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Deferred Comp - SERP Submission Guidelines

Take advantage of free, top-notch administrative services from Principal® by making sure your business is submitted to our Business Market Administration (BMA) department.

Note:  In addition to administering the life insurance policies, our BMA department will provide Deferred Comp - SERP administrative tracking and reporting services for both the employer and participants, provided the documents identified in items 3 and 4 below are received in good order. Financial professionals are encouraged to work with our National Sales Desk and/or Business and Advanced Solutions department (800-654-4278, option 2) to receive pre-sale support regarding plan design, and to obtain a formal Proposal containing the documents identified in items 3 and 4 below. 

Guidelines

  1. Complete life insurance applications and accompanying Consent to be Insured forms (one per proposed insured), along with life insurance illustrations or corresponding Disclosures, per NAIC regulations.
    • The Employer (or a trust on behalf of Employer) should be the policy owner.
      • If employer-owned (corporate-owned), have authorized officer other than proposed insured sign as policy owner*. (For variable life insurance, submit documents identified in required Customer Identity Verification Form (MM2580).)
      • If trust-owned,
    • Sex-distinct rates should apply.
    • If endorsement split dollar will apply in pre-retirement years:
      • In beneficiary section of each application, write “Refer to Endorsement Split Dollar Benefit Instructions.”
    • Obtain the life insurance applications by using the Create Application Packet utility on our advisor site; or Principal Advisor Network offices may use Life E-App (for Term and Universal Life products only).
  1. To obtain list billing, have client complete Consolidated Premium Statement Agreement (DD2721).
     
  2. Have client (and participants, where applicable) complete the following documents:
  1. Complete Deferred Comp - SERP Submission Checklist (DD849S).
     
  2. For Simplified Issue Underwriting, include a copy of the Principal home office correspondence (email or letter) which granted approval for using this underwriting program.
     
  3. Include a cover letter/memo describing any special instructions or requests (if applicable).
     
  4. Submit above items via fax or mail using the information in the Contact Us section below.

 

* If insured is the only one authorized to sign as policy owner, include either a copy of Articles of Incorporation or explanatory letter on company letterhead.

Important Information

Insurance issued by Principal National Life Insurance Co. (except in NY) and Principal Life Insurance Co. Plan administrative services offered by Principal Life. Principal National  and Principal Life are members of the Principal Financial Group®, Des Moines, IA 50392.

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