medical flat extras such as aviation, driving history, and some hazardous sports
  • Excludes known coronary artery disease and cancer risks

​We’re excited about this new program and believe it will provide an even broader reaching benefit than ASAP because of the inclusion of Term products.

Thanks again for your continued business.

Reminder: Drop Ticket is required for certain term application submissions

Drop Ticket must be used for all term application submissions up to the maximum applicable Principal Accelerated UnderwritingSM face amount ($3 million for issue ages 18-40; $2.5 million for issue ages 41-60). Exceptions include:

  • Life/DI combos
  • Applications written in New York
  • Applications that require multiple owner signatures (examples include trust-owned where multiple trustees need to sign and business-owned where multiple business owners need to sign)
  • Applications where additional, multiple, or alternative policies are requested at the time of submission
  • Applications that are owned by a business or submitted as part of a business case that are administered by our Business Market Administration team.
    • A Business Case Submission Checklist (DD-849 R-4) is required at submission. If the checklist is not included, the application will not be processed. 
    • Additionally, either an Online Part B or TeleApp will be required for these applications.

Beginning April 1, 2021, Term applications that don’t meet these guidelines will not be processed and premiums will be returned.

Know Your Customer Questionnaire now required

As of April 1, 2021, the Know Your Customer Questionnaire is required with all new applications for life insurance, where an organization/entity will be either the owner or paying the premiums. Get the full details.

TeleApp hours to change

The increased use of our online application has resulted in a reduction in call volumes. So, we’re making a small change to our hours. Effective April 12, 2021, the new TeleApp hours of operation will be  7 a.m. - 8 p.m. CT (Monday -Thursday) and 7 a.m. - 7 p.m. CT (Friday).

New Business and Underwriting phone changes

We’ll be updating our phone system on April 28, 2021. With the changes, our main phone number will continue to be 800-654-4278, but new menu options will be added so you can reach an Underwriter or Case Coordinator. Contact sheets will be updated with new phone numbers—direct phone numbers or extensions you may have used in the past will no longer be valid.

Adding financial professionals to an application

The Principal Drop Ticket was recently updated to allow up to six financial professionals to be added to an application. However, all other drop ticket platforms allow a maximum of two financial professionals to be added. If an additional financial professional needs to be added to a case, we can now accept these changes via an email to the case coordinator. Removing a listed financial professional still requires submitting a new Producer Report.


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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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LF1364 | 1579014-042021 | 04/2021