Business Market Administration
You and your clients don't have to take care of the ongoing management of their business programs all by yourselves. Business Market Administration (BMA) is here to provide dedicated administrative support for all life insurance policies maintained under employer-sponsored plans. And we'll be here for you and your clients not just today, but throughout the lives of these plans.
BMA services are provided at no charge. View our BMA Services Flyer (PDF) (BB9441) for a summary of the services described below.
We regard our business insurance solutions as complete plans – not just individual policies. And the services you and your clients receive reflect this approach. A knowledgeable, dedicated BMA administrator will be assigned to provide personalized service and support.
Support every step of the way:
- Determining the right solution
- Working in tandem with our Business and Advanced Solutions team (which is staffed with attorneys, CPAs, and plan design specialists), BMA can assist with case design and billing consultation.
- Multi-life business underwriting programs are available.
- Plan implementation/new enrollments
- BMA can assist with assembling appropriate submission forms based on the selected plan design.
- New employer-sponsors receive a welcome email that introduces the BMA administrator and provides instructions on how to obtain online access.
- Online access
- With employer-owned variable life insurance, the employer may also request policy changes online, such as division transfers, allocation percentage changes for future premiums, etc.
- Insured-participants may view their respective policy information online when policies are personally-owned. And with variable life insurance, they may also request policy changes online, such as division transfers, allocation percentage changes, etc.
- To see the online experience and convenient features clients can enjoy, check out this overview.
- List billing – Principal sends consolidated premium statements (PDF) covering all policies under the plan. This enables the employer-sponsor to pay policy premiums via a single check. Annual, semi-annual, quarterly, and monthly payment modes available.
- Ongoing policy administration and service – The BMA administrator is able to assist with any policy adjustment questions, service requests, illustration needs, etc.
- Annual plan-level reports are mailed directly to employer-sponsors.
- BMA summary annual report – Bonus (BB11825) (PDF)
- BMA summary annual report – Endorsement Split Dollar (BB12602) (PDF)
- BMA summary annual report – Key Person (BB12603) (PDF)
- Plan status and strategy review – Upon request, the BMA administrator can assist the producer with reviewing policy status relative to the client’s goals.
Our BMA department is staffed with experienced administrators for the specific purpose of supporting business market solutions. This value-added service is unique in the industry. With over 24,000 plans in force and supported through BMA, you can trust us with all your business case opportunities.
Call 800-654-4278, options 4, 2, 3 or contact your BMA Administrator.
Important Information
Insurance products issued by Principal National Life Insurance Company (except in NY), Principal Life Insurance Company®, and the companies available through the Preferred Product Network, Inc. Plan administrative services offered by Principal Life. Securities offered through Principal Securities, Inc., member SIPC, and/or independent broker/dealers. Referenced companies are members of the Principal Financial Group®, Des Moines, IA 50392. For financial professional use only. Not for public distribution.