Introducing the New Principal Income Protector Disability product
The new product, Principal® Income Protector, can be ideal to help small to midsize business owners, their key employees, and individuals protect their income in a variety of ways. The product is available for sale effective March 1, 2023 and it will replace the previous individual Disability Income (DI) product - HH750 - in all states except CA, FL, MT, NY, ND, SC, SD, and WY.
New and improved features
- Two definitions of disability provide more choice for your clients. The core definition is, “you’re disabled and not working.” The True Own Occupation definition allows you to be disabled and receive full benefits even if working in another occupation. Whichever is selected, a specialty definition of occupation is included for certain recognized disciplines.
- Residual disability definition is expanded. We’ve improved our definition from “time and duties” to “time or duties” to qualify for benefits.
- Future benefit Increase riders have been simplified. The new Annual Increase and Maximize Your Benefit riders offer an easier way for clients to help coverage keep pace with life changes.
Key sales opportunities
- Address income protection as part of executive benefits restoration plans. Speak to small and midsize businesses about a way to retain top talent by offering supplemental individual disability income coverage.
- Offer young professionals starter coverage. They can get simple protection for today, with monthly benefits of up to $10,000, generally without medical exams, labs, or financial information. Their coverage can then grow as their career and income advances.
- Help business owners get income protection. Owners with at least 3 employees, 3 years in business, and $30,000 in net income can automatically qualify for a 3A or better offer.
- View profile for product details.
- Learn more about the key riders and definitions of disability.
- Review transition guidelines.
- Access the new web-based illustration system designed specifically for this product.
Please give us a call at 1.800.792.6795 if you have any questions.