As we age, our financial needs change. Our primary focus shifts from saving for retirement to protecting ourselves and our loved ones with life insurance. Principal Life Insurance Company is one of the largest and most respected players in the life insurance industry. In this article, we will explore what makes Principal Life Insurance stand out from the competition.
Overview of Principal Life Insurance
Principal Life Insurance Company is a leading provider of life insurance products to individuals and businesses worldwide. Founded in 1860, the company has been providing financial protection to families and businesses for over 150 years. With a diverse range of life insurance products, Principal Life Insurance is well-positioned to meet the needs of its customers.
Types of Life Insurance Offered by Principal Life Insurance
Principal Life Insurance Company offers a wide range of life insurance products, including term life insurance, permanent life insurance, and disability income insurance. Let’s take a closer look at each of these types of policies.
Term Life Insurance
Term life insurance is designed for people who need to purchase coverage for a specific period of time. The policy pays out a death benefit if the policyholder dies within the term of the policy, otherwise, it expires without any payout. Term life insurance policies are often used by people who have temporary life insurance needs, such as those who need coverage until their children graduate from college or until they pay off their mortgage.
Permanent Life Insurance
Permanent life insurance is designed to provide coverage for the entirety of a person’s life. These policies typically include a death benefit and cash value component that can be accessed throughout the policyholder’s lifetime. Permanent life insurance policies are often used by people who want to build wealth over time, as the cash value component grows tax-deferred and can be used to pay for expenses or invest in other assets.
Disability Income Insurance
Disability income insurance is designed to provide financial protection to individuals who become disabled due to an accident or illness. The policy pays out a monthly benefit if the policyholder becomes unable to work, providing financial stability and peace of mind during a difficult time. Disability income insurance policies are often used by self-employed individuals or those in high-risk professions.
Why Choose Principal Life Insurance Company?
Principal Life Insurance Company stands out from the competition for several reasons. Firstly, the company has a strong financial position, with over $60 billion in assets and more than 2 million policies in force worldwide. This stability allows Principal Life Insurance to offer competitive pricing and a range of products to meet the needs of its customers.
Secondly, Principal Life Insurance Company is committed to providing excellent customer service. The company offers online tools and resources to help customers manage their policies, as well as a network of agents and advisors who are available to answer questions and provide guidance. This focus on customer service has helped Principal Life Insurance build strong relationships with its clients and maintain a loyal customer base.
Thirdly, Principal Life Insurance Company is dedicated to innovation and product development. The company offers a range of new products and features designed to meet the evolving needs of its customers. For example, the company’s TermLifeNow policy allows policyholders to purchase term life insurance with no medical exam, making it easier for people to obtain coverage.
Case Study: John Smith
John Smith is a 45-year-old entrepreneur who runs his own small business. He has three children and wants to ensure that they are financially secure in the event of his untimely death. After researching life insurance options, John decided to purchase a permanent life insurance policy from Principal Life Insurance Company.
