Product, New Business, and Underwriting News – Life Insurance

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Increased limit for Expanded Capacity Underwriting program

We’re pleased to let you know Principal®, through agreements with select reinsurers, can now offer an additional $30 million in capacity over the previous limit for clients requiring significant amounts of life insurance coverage. With this increase, the maximum issue limit is $85 million for qualifying insureds under the Expanded Capacity Underwriting program.

Get the program details.

Drop Ticket enhancements

The following enhancements have been made to the Drop Ticket process:

  • The Know Your Customer (KYC) form is included when the owner is an organization. You’ll no longer need to complete and sign a separate form. The organization representative will answer a few additional questions during the online application process and information will populate the KYC form, which will be e-signed as part of the application. Additional updates are on the way, including adding the KYC form to our eApplication on iPipeline®. 
  • Financial professionals can now upload supporting documents with their Drop Tickets. This feature will be added to the Principal secure and public Drop Tickets. These documents won’t be part of the e-Sign packet for the customer, but will accompany the application once it is completed. 

 

GI Term onboarding process update

We’re continuing to enhance the digital onboarding process for employee-owned Guaranteed Issue (GI) Term. Financial professionals and field office contacts now have access to view the same information as their clients through a secure login to principal.com.

We’re working on additional enhancements to enable you to edit and complete some of the required information on behalf of your clients, allowing you to more effectively assist them. 

Updated Replacement Notices

The following Life Insurance Replacement Notices have been updated:

  • DD2660-2
  • DD2660AR-2
  • DD2660RI-2
  • DD2660CT-2
  • DD2660VA-2
  • DD2660VT-2


Please ensure you’re using these new versions as prior versions will no longer be accepted after April 27th. If prior version is received after the 27th, a new application with the new version of the replacement notice will be required.