As one of just six carriers that offers a “true” own occupation policy, A+ rated* Principle disability insurance is typically found on the short-list of disability insurance specialists seeking the best value in physician-specific disability insurance plans for their clients. This is especially true for female physicians who can benefit from Principal’s unisex rates with an additional 20 percent discount for a multi-life of three or more.
- Non-Cancellable and Guaranteed Renewable to age 65 after which it is conditionally renewable for life as long as you are working
- No Cost Benefit Update rider** which automatically adjusts your monthly benefit amount in the first six years based on the CPI with a four percent minimum increase (maximum 10 percent)
- No Cost Future Benefit Increase rider which allows you to increase your maximum benefit every three years based on increases in your income
- Residual Disability Benefit that pays a minimum of 50 percent of your pre-disability income for the first six months and then proportionate income replacement thereafter
The Choice of Solo Practitioners
The Principal Financial Group has long been established as leading provider of financial products and services to small businesses which is reflected in their line of business-related disability insurance plans.
Overhead Expense Insurance
For practitioners whose services are essential to the continuation of the practice. Pays essential business expenses for two years during a period of disability. The Business Loan Protection rider will ensure that qualifying loan payments continue while you are disabled.
Disability Buy-Out (DBO Insurance
Protects your practice in the event of a permanent disability by funding a buy-sell agreement. Makes funding available to buy out the disabled partner at a pre-determined price.
Key Person Replacement Insurance
Protects your practice in the event a key person becomes disabled by providing funds that can be used to recruit, hire and train a replacement. Can also be used to offset the cost of temporary staffing and filling in any revenue gaps that may occur.
About Principal
Principal was founded in 1879 as an insurance company. Today, they’re a member of the FORTUNE 500® and a global investment management leader.
They help people and companies in Asia, Australia, Europe, Latin America, and North America build and protect their financial well-being. Principal has been in business for over 140 years.
While Principal has employees around the world, they’re all bound by a common purpose: to give their clients the financial tools, resources, and information they need so they can live the life they want.
Principal Disability Insurance
- The No. 3 provider of non-cancelable individual disability income insurance based on 2017 LIMRA data of annualized new sale premium.
- One of only six companies offering “True” Own-Occupation disability insurance.
- In a 2016 Principal Life Insurance Company claimant satisfaction survey, 97% of our existing customers rated their services highly.
Principal’s Culture
- One of 100 companies to be named one of the World’s Most Ethical Companies by the Ethisphere Institute, which recognizes organizations that have had a material impact on the way business is conducted by fostering a culture of ethics and transparency at every level of the company. This is the eighth year Principal has been recognized by Ethisphere. (February 2018)
- Recognized by Working Mother as one of the 2018 Working Mother 100 Best Companies. (September 2018)
- Ranked No. 1 on Forbes list of Best Employers for Women (July 2018) and in the top 10 on the list of America’s Best Employers for Diversity. (January 2019)
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