Tips for Formal and Informal Application Submissions

,

Tips for formal and informal application submissions

  • Submit all new business/underwriting forms to PrincipalBusiness@exchange.principal.com.
  • Include the proposed insured’s name and/or policy number in the subject line.
  • To avoid rejections, don’t send documents in a zip file with password protection or any other format that requires manual intervention to open.

This email inbox is not monitored, so do not send questions or reply to it – you won’t receive a response. For any inquires, contact a member of the Life New Business Team directly. 

GI Term onboarding enhancements

We have exciting news! The onboarding experience for employee-owned Guaranteed Issue Term II plans is getting even better.

  • Financial professionals will soon be able to complete or assist their clients through the process.
  • Financial professionals and Key Decision Makers will be able to eSign all required documents.

Stay tuned for more. 

Know Your Customer form

When an organization is the policy owner on an application, the Know Your Customer questionnaire must be completed. Recently, the questionnaire was integrated into our Drop Ticket, eliminating the need to obtain the form separately, however, you’ll still need to complete this form separately when submitting via eApp or using a paper application. The questionnaire will be added to eApp later this year. 

Terminal Illness Death Benefit Advance Rider

This rider allows an advance of a portion of the death benefit if the insured is diagnosed as terminally ill. It’s a no-cost rider available with all permanent products, except Principal Executive Variable Universal Life III. When running an illustration, the rider is automatically included (defaults to ‘yes’) unless you de-select it. 

The rider is only available at issue and a signed Disclosure Statement form (DD9188) is required to have it on a policy. If you don’t submit the Disclosure Statement or mark the rider on the application, the New Business Team will reach out to confirm if the rider is desired. If it is, a signed Disclosure Statement can be obtained at delivery. If the policy owner doesn’t want the rider, they must acknowledge its removal prior to policy issue.

Business Plan Service Center updates

We recently introduced new features to the Business Plan Service Center that make it easier for clients to manage life insurance-funded business plans. These include:

  • Enrollment in autopay at any time.
  • View consolidated bills and make payments.
  • Access plan summary annual reports.
    • As of July 1, they’ll be able to view their summary annual report online after their annual reporting date.

Log in to see these enhancements. 

Multi-Life Adjustment application

The Multi-Life Adjustment Application has been updated for all states except FL, CA and NY.  

  • For states other than ND, SC, SD, WY, FL, CA, and NY, use the ICC 24 AA 3407 N-2.
  • For ND, SC, SD, and WY, use the AA 3407 N ST-1.