New—Principal Business Solutions Enhanced Underwriting
09-23-2021
As you know, Principal announced earlier this year they will solely focus their individual life insurance sales on the business market. For your business cases, Principal wants to remind you of their underwriting capabilities.
- Principal Accelerated UnderwritingSM (AU). Recent enhancements to the program have made Principal well-positioned to help deliver a great underwriting experience for business cases with face amounts as high as $5 million, depending on the applicant age and business concept sale.
- Use of digital health data. Access to this data allows Principal to further leverage the annual medical exams many business executives complete to help underwrite them without an insurance exam.
- Financial underwriting expertise. Underwriters partner with Principal's Business and Advanced Solutions team and use informal business valuations they’ve calculated to gain current and fair valuations of businesses and consider factors beyond income for key person coverage.
New program for larger cases
Principal recognizes there’s a need to continue to find new ways to provide value and solutions to the market. They are excited to announce the Principal® Business Solutions Enhanced Underwriting program. At a high level, the program is an extension of AU, designed to underwrite more individuals without insurance exams at higher face amounts. It’s Principal's way of acknowledging that fully underwritten cases have the opportunity for a better customer experience, even at multi-million face amounts when the right information to comfortably assess the risk is available. Principal will leverage both digital health data and the traditional Attending Physician Statement (APS) for this program.
With the addition of the Business Solutions Enhanced Underwriting program, Principal is able to offer underwriting solutions that can improve the experience of your clients across the broad spectrum of business solutions we offer—from a simple, two-person buy-sell arrangement with $1-2 million of coverage where AU will work—to a $20-30 million dollar policy for a business owner who wants to exit the business, have money for retirement, and ensure the legacy can continue after death. Whatever the solution needed, Principal wants to be a part of it through their competitive underwriting capabilities.
Please refer to the file below for more information about Principal Business Solutions Enhanced Underwriting program.
Please give us a call at 1-800-792-6795 if you have any questions.