I started Insurance Blog by Chris™ because I have a passion for insurance. Here at the blog, our job is to educate and inform people about the best insurance for them. Since then, we have grown into national brands with a large team of researchers helping people understand all forms of insurance.

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Written by Chris Huntley
Founder of Huntley Wealth & Insurance Services Chris Huntley

Rachael Brennan has been working in the insurance industry since 2006 when she began working as a licensed insurance representative for 21st Century Insurance, during which time she earned her Property and Casualty license in all 50 states. After several years she expanded her insurance expertise, earning her license in Health and AD&D insurance as well. She has worked for small health insu...

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Reviewed by Rachael Brennan
Licensed Insurance Agent Rachael Brennan

UPDATED: Feb 14, 2022

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Here's the Scoop

  • Principal Life offers customizable insurance plans.
  • Principal Life has an A+ rating from A.M. Best.
  • Some Principal Life policies allow you to invest your cash value.

Many people want to support charities or cherished institutions like their Alma Mater, but utility bills, car payments, and housing costs often keep individuals from giving as much as they would like. Luckily, Principal Life Insurance can help you gift more funds than you may currently be able to spare to the organization of your choice after you pass on.

When you request Principal Life Insurance quotes, you will be presented with the financial tools you need to leave behind a legacy. This company is one of the best life insurance companies in the market today, and for over 100 years, it has helped the public find the right life insurance products for their needs, and if you want to work with a company that has strong roots, Principal Life may be the right fit for you.

Keep reading this Principal Life review to discover what types of products this company provides and if it can help you meet your financial goals.

As you look over the Principal Life Insurance Company ratings provided by trusted business watchdogs, you can enter your ZIP code to start comparing free life insurance quotes today.

Who is the Principal Life Insurance Company?

Founded in 1879, Principal Life Insurance has long been in the business of providing reliable insurance products to those who want to protect their loved ones or leave behind a legacy. In addition, the company currently offers life insurance products that allow you to utilize the stock market with the hopes that your policy will grow in value. While Principal Life is based in Des Moines, Iowa, this illustrious company has spread throughout the world.

Its continued success led to Principal Life going public in 2001 and has been listed on the New York Stock Exchange ever since.

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Is Principal Life Insurance a highly rated company?

Principal Life Insurance’s A.M. Best Rating is A+ A.M. Best, and its rating with the Better Business Bureau is an A+ as well. If you would like to research the quality of Principal Life Insurance’s customer service, you may want to read some Principal Insurance reviews so you can get a feel of how this company operates on a daily basis.

A quick scan of the company website reveals a principal life insurance login for clients and a Principal Life Insurance provider portal for providers of Principal’s products. You can even take your policies on the go with you as Principal now offers a mobile app too.

What kind of life insurance policies does Principal Life Insurance offer?

If you are interested in purchasing a policy through Principal Life Insurance, you’ll be able to choose between three policy types:

  • Universal
  • Term
  • Survivorship

Each of these policies has unique features that may intrigue you, so let’s take a closer look at what kind of protection these policies can provide you.

Universal Life Insurance

At first glance, you may not think you have many options available to you when it comes to buying life insurance through Principal Life, but that is not the case. This company offers four different kinds of universal life policies. These include the Universal Life Flex III, the Indexed Universal Life Accumulation II, the Indexed Universal Life Flex II, and the Variable Universal Life Income IV.

The Universal Life Flex III plan is available to applicants who are between the ages of 0-85. The coverage options for this policy start at $25,000, but you could purchase as much as $1 million. In addition to that, cash value accrues with this policy which means you can use your policy to provide financial support for your loved ones even while you are alive.

Now, coverage for the Principal Indexed Universal Life Accumulation II policy begins at $50,000, but this policy is only available to applicants who are between the ages of 20- 85. This policy has great growth potential since it is tied to the stock market; however, even if the stock market were to drop dramatically, the coverage amount you had originally purchased would not decrease.

This policy also offers you flexibility when it comes to the death benefit. You choose whether your beneficiaries receive a face amount of the death benefit, the original death benefit you purchased, any cash value built up in the policy, or the death benefit and cumulative premiums paid minus any surrenders.

