Principal Disability Insurance Changes Effective Immediately
Principal Financial Group announced the following changes to their individual disability policy effective immediately:
1) For occupation classes 6A, 5A, 4A and 3A, clients may purchase up to $20,000/month benefit. Benefits may aggregate with another individual disability insurance for up to $35,000/month benefit. In addition, clients may purchase up to $35,000/month benefit if there is a group policy in force. The previous limit was $15,000/month for individuals and $30,000/month aggregate with other companies. Previously, the limit was $30,000 if there was participation with a group policy.
2) For occupational classes 5A-M and 4A-M which includes physician disability insurance in surgical and non surgical specialities, clients may purchase up to $17,000/month benefit, up from the previous $15,000/month limit. Clients may aggregate benefits up to $25,000/month benefit if participating with another individual policy. Clients may purchase up to $35,000/month total benefit if clients have a group policy.
3) For occupational class 3A-M, the same limits apply; clients may purchase up to $15,000/month benefit.
Additionally, there have been some changes made to occupational classes:
- Physician Assistants 4A-M (more favorable than previous)
- Psychiatrist 4A-M
- Anesthesiologists 3A-M (less favorable than previous)
- Emergency Room Physicians 3A-M (less favorable than previous)
The Principal Financial Group®(The Principal®) is a premier global investment manager, and among the industry leaders in a long list of products and services.
- #1 provider of Defined Benefit retirement plans1
- #1 provider of Employee Stock Ownership Plans2
- #2 provider of Nonqualified Deferred Compensation plans3
- #3 Greenest CRE Company4
- #4 provider of non-medical insurance coverages5
- #4 manager of target-date lifecycle mutual funds in the U.S.6
- Best Place to Work in Money Management7
- Best Place to Work in Information Technology8
- One of the World’s Most Ethical Companies9
- One of America’s Best Employers10
With more than $530.3 billion in assets under management, The Principal serves 19.9 million customers worldwide through a national (U.S.) network of financial professionals and a diverse family of companies with offices in 18 countries.