Product, New Business, and Underwriting News – Individual Disability Insurance
01/10/2024
Principal® Income Protector available in more states
Effective December 2023, Income Protector, our new Disability Income (DI) product was made available for sale in three additional states: ND, SD, and WY. Income Protector replaces our HH750 series product. To get an HH750 policy in any of these three states, we must receive a signed application in our home office by Feb. 2, 2024. View the transition guidelines.
See the Income Protector Profile for product details. And visit Principal® Income Protector for other important tools and resources for you and your clients.
New delivery receipt for IDI policies
Effective January 11, we’re introducing a new delivery receipt for IDI policies issued in all states, except CA, FL, MT, and NY. The new form will be included in the policy packet when applicable. Completion of the new receipt will require you to:
- Answer a short series of “yes/no” questions.
- Provide additional details for any “yes” responses.
- Have the insured/owner sign and date the form.
Updated IDI application Part B available in additional states
Effective Oct. 23, 2023, the updated Part B introduced in many states in 2022 will be available in FL, MT, ND, SD, and WY. The updated Part B will be used for both online and telephone completion methods. Applications with the old Part B completed will need to be issued by April 3, 2024, to avoid a new Part B being required.