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.
Fax
866-542-1359
- Write policy number and clients name in upper right of both fax cover sheet and first page of application.
- Fax all documents in proper page order. If you have a payment, make photocopy of check and fax with application. Mail original check immediately to home office at one of the addresses below.
- Mail ONLY the following ORIGINAL documents to home office at one of the addresses below (always include cover sheet with policy number and client name):
- Initial premium payments, if paid by check;
- All 1035 exchange requirements, including Absolute Assignment (DD747) and Lost Policy Statements.
PrincipalBusiness@exchange.principal.com
Principal Financial Group
P.O. Box 10431
Des Moines, IA 50306-0431
Overnight mail
Principal Financial Group
ATTN: IPDC M-001-E10
711 High Street
Des Moines, IA 50392
Call your BMA Administrator at 800-654-4278, options 4, 2, 3 with any questions.
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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