Principal: Expanded Maximum Issue Limit Program
Securing a proper level of income protection for highly compensated clients can be a challenge. A standard $20,000 maximum issue limit could leave you searching for additional coverage from a second carrier—meaning more paperwork, more time, and more hassle.
We’re pleased to announce Principal’s new expanded maximum issue limit program that allows qualifying insureds to get individual disability coverage from Principal with up to a $35,000 monthly benefit. This program enables you to get your clients the coverage they need from a single source with a better customer experience for your clients and you.
Benefits for you
- Gets clients up to $35,000 of coverage in a single transaction— with one carrier, application, and underwriting process
- Helps you stand out with your clients by offering a solution unique in the market
Benefits for your clients
- Makes the process to get maximum coverage quicker and easier for busy executives and professionals
- Provides coverage limits appropriate to their income level
- All qualifying cases submitted, underwritten, and paid beginning March 12, 2020
- Occupation classes:
- Non-medical occupations: 3A, 4A, 5A, and 6A
- Medical occupations: 4A-M and 5A-M
- Insured issue ages:
- Non-medical/dental occupations: ages 18-60
- Medical/dental occupations: ages 18-55
Things you need to know
- The maximum issue limit is $35,000 or the maximum participation limit. Maximum participation limits with other coverage have not changed. See the Individual disability insurance (IDI) Underwriting Guide (JJ1213) for participation limits.
- Quotes for issue limits above $20,000 need to be done by your Principal wholesaler. Contact BUA for your quote.
- All usual underwriting requirements must be received.
- The program is for new business applications only. It’s not available for benefit update increases or adjustments on existing policies.
- The program is approved in all states.
- Discounts are available.
- The program is available through 2020, and Principal reserves the right to cancel the program at any time and without prior notice. Any business submitted after cancellation will not qualify.