Accelerated Underwriting Principal

MORE underwriting satisfaction with less hassle. Your clients will love Principal's innovative underwriting program that saves time and makes it easier to get policies issued.

Purchasing up to $1 million of life insurance with no labs or exams may be easier than you think. See below for more details:


How the Process Works

In its underwriting research, Principal Life found that roughly 50 percent of eligible life insurance applicants have a high number of favorable health factors. Because of this, blood work and medical examinations really are not necessary in order to qualify them for coverage. In omitting this step, a great deal of both time and money can be saved for both the insurer and the insured.

In moving your life insurance application through the process quickly, Principal’s accelerated underwriting program uses data that can be easily obtained – typically within 48 hours of you submitting your application for coverage – in order to eliminate the need for lab testing and exams. In the cases that qualify, Principal can oftentimes approve applicants simply based on age and face amount requirements.

In analyzing your application for coverage, Principal Life uses the traditional sources of underwriting information, along with a check of information from the MIB (Medical Information Bureau), and motor vehicle reports. In addition, Principal will also check prescription records.

In gathering more information on personal history, Principal uses TeleApp electronic application – essentially this is a phone interview with you. In doing so, the application approval process can be sped up considerably – in many cases to approximately 48 hours. This is a substantial difference from the several weeks – or longer – that it can sometimes take to underwrite large life insurance cases.


Are You Eligible?

In order to be eligible for the accelerated underwriting process, there are several qualification criteria that you must meet. These include being between the age of 18 and 60. In addition, the policy you are applying for must be a new policy versus an addition to an existing Principal policy you already have.

There are a number of different types of policies in which the accelerated underwriting can be used. These include:

Term (10, 15, 20 and 30 year)

Universal life

Indexed universal life (IUL)

Variable universal life (VUL)

Survivorship universal life (SUL)

Benefit VUL II (NY only)

The face amount of your policy can range anywhere between $50,000 and $1 million.

There are also some instances where your application may not qualify for the accelerated underwriting process. These include:

· If you’ve had prior life insurance coverage that’s been approved at a rating other than Preferred or Super Preferred

· You have had labs completed for insurance purposes within the past 12 months

· If you’re applying for Non-Tobacco Preferred, you’ve had no tobacco use within the past 24 months

· If you are over the age of 50, you have no primary care physician and you have no evidence of a recent routine physical

· You are a foreign national and / or you travel to hazardous countries

· You have a criminal history

· You have a history of driving under the influence or reckless driving in the past five years

· You have certain major medical conditions, some of which include the following:

· Kidney Disease

· Heart Disease

· Cancer (with certain exceptions)


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