Principal: Accelerated Underwriting Program Enhancements - Effective Feb. 15th
01-29-2021
Last March, Principal introduced temporary underwriting guidelines to use with their Accelerated Underwriting (AU) program. They enabled Principal underwrite more of your clients on a non-examination basis by using digital health data from various sources, including the patient portal. This experience provided tremendous insights into the potential future capabilities of accelerated underwriting. Principal has used those learnings to establish new Aceelerated Underwriting guidelines outlined below that will allow more of your clients to benefit from this innovative program.
New AU program guidelines effective Feb. 15, 2021
Products |
Applicant age |
Maximum face amount |
Additional requirements |
|
18-40 |
$3 million |
|
41-50 |
$2.5 million |
|
|
51-60 |
$2.5 million |
|
|
|
18-60 |
$5 million |
|
Additional AU program details
- You no longer need to request AU. All applicants who meet the age and face amount requirements will automatically start through AU and will only be removed if we determine they no longer meet eligibility. When this occurs, Principal will advise of the exam requirements needed to continue.
- Drop Ticket must be used for all term submissions up to the stated maximum AU face amounts—except for applications written in New York. Term applications that don’t meet these guidelines will no longer be accepted beginning April 1, 2021. Further details will follow.
- Client-completed Part B (online or phone) is required for permanent products.
Principal is appreciative for the opportunity to serve you and your clients. Please give BUA a call at 1-800-792-6795 with any questions about these changes.