Principal Financial Group Disability Insurance–DI issue and participation limits return to normal for certain occupations in the financial services industry

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Due to the stabilization of the financial services industry over the past year, Principal Life Insurance Company is returning to normal Individual Disability Income (DI) insurance issue and participation (I&P) limits for the following occupations in all states (effective immediately1):

·          Bond trader (not on trading floor)

·          Investment banker

·          Investment analyst

·          Hedge fund managers

·          Mutual fund managers

·          Private equity firms

·          Stockbroker (not on trading floor)

·          Venture capitalists

 

Principal Life will continue to monitor the economic environment and the:

·          Reduced Individual DI insurance I&P limits of $10,000/month; $15,000/month with group insurance for the following occupations in the real estate industry – real estate attorneys, mortgage brokers/originators, real estate agents/brokers and residential construction.2 

·          Uninsurability of real estate developers for all individual disability insurance products.

 

Underwriting Guidelines

Certain underwriting guidelines need to be met for financial services and real estate-related occupations when applying for coverage, such as:

·          Complete income verification, including:

         The most recent income tax returns with all schedules and supporting statements for the past two years

         Year-to-date income verification (i.e. pay stubs or profit/loss statements)

·          Minimum three years in the industry

 Note: Special underwriting considerations remain unavailable, such as the Enhancer Program, the Business Owner Allowance Program or the Section 179 Allowance Add-Back.

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