Enhancements to Guaranteed Issue
Life Insurance
06/20/2023
Get an underwriting advantage for your business cases. Guaranteed Issue simplifies life insurance underwriting for qualifying groups. Financial professionals place cases faster and participants will experience less friction without the typical medical exams and health questions.
We’re excited to announce some changes that will impact your Guaranteed Issue cases.
Principal® Guaranteed Issue Term II (GI Term II)
We’ll now consider groups of 5-9 lives subject to these parameters:
- Employer must offer Principal Group Term Life, Voluntary Term Life, or Guaranteed Standard Issue (GSI) IDI.
- The maximum face amount is $500,000.
- Only Standard risk class. Preferred isn’t available.
See GI Term II product guide for more.
Guaranteed Issue (all products)
We’ve enhanced, increased, and simplified our Guaranteed Issue multiples for employee-owned and employer-owned policies.
|
Guaranteed Issue requirements |
Employer-owned and Employee-owned maximum face amount |
Participation rate |
|
|
GI Term only |
5-9 |
$500,000 |
100% |
|
UL, IUL, VUL, Term |
10-19 |
$60,000 x number of lives |
100% |
|
20+ |
$75,000 x number of lives |
85% |
|
|
EVUL III (COLI) |
10-19 |
$60,000 x number of lives |
85% |
|
20-49 |
$75,000 x number of lives |
75% |
|
|
50+ |
$100,000 x number of lives |
75% |
Resources
Multi-life underwriting guide | GI Term II website
Questions?
Call the National Sales Desk 800-654-4278, option 2.
2949104
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