Drop Ticket Streamlines Submission Process

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Drop Ticket streamlines submission process

Drop Ticket is the required submission method for most term business (see below). This digital solution helps expedite the life insurance application process. In fact, the average policy issue time has been over 3 weeks less for applications submitted through the Principal® Life Online process (Drop Ticket, client-completed online application, approved for Accelerated UnderwritingSM) than for those using E-App or paper applications. Here’s what a couple of your peers have to say about the process:

  • “The process has been phenomenal, and I look forward to expanding this program with many more of my financial professionals.” – Field Office Contact
  • “Drop Ticket is a life saver and game changer that saves on time, tracking, and also gets commitment from the client.” – Financial professional

Tips for use

  • The Field Office Contact email should be for the person managing the case at the BGA or Principal Financial Network office, not the financial professional’s (writing agent) personal email.
  • When completing the Drop Ticket, don’t select Principal to order the labs if the BGA, Principal Financial Network office, or financial professional prefers to order them.
  • Support is available at TeleAppSupport@principal.com for the following items
    • Canceling requests
    • Updating case contact information (email, phone)
    • Resending online links

Note: This email is only available for handling the above requests and will not respond to requests to check the status of an interview/signatures, this information is provided in emails to the Field Office Contact and on the Pending Business Report. It also cannot be used to grant requests for specific times to contact clients.

Requirement reminder

Drop Ticket must be used for all Term application submissions with a face amount of $3 million for ages 18-40 and $2.5 million for ages 41-60. Exceptions include:

  • Life/DI combos – indicate with a cover letter and/or on the Producer Report.
  • Applications written in New York.
  • Applications that require multiple owner signatures (examples include trust-owned where multiple trustees need to sign and business-owned where multiple business owners need to sign).
  • Applications that are owned by a business or submitted as part of a business case that are administered by our Business Market Administration team.
    • A Business Case Submission Checklist (DD-849 R-4) is required at submission. If the checklist is not included, the application will not be processed.
  • Applications where additional, multiple, or alternative policies are requested at the time of submission. Indicate with a cover letter and/or on the Producer Report.
  • Additionally, a customer completed Part B via online or phone is preferred for these applications that are exceptions.

Online Part B tip

Did your client complete their application and needs to add information? No problem. They can connect with one of our Medical Application Specialists and provide the details by calling 888-835-3277, option 0. The office hours are 7 a.m. – 8 p.m. CT (Monday -Thursday) and 7 a.m. – 7 p.m. CT (Friday).

New phone system menu options

We’ve recently implemented a new phone system to be able to better support you. Here are the menu options to use as a reference:

  • Option 1. Enter your parties’ extension (if known)
  • Option 2. Presale support
  • Option 3. New Business and Underwriting
    • Option 1. Schedule a TeleApp interview
    • Option 2. Individual Life New Business
Current service times