Policy Delivery
Follow these general tips for delivering a disability insurance policy. Contact your case coordinator to request an ePolicy.
- Principal Life mails the policy and includes a Producer Letter that outlines any additional requirements. The requested additional requirements must be submitted before giving the policy to the client. If modifications are needed to the policy, contact the home office at 800-654-4278, option 3, 3.
- With few exceptions, the policy and Buyer’s Guide should be delivered face-to-face:
- Review the policy and answer any client questions.
- Explain the 10-day free-look period which entitles the owner to a refund if he/she requests cancellation within ten days of policy delivery.
- Obtain the policy owner’s signature for delivery receipt which initiates the free-look period.
Case Submission Methods
- Submit via eSend
- Paperclip or ExamOne for those who subscribe to their services
All Overnight Mail | Life and DI Non-Overnight Mail |
Principal Financial Group |
Principal Financial Group PO Box 10431 Des Moines, IA 50306-0431 |
TeleApp scheduling
You can schedule the TeleApp when taking the application. Call toll free 1-888-835-3277 (1-888-TELEAPP) to have the client complete the interview immediately or to schedule one later.
You may also schedule a TeleApp Online.
Note: If the client’s insurability has changed since the application was signed, contact the underwriter before delivering the policy. Do not make any modifications to the policy or the documents attached to the policy delivery package. If any documents are modified, the policy coverage will not be effective.
Below are additional details and guidelines on representing Principal Life Insurance Company and successfully delivering a policy.
Policy Date
Issued as Applied | Issued w/ Modification | |
---|---|---|
Money at issue | Policy is placed in inforce at the date of issue with the date it’s issued. | Policy will be re-dated to the date of the last contractual agreement once delivery requirements are received. |
No money at issue | Policy will be re-dated to the date of the last contractual agreement once delivery requirements are received. | Policy will be re-dated to the date of the last contractual agreement once delivery requirements are received. |
Face-to-Face Delivery
It is critical to promptly deliver all policies and contracts to clients. Prompt delivery helps:
- Initiate the timing of the free-look period
- Ensure client receives quality service
- Build relationships between producer and clients
- Obtain high quality referrals
- Enhance the producer's professional image
- Improve persistency
Examination Offer
The examination offer is a standard provision in all current contracts. It entitles the owner to a refund if he or she requests cancellation within ten days of the date the contract is delivered.
The examination offer on such requests starts not when the policy is mailed from the home office nor when it is received by the producer, but when the owner actually receives it. Therefore, it is essential that the policy be delivered promptly and a delivery receipt secured.
If Financial Professional... | Possible Outcomes... | Then... |
---|---|---|
Delays delivery |
|
Agency management must:
|
Does not obtain signed delivery receipt |
|
Agency management must:
|
Accepts or requests from client, or submits, delivery receipt signed by someone other than owner |
|
Agency management:
|
Miscommunicates medical information |
|
Agency management:
|
Keeps Possession of Policy or Contract |
|
Agency management:
|
Opens Personal and Confidential letter prior to delivery to client |
|
Agency management:
|
Does not deliver Buyer's Guide |
|
Agency management must:
|
Delivery by Mail
Applications which were taken by mail might result in having to deliver the policy or contract issued by mail. The producer must:
- Comply with all company guidelines and policies and state requirements for policy/contract delivery, if state allows for delivery by mail.
- Call the client as soon as possible after receiving the policy/contract.
- Review with the client the policy/contract, delivery receipt, amendment forms and riders.
- Mail the policy/contract and other required forms to the client.
- Follow up regularly to ensure delivery receipt, signed Part D and any other delivery requirements are promptly signed and returned.
Comply with additional requirements:
For questions, contact:
- Disability Insurance: 800-654-4278, options 3, 3
- Life Insurance: Your Client Administration Underwriter
- Annuities: Annuity Call Center: 515-248-0000
Important Information
Insurance from Principal® is issued by Principal National Life Insurance Company (except in New York) and Principal Life Insurance Company, 711 High Street, Des Moines, IA 50392.
DI9487-01 - 08/2018