Principal Disability Insurance Review

Principal's individual disability insurance can be purchased as a stand alone plan, or as a supplement to your employer's group plan. More often than not, an workplace group plan will not be quite sufficient to maintain you and your family's standard of living, particularly in a long-term scenario. This is the reason people purchase an individual plan in addition to the plan they already have. Also, Principal's individualized plans will go with you if you change careers, or work for yourself. Principal also offers flexible premiums so you can customize to your budget and situation.

Services and Features

Principal Financial's group and individual disability insurance plans feature a range of percentages and maximums that you will customize to your own situation when deciding on your policy options with your representative. Short and long term disability are offered, as well as total and partial disability, with up to $10,000 a month of coverage offered without medical or financial documentation required. Coverage for disability without being able to work can go up to $30,000 a month. Principal Financial also offers some standout support features including an in house team of nurses and return to work consultants.

Principal Financial Group is rated A+ (Superior) by AM Best for its financial strength, one of the strongest financial records on the market. 

Return-to-Work Program Features

Filing a Claim:

Claims can be filed online, or over fax, email, or telephone. Claims should be filed immediately, when the employee becomes aware they will not be able to work after the elimination period. If short term disability graduated to long term disability, it is not required to file a separate claim. When filing a claim tax information as well as confirmation of disability (physician’s office notes, treatment records, hospital records, or a physician statement) will be required. Funds can be dispersed via regular check or electronic funds transfer.

Principal Disability Insurance

We recommend Principal Financial's disability insurance plan mainly because it is so flexible. Principal empowers the individual to decide how much they can budget against how much they will need in the advent of a short or long term disability. The other main thing is the company's robust assistance program in getting employees back to work. Skill assesment, job modification and counselling are extremely helpful interlocution services between emploer and employee when deciding what the individual returning to work is ready to do. Also, Principal's long history and financial strength indicates they will be in a position to pay claims reliably in the unfortunate event of illness or injury.