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Individual Disability Income (DI) insurance from Principal Life Insurance Company helps clients protect their ability to work and earn an income. If they become too sick or hurt to work, the policy provides a monthly benefit to help pay everyday living expenses. It's commonly called income or paycheck protection.
The policy is non-cancelable (except for non-payment of premiums) and guaranteed renewable to age 65 and conditionally renewable for life.
Individual DI insurance can be purchased individually or offered as an employee benefit. And it's now available for individuals working over 20 hours a week!
- Typically costs just 1-3% of annual income; often less than clients spend on electronics or a daily cup of premium coffee in a month
- Simplified underwriting for single-life (up to $4,000/month) and multi-life (up to $6,000/month)
- Underwriting programs for business owners - Business Owner Allowance (JJ1682) (PDF)