Group Life - Employer-Paid
Life insurance is a cost-effective benefit employers can provide their employees which helps pay for immediate expenses and replace lost family income.
Principal® makes it easy with:
- Flexible benefit designs to meet individual needs
- Guaranteed coverage for all employees
- Dependent coverage
- Accidental Death & Dismemberment (AD&D)
| Benefits |
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| Coverage Amounts | Up to $1 million |
| Guaranteed Coverage | Yes |
| Waiver of Premium | Available with choice of definition of disability, elimination periods, and duration options. |
| Accelerated Benefits | 75% of benefit up to $250,0001 (available in most states). |
| Dependent Coverage | Available in specific flat amounts for spouse and dependent children up to age 26. |
| Individual Purchase Rights | Yes |
Accidental Death & Dismemberment (AD&D)2
Employers have the flexibility to add AD&D to their group term life coverage. Principal Life offers a basic benefit, plus three optional packages to offer employees even greater protection. Get the details.
1 Available to terminally ill employees diagnosed with a life expectancy of 12 months or less and at least a $10,000 benefit. Death benefits are reduced by the amount of any accelerated benefits received. Because of possible tax consequences, employees should contact a tax advisor before receiving accelerated benefits. Receipt of the accelerated death benefit may affect eligibility for public assistance programs.
2 In some states, certain provisions listed as AD&D may be paid as a Personal Loss Benefit.
| Minimum Case Size | Participation Rate |
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- Add voluntary term life in combination with group term life as part of an employee benefit program. This gives employees an opportunity to buy additional coverage above the protection provided by their employer. In addition, it may give the employer a discount for combining both types of life coverage.
- Sell voluntary term life with group term life to the client. This may qualify the group for a discount on employer-paid coverage. Adding more coverages beyond the life insurance may result in more savings.
- Target business owners.A business owner's income cannot be measured by salary alone. This is why we include a definition of compensation dedicated exclusively to business owners in all our life and disability contracts, regardless of case size or business type.
- Target law firms. Principal offers a specialized benefits program for members of the Association of Legal Administrators with generous guaranteed issue and maximum limits to meet the higher protection needs of attorneys. Learn more.
- Contact your local sales representative.
3419151-032024