When looking for life insurance, sometimes we are confused at which companies can offer the best possible rates. In addition, we want a company that can provide the most comprehensive policies to protect our families.
Or at least this is what we should be looking for.
When it comes to finding the most comprehensive life insurance company and most comprehensive life insurance policies, we have more to consider than just the overall death benefit and price that we need to pay per month.
Although these are important considerations to keep in mind, life insurance is becoming much more robust and that needs to be factored into this decision.
What do I mean by more robust life insurance?
I’m glad you asked. What I’m referring to is life insurance that contains various forms of living benefits. Living benefits and life insurance are a must consider option to look for when shopping the market and combing through the hundreds of options you have.
When purchasing life insurance, you may think it’s cut and dry, but it shouldn’t be. Life insurance can serve much greater purposes than merely cutting a check to your family at your premature passing. Now, life insurance can protect against costly medical bills, chronic care, and terminal illness.
Principal Life Insurance Company is currently one of the companies offering living benefits features built into their policies for no additional cost and the company we wanted to focus on for today’s post.
More on Principal Life Insurance Company
Principal Life Insurance Company is currently located and resides in Des Moines Iowa. Currently, Principal Life operates as a Mutual Life Insurance Company.
This just means that by owning a life insurance policy with Principal Life, you are an active “owner” so to speak and get to participate in company profits in the form of “dividends.”
Principal Financial Group has been around since the late 1800s. 1879 to be exact but began its time in the market under the name Bankers Life Association. In most recent years, Principal took on the name Principal Financial Group in 1985 which is the name it still holds to this day.
In 2001, Principal Financial went public showing that they more desire to grow as a powerhouse name in the life insurance industry.
Financial Strength and BBB (Better Business Bureau Rating with Principal Life)
As it stands now, Principal Life Insurance is awarded a top rating from the 4 major credit agencies including A.M Best. Currently, Principal Life is boasting an “A” Rating.
This shows how financially strong Principal Life is and will remain.
It also goes to show the companies extremely low risk at ever becoming insolvent.
Principal Life is also currently backed by an A+ rating from the BBB which just goes to show how dedicated they are when it comes to customer satisfaction and resolving complaints quickly.
Products Offered by Principal Life Insurance Company
The products currently offered by Principal Life are not much different than the products offered by all the other major life insurance companies on the market, but some of the products surely have features that other companies don’t currently offer. That’s the entire point of this post.
Let’s first cover the products that Principal Life Insurance Company does offer. Currently Principal provides the following forms of life insurance coverage.
• Term Life Insurance
• Universal Life Insurance
• Variable Universal Life Insurance
• Survivorship Universal Life Insurance
For the sake of this post, we are mostly focused on the option to accelerate death benefits while living and I wanted to specifically focus on the term life insurance products offered by Principal Financial Group.
Term Life Insurance and Living Benefits with Principal Life Insurance Company
Currently, Principal Life is one of the companies that’s offering accelerated death benefits up to 75% of your policies death benefits up to a maximum of 1,000,000 in coverage.
This just means that if you can qualify under the ADB’s Rider (Accelerated Death Benefits Rider) that you could access up to 750,000.00 cash while living.
With Principal Life, the only downfall you have with this additional benefit is the fact that it’s only triggered by terminal illness.
This means that you would be required to be diagnosed by a licensed physician with a reasonable expectation of passing away in the next 24 months.
In some states, this may vary and have stricter guidelines such as being diagnosed with a terminal illness where the expected death is likely to occur in the next 12 months.
How Much Do These Additional Benefits Cost Me for The Life Insurance?
That’s the beautiful part of this additional benefit. No additional cost.
It’s built into the policy free of charge. You see, a lot of these life insurance companies want to compete in the market for your business, so they have taken active steps to become creative and offering more comprehensive life insurance policies for no additional cost built into the policy.
How Would This Accelerated Death Benefit Help Me?
Well, this depends. How much money do you have laying around in the bank ready to cover the cost that’s associated with the terminal illness you have been diagnosed with?
How much of the death benefit is still needed when you pass away to leave to your beneficiaries such as your wife, kids or even grandkids? You see, you probably don’t even know the answer to these questions because nobody prefers to think into the future in such a negative manner.
This ultimately means that you are unprepared and not ready for this potential risk-taking place. If that’s the case, it’s probably smart to begin thinking about these things because they do happen.
The cost for care such as terminal illness can rack up extremely quickly depleting everything you worked your entire life to pay off such as your savings accounts, retirements or even causing worse tragedy such as performing a reverse mortgage.
With the new kind of life insurance including these living benefits, you can add protection where you may be exposed or lacking now. It’s not a pleasure to deliver this news, but sadly, long-term care and disability policies are not always going to get the job done for you.
How Do I get Started with Principal Life Insurance?
If you believe in life insurance including living benefits as much as we do, we recommend you get started by filling out the quote form on the left-hand side of the screen (or the bottom on mobile devices).
Once you fill that out and click (view rates), you can begin comparing life insurance rates with over 10 of the best life insurance companies that are currently offering life insurance with living benefits.
The great thing is that this custom results page is only going to display other options you have for life insurance with living benefits. It’s not going to show all the companies that do not currently offer this benefit. We didn’t want to waste your time with that.
Why Would I Consider Life Insurance Companies with Living Benefits?
I know the goal of this post was to highlight how great Principal Life Insurance Company is when it comes to providing additional benefits within its life insurance policies.
However, it’s also important to keep in mind that other companies currently offer this coverage and some of them even provide more comprehensive coverage.
When I say more comprehensive coverage when it comes to living benefits, I’m referring to the ability to also access cash in the events of critical and chronic illness as well as having the ability to have higher coverage amounts and more health “triggers” that can qualify you to receive these benefits.
A few companies make this extremely easy to qualify for your living benefits and do so at a cost that you probably wouldn’t believe. Here’s a look at some of the companies we recommend offering living benefits and a link that you can click to read the review about that company’s specific triggers and how comprehensive the life insurance policy really is.
• American National Life Insurance Company
• Phoenix Life Insurance Company
• Protective Life Insurance Company
• Prudential Life Insurance Company
• Ameritas Life Insurance Company
• Mutual of Omaha Life Insurance Company
All these companies can offer great affordable life insurance with living benefits as well so it’s always worth looking around before making a final decision.
The Power of Working with Go Living Benefits
If you didn’t notice, we just explained Principal Life Insurance Company to you in depth and afforded you the option to look at several other companies offering life insurance with living benefits.
So, how did we do that and why?
We did this because we work for you. We don’t represent just one life insurance companies. We serve roughly all of them and are known as an Independent Agency.
Our goal is to find you the cheapest, most comprehensive policy to fit your family’s needs and whichever company can do that for you, is the company we are ultimately going to assist you in getting and placing life insurance coverage with.
The Final Word- Life Insurance with Living Benefits is A New Must Consider Option
At the end of the day, the life insurance you ultimately purchase is entirely up to you.
We are only here to help and educate when we can. If you haven’t considered life insurance with living benefits in the past, it’s essential that you begin thinking about these crucial items that can financially protect your families in many ways.
The old way of purchasing life insurance is beginning to fade, and the new way of purchasing life insurance is finally here and better than ever. What are you going to do about it?