If you do not want to struggle to fit into a one size fits all type of policy, the Principal Indexed Universal Life Accumulation II might be a great choice for you. It has eight rider options available to choose from, which means that you can adjust your policy and make it fit your needs exactly.

Like the Principal Indexed Universal Life Accumulation II policy, the Principal Indexed Universal Life Flex II plan is available to applicants between the ages of 20 and 85; however, your coverage options begin at $100,000. With this policy, you can invest your cash value in the stock market if you would like to try and increase the value of your policy. The Principal Indexed Universal Life Flex II plan also offers other intriguing features like:

  • Partial surrender
  • Fixed policy loans
  • A 10-year no-lapse guarantee

As is the case with the Principal Indexed Universal Life Accumulation II policy, you will also be able to pick one of three options for your death benefit.

Now, as long as you are younger than the age of 85, you can apply for a Variable Universal Life Income IV policy. Coverage with this plan begins at $100,000, and the policy has the opportunity to grow over time. Like the Principal Indexed Universal Life Accumulation II and the Principal Indexed Universal Life Flex II plans, you will be able to pick a death benefit option that best suits your needs.

It is also important to note that with a Variable Universal Life Income IV policy, you can withdraw funds from the policy with no penalties — as long as you do so before age 59.

Term

Term life insurance policies through Principal Life Insurance are relatively standard and come with policy periods that can run for:

  • 10 years
  • 15 years
  • 20 years
  • 30 years

Coverage options begin at $200,000, and these policies are convertible, which means that you can change your term policy into a permanent plan without undergoing a medical exam. Such a policy may appeal to individuals who want to leave a generous gift for a beloved organization as the death benefit is tax-free.

Survivorship

A survivorship life insurance policy, also known as a second-to-die life insurance policy, covers two people simultaneously, and the beneficiary will only receive the death benefit after each insured individual has passed away. A survivorship policy from Principal Life Insurance provides coverage starting at $250,000 and is available to applicants 85 and younger; however, you cannot purchase any riders for these policy types.

Now that you have learned about the range of  Principal Life’s  life insurance products, you can always look up a  Principal Life Insurance provider’s phone number to get more details.

How much do Principal Life Insurance policies cost?

Principal Life Insurance rating classes will determine how much your policy costs. Whenever you apply for a quote, insurance companies require you to share information about your job, your health, and even your hobbies to determine how much of a risk you pose to the company.
While the Principal Life Insurance website doesn’t offer an online quote tool, you can always contact a Principal insurance representative for a quote or use this data table to review the average rates for a 20-year term policy.

20-Year Term Life Insurance Rates by Age

Age and GenderGood HealthAverage Health
20-year-old female$19$25
20-year-old male$24$30
30-year-old female$19$26
30-year-old male$24$31
40-year-old female$30$39
40-year-old male$35$47
50-year-old female$64$84
50-year-old male$82$113
60-year-old female$160$218
60-year-old male$217$303
70-year-old female$625$756
70-year-old male$891$1,066
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Term policies tend to be cheaper than other types of policies, but you must remember that simply because an insurance policy is cheap, it may not be the right fit for you.

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Which Principal Life Insurance product is the best?

When you’re trying to determine which life insurance product is right for you, you’ll need to consider what you want the policy, how much coverage you’ll need to accomplish your goal, and your budget. Purchasing a policy that provides the amount of coverage you need but that exceeds your budgetary constraints is not a wise choice as you may have to cancel your policy if you can’t afford it and, ultimately, lose money.

What You Need to Know About Principal Life Insurance

Principal Life Insurance offers products like term insurance if you are trying to maximize your coverage without breaking the bank, universal life policies if you would like to have the room to grow, and survivorship policies too. Of course, you will need to speak to an agent if you would like to get a quote, but once you own a Principal Life Insurance policy, you will be able to access it online or via the company’s mobile app.

Now that you have learned where Principal Life Insurance Company ratings stand, you can start searching for the best life insurance company for your needs. Enter your ZIP code to compare free quotes from insurance companies near you.