Private Split Dollar Submission Guidelines
Take advantage of complimentary, administrative services from The Principal by making sure your business is submitted to our Business Market Administration (BMA) department.
Guidelines
- Complete life insurance applications and accompanying life insurance illustration(s), per NAIC regulations.
- An irrevocable life insurance trust (ILIT) will be the policy owner and beneficiary.
- Typically, the policy will be collaterally assigned to the sponsor/premium payor using a limited (restrictive) collateral assignment.
- Sex distinct rates apply.
- To obtain life insurance applications, visit the Create Application Packet page in Virtual Supply, or Principal Advisor Network offices may use Life E-App (for Term and Universal Life products only).
- Have customer complete a Private Split Dollar Agreement. Refer to these sample documents:
- For Single Life (BB10901)
- For Joint Life/Survivorship (BB10902)
If applicable for the case, have client complete a Split Dollar Restrictive Collateral Assignment form (DD9215).
Submit the above completed documents.
- If trust-owned, submit Trust Certification and Indemnification form RF 971.
- Complete Private Split Dollar Submission Checklist (DD849P).
- Prepare a cover letter/memo if there are any special instructions or requests.
- Submit via fax or mail using the information in Contact Us below.
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 provided through Principal Life Insurance Company®. Referenced companies are members of the Principal Financial Group®, Des Moines, IA 50392.
For financial professional/institutional use only.
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