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Product, New Business, and Underwriting News – Individual Disability Insurance



Reminder: IDI occupation class changes

As income levels grow in general over time, we periodically review and make any needed adjustments to our occupation class schedule to reflect these increases. Effective July 1, 2024, the following changes to the occupation class schedule have been implemented. You can get full details in the updated Product & Underwriting Guide.(login required)

  • Revised income tiers for the following occupations:
  • Real estate agent/broker/developer
    • Commercial real estate – minimum five years in business, earning at least $150,000/year for the prior two years = 4A occupation class
    • Full-time, active in the business for four years minimum, earning at least $100,000/year for the prior two years = 3A occupation class
  • Sales manager
    • Earning at least $150,000/year for the prior two years = 5A occupation class
    • Earning at least $100,000/year for the prior two years = 4A occupation class
  • Raised the minimum income to $100,000 for the Executive/Professional/etc. 6A occupation class for Principal® Income Protector (no change to HH750 series).
  • Discontinued the Select Occupation discount for Executive/Office Manager/Professional earning $60,000-74,999 for the prior two years. This change applies to Disability Income (HH750 series), Disability Buy-Out, Overhead Expense, and Key Person Replacement products.

To allow you time to complete business you’re currently working on, we’ll accept quotes reflecting the prior guidelines through August 30, 2024.

Contact your IDI underwriter.


Reminder: Update to Application Part B draft copy process for Life and IDI 

We’re committed to protecting the personal information of our shared customers. That’s why we recently began publishing life and individual disability insurance Part B draft copies to the secured Client Correspondence section of the financial professional website. Beginning in July, we will discontinue emailing a copy to the Field Office Contact – Part B draft copies will be available only via the website. The Field Office Contact will continue to be notified once the client has completed the Part B, but the draft copy will not be attached as it is today.  

While email provides a quick and easy way to share information, it's often less secure. Fraudsters frequently target email accounts to gain information and/or steal money. According to the FBI’s 2022 Internet Crime Report, produced by their Internet Crime Complaint Center, the U.S. had losses of over $2.7 Billion due to Business Email Compromise (BEC) crimes - the second highest cyber crime type. Making draft copies of Part B available only via a secure website provides a greater safeguard to customers’ personal information and aligns with our proactive approach to comply with evolving state and federal laws concerning the protection of financial and medical information.  

Financial professionals with Principal.com login credentials (or staff with delegate access) will be able to search and access Part B draft copies for the policies they’re associated with using Client Correspondence. On the Client Correspondence page, select the correspondence type of ‘Policy Document’, then select the appropriate sub-type, i.e., ‘All Categories/Part B Draft Copy/Signed Policy Document,’ to search the documents.  

Email advisorwebsupport@principal.com if you need help with access to the financial professional website.  

For additional answers to your questions, please review this FAQ.


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