Principal Life Insurance Company has carved out a unique niche in the marketplace. As a result, it is often among the most affordable no medical exam life insurance companies. If you are considering no medical exam life insurance, please give us a call today to see if Principal Life Insurance is the best choice for you.
Review of Principal Financial Group Life Insurance
We created a review of Principal Financial Group Life Insurance highlighting a new program called Principal Accelerated Underwriting. With this new program a client can be approved for a no medical exam life insurance policy at a preferred plus rate class in forty eight hours or less. It is due to this outside of the box thinking that we put Principal Life Insurance Company into our top ten best life insurance companies in the United States list.
2016 Principal Life Insurance Company Reviews
The Principal Life Insurance Company’s assistant vice president and chief underwriter of individual life insurance states on their website that The Principal’s studies discovered that about fifty percent of eligible life insurance clients have a high amount of beneficial health variables which rules out the need for an exam and blood work. Basically, he is saying that if a client is truly healthy then no exam or blood work is necessary, i.e. no needles on up to a million dollar life insurance policy! So how does the company know if a prospective client is healthy?
How The Principal Life Insurance Company Screens Prospective Clients
Principal Financial Group’s innovative underwriting uses “Big-Data” to determine a clients eligibility for the Accelerated Underwriting product, through three different avenues. The Principal Accelerated Underwriting program works by gathering information through the (1) medical information bureau, (2) department of motor vehicle reports, and (3) the prescription database.
Essentially, if you have a clean medical history (no history of cancer, heart disease, stroke, diabetes, etc.), a clean motor vehicle record (max 2 tickets in the last 3 years), and any prescriptions you take or have taken are for normal run of the mill sicknesses and not for things that pose a health risk, then you have a great shot at a preferred plus or preferred rate class.
Principal Life Insurance Product Information
The Accelerated Underwriting product is available for ages 18-60. And the face amounts available for this no exam life insurance policy are up to one million dollars (Yes, 1,000,000!). And unlike most no exam companies, you can qualify for a preferred plus rate class, which makes Principal Life very competitive with the top companies in terms of price.
And since other competitor’s no medical exam products only offer a preferred rate class, Principal Life Insurance typically beats the competition for no medical exam policies when it comes to price. Which is great news for those who need coverage fast, for things such as life insurance to cover a divorce decree or life insurance to cover an SBA loan.
You can obtain up to two million dollars ($2,000,000) no exam life insurance for Survivorship Life Insurance (SUL). And for those considering no exam indexed universal life, Principal Life Insurance has a great no physical IUL product.
Therefore, for those considering permanent life insurance for estate planning, such as funding an irrevocable life insurance trust, or for funding a buy sell agreement, Principal Life Insurance Company may be the best choice to get great coverage fast.
Another Advantage of The Principal Life Insurance Company
The Company offers certain Healthy Lifestyle Credits geared towards helping clients obtain the best rate class possible. Favorable Healthy Lifestyle Credit Scores can bump a client up a rate class or two.
Here is how The Principal Life Insurance stacks up against the competition
Principal Life Insurance Company No Medical Exam Quotes
The following Principal Term No Exam quotes and sample competitor term life insurance quotes are for a preferred plus 30 year old male as of July 2015. Rates must be qualified for and are subject to change.
Sample Principal No Exam Life Insurance Quotes for a 30 year term:
1M 30 yr Principal Life 66.15 monthly
750K 30 yr Principal Life 54.60 monthly
500K 30 yr Principal Life 38.59 monthly
400K 30 yr Principal Life 32.18 monthly
300K 30 yr Principal Life 25.78 monthly
250K 30 yr Principal Life 22.58 monthly
Sample Competitor 30 year term life quotes as of July 2015 requiring an exam:
1M 30 yr SBLI 60.03 monthly
750K 30 yr AIG 48.91 monthly
500K 30 yr Protective Life 34.24 monthly
400K 30 yr Banner Life 29.05 monthly
300K 30 yr Banner Life 23.10 monthly
250K 30 yr Banner Life 20.13 monthly
All in all, Principal Financial Life Insurance is only about 10% higher premiums for the Company’s no exam term life insurance. For some that small increase in price might be worth avoiding taking an exam. For others, Principal Life might not be the right fit.
Is Principal Life Insurance the right company for you?
Most people searching for Principal Life Insurance Reviews are trying to find the best deal available. The Principal Life Insurance Company is a great carrier that offers an excellent no medical exam life insurance policy. With face amounts up to 1,000,000, there is no other product like it in the marketplace. That means no needles up to 1 million in coverage.
However, it is not the ideal product for everyone. For example, those looking for life insurance with type 2 diabetes or some other pre-existing condition, may be better served with a different carrier.
That is why for some, due to health issues, lifestyle hobbies, or driving issues, they will not qualify for Principal Accelerated Underwriting. And for others who don’t care about whether or not they have to take an exam there may be a better priced policy available.
The bottom line is there are a ton of options available. The key to finding the best life insurance policies at the best life insurance rates is to let the professionals at TermLife2Go search dozens of different life insurance carriers to find the perfect fit for you. Only by doing this can you be assured that you are getting the best deal at the best price for your specific health profile.
TermLife2Go is an agency that works with dozens of top rated life insurance companies. Our #1 priority is to find you the best company at the best price…for you! That means we tailor a policy specifically to you because no two clients are alike. Let us leverage our expertise for you and see if we can’t save you thousands of dollars on life insurance.
We do not favor one life insurance company over another. Instead, we find out what you need and then we recommend the lowest priced, best life insurance company to meet your specific need. Therefore, if price matters to you, give us a chance to earn your business. We are here to serve you!
For a free life insurance consultation and for free quotes from Principal Life Insurance Company and dozens of other life insurance companies, please call us today!
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