Principal Financial Group Disability Insurance Policy

Get Info on the Different Plans Available

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What will happen to you and your family if you should suddenly have an accident or illness and become unable to work? While it is something most of us seldom think of, many families are left to face the difficulties brought on by the loss of income when an unexpected disability wreaks havoc on the family’s finances. Most people don’t have any savings to speak of—or at least, not enough. This is where disability insurance can come in and help keep your family finances intact when a disability strikes.

Principal Financial Group is an old and well-respected name in insurance and offers a comprehensive line of disability insurance products for both businesses and individuals.

Company Overview

These top insurance rating organizations have given Principal Life and Principal National Life Insurance Companies very strong financial strength ratings:

Principal Financial Group also scores well in customer service with an “A+” rating from the Better Business Bureau, as of July 2021.

Principal Financial Group Disability Insurance Plans

  • Long-Term Disability: The long-term disability plan provides maximum benefits up to $15,000 and you do not have to have a total disability to receive benefits. Even if you return to work part-time, you can still receive benefits. There is a reasonable accommodation benefit that will help you make any adjustments needed to your work situation to return to work. Survivor benefits pay on an accelerated basis if you have a terminal illness.
  • Voluntary Long-Term Disability: This policy is for employee groups of five or more and can be adjusted to offer more affordable premiums. Total disability is also not required for this policy. As an optional feature, childcare assistance is provided for employees to return to work. There is also a dependent education and retirement security benefit that can be added.
  • Short-Term Disability: A flexible benefit package is available for both total and partial disabilities. There is also 24-hour coverage, work incentive and an Employee Assistance Program (EAP) available.
  • Voluntary Short-Term Disability: The voluntary short-term disability policy is available to groups of employees of five or more. There is a discounted group rate. Employees have the option to purchase this coverage in combination with employer paid benefits or independently. Optional coverages include maternity coverage, survivor benefits and 24-hour coverage for work and non-work related disabilities.
  • Individual Disability Insurance: This policy is available to individuals who work at least 20 hours per week in both short and long-term options with an option to add coverage for disability income retirement security.

If you are unsure about what type of policy and how much coverage to purchase, there is a disability income insurance calculator to help you determine the coverage you need.

Return-to-Work Resources Program

Principal Financial Group offers employers a Return-to-Work Resources program designed to help employers and employees on the road back to work after a disability. Here are some of the programs features:

  • Personal Rehabilitation Plans: individualized plans for disabled employees that include input from the employee, the doctor and the employer.
  • Work Incentives: The work incentive rewards a disabled employee who returns to work part-time.
  • Rehabilitation Incentives: The rehabilitation incentives increase the benefits for disabled employees who agree to participate in rehabilitation programs.
  • Reasonable Accommodation Benefits: Expenses are reimbursed for jobsite modifications which allow a disabled employee to return to work.

The Bottom Line

Principal Financial Group has excellent financial strength ratings and a top rating from the Better Business Bureau. This says a lot about how a company conducts business. If you are looking for life insurance, disability insurance, or financial services, this company deserves your consideration when shopping around for coverage. Businesses will also find a wide variety of coverage options including retirement plan services, group dental, disability, life, vision, and critical illness products.

Contact Information

To learn more about the insurance products offered by Principal Financial, you can visit the Principal Financial Group website or call 1-800-986-3343. There are also specialized contact lists depending on your needs which you can find on the company’s contact us page.

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Sources
The Balance uses only high-quality sources, including peer-reviewed studies, to support the facts within our articles. Read our editorial process to learn more about how we fact-check and keep our content accurate, reliable, and trustworthy.
  1. Principal. “Credit Ratings.”

  2. Better Business Bureau. “Business Profile: Principal Financial Group.”

  3. Principal. “Get the Lowdown on Long-Term Disability.”

  4. Principal. “Long-Term Disability - Voluntary.”

  5. Principal. "Short-Term Disability - Employer-Paid."

  6. Principal. “Short-Term Disability - Voluntary.”

  7. Principal. “Disability Income (Series 700).”

  8. Principal. “DI Retirement Security.”

  9. Principal. "Group Disability Insurance."

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