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Multi-Life DI/Employee Benefit Solutions
To help employers recruit, retain and reward key employees, show them how individual Disability Income (DI) insurance can enhance their benefit offering— at a discounted rate when three or more employees purchase coverage. DI can be:
- Offered as standalone coverage or supplement group long-term disability (LTD) insurance.
- Paid for by the employer, employees or a combination of both.
- Offered to key employees in a carve-out situation.
For formal employee benefit programs, the following is ideal:
- Employer-paid benefits: 10 to 30 participating lives and annual employee incomes of $75,000+
- Voluntary benefits: Fewer than 250 eligible lives and annual employee incomes of $40,000+
Otherwise, consider targeting these characteristics:
- 3A and above occupation classes
- Professional-service related industries such as: Banking, pharmaceuticals, IT, engineering, consulting, telecommunications
- Employers offering group LTD coverage
We offer the following underwriting solutions to help you implement multi-life DI offerings:
- Full Underwriting: Offers the most comprehensive protection options. Requires each policy to be underwritten and evaluated according to required medical and financial criteria.
- Simplified Multi-Life2: Provides benefits, up to $6,000/month with no routine medical requirements.
- Guaranteed Standard Issue (GSI): GSI is an individual disability underwriting program for groups of 5 or more employees with similar job duties. This program guarantees the same plan design and coverage amount for all employees without medical underwriting.
- Fallback GSI: If a group of 5 or more employees with similar job duties go through full underwriting and coverage is declined or modified for one or more of the employees, a fallback GSI offer may be available to the employee group. The fallback GSI guarantees the same plan design and coverage amount for all employees.
Best of all, in many situations, the 20% Multi-Life discount1 does not require a formal employee benefit, employer signature or endorsement.
1Available when three or more employees with a common employer purchase Individual Disability Insurance from Principal Life Insurance Company. For medical and dental residents/fellows/interns, use the 20% Multi-Life Resident discount (based on sex-distinct rates). They all must be from the same institution. Excludes staff physicians.
2No blood, urine, exams, EKGs or APSs required, unless a significant and undisclosed medical condition is reported by MIB, significant medical information is derived from the TeleApp, or any other disability coverage has been issued or applied for on a non-medical basis. Urine/HIV test is required in Maine. This is not a guaranteed issue program; applications could be rated, ridered or declined. It is subject to Issue and Participation limits and minimum premium requirements. Additional guidelines may be required in California.
Key materials listed below.
Key selling points of DI as an employee benefit flier (JJ1729)
This flyer highlights the solutions and features that make individual DI a smart addition to an employer's employee benefits program.
View (PDF) • Order
Disability protection options for key employees (JJ764)
Employer piece that covers Salary Continuation and Executive Bonus plans. It illustrates how each plan works as well as the advantages and tax consequences.
View (PDF) • Order
Key materials listed below.
Occupation specific employee flier – with group coverage (Customizable) (JJ2088C)
Customize this flier for a specific occupation, employer, discount(s), existing group coverage and your contact information.
Multi-Life overview flier (Customizable) (JJ2268C)
Customize this flyer to promote the traditional multi-life discount or the multi-life resident discount to employees.
Multi-life employee pitch presentation (DI9651)
Outlines why employees should protect their income with individual Disability Income insurance. Customize with employer's name.
Key materials listed below. These materials are not intended for use with consumers.
Employee benefits program profile (JJ1726)
Gives an overview of our IDI multi-life/employee benefit programs, guidelines, design alternatives and points to discuss with clients.
IDI Multi-Life solutions and design ideas - producer presentation (DI8944)
For producers. This presentation covers the features and advantages of offering Individual Disability Insurance as an employee benefit.
For producer information only. This summary is not a complete statement of the rights, benefits, limitations and exclusions of the coverage described here. For cost and coverage details, contact your Principal® representative.
DI9362-02 | 06/2019