Principal: Cross-border/non-resident sales process for life insurance applications
Cross-border/non-resident sales refer to the situation where the state an application is written in differs from the state of residence provided for the policy owner. Beginning June 5, 2023, any Principal application that is not written in the owner’s residence state (or employer’s state) will require a Non-resident Sales form (DD9680). Cross-border sales are not allowed in MA, MN, UT, or WA. A new application will be required if the state written does not match the address provided for the owner.
Reminder: Paper application Part B to be discontinued
Your clients have two fast and easy ways to complete part B of their life and individual disability insurance (IDI) applications – online or via TeleApp (questions are answered over the phone). These options account for the majority of application submissions. Due to the many benefits the online and TeleApp options offer – quicker turnaround times, fewer amendments, and a better overall customer experience – Principal has made the decision to discontinue use of the paper Part B. Effective June 5, 2023, Principal will no longer accept a paper part B for life or IDI applications. Any paper Part B’s currently in process should be submitted to the home office before June 5
Please give our sales team a call at 800.792.6795 if you have any questions.