Product, New Business, and Underwriting News – Individual Disability Insurance
09/03/2024
Principal® Income Protector available in three additional states
Great news! Effective October 1, 2024, Income Protector will be available to illustrate and sell in Florida, Montana, and South Carolina. This competitive individual disability income (DI) product will replace our previous version – HH750 – in these three states.
View the transition guidelines.
Learn more about Income Protector.
Disability Mental Nervous and Substance Abuse Limitation
Effective October 1, 2024, for new applications signed in the state of Minnesota, when the Mental Nervous and Substance Abuse Limitation is selected, Acknowledgement Form (D9718) must be signed by the policyowner and submitted prior to issue. The new form will be available from our application submission platforms.
Reminder: Disability Insurance approval email update
We’ve updated the automated ‘approved as applied for’ email sent by the Underwriter to the Field Office Contact. It now includes policy details, such as:
- Benefit Amount
- Elimination Period
- Optional riders selected
- Premium (including modal options)
- Policy features and associated premium
- Applicable discounts
By providing the approval details in the email, there should no longer be a need for the financial professional to run illustrations to verify policy features and premium due prior to notifying the client of the approval of their policy. This should lessen the amount of necessary communication between your office and the home office to obtain the policy details.
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