Individual disability insurance Simplified underwriting Katie Lippincott CLU
Individual disability insurance Simplified underwriting Katie Lippincott, CLU Sr. Disability Sales Manager
Disability insurance from Principal® is issued by Principal Life Insurance Company, 711 High Street, Des Moines, IA 50392. Please remember to abide by the company’s policy on disclosure of compensation. You can obtain more information, as well as a sample disclosure form, at www. principal. com. No part of this presentation may be reproduced or used in any form or by any means, electronic or mechanical, including photocopying or recording, or by any information storage and retrieval system, without prior written permission from Principal®. Not a deposit | Not FDIC or NCUA insured | No bank or credit union guarantee | May lose value | Not insured by any federal government agency Principal, Principal and symbol design and Principal Financial Group are trademarks and service marks of Principal Financial Services, Inc. , a member of the Principal Financial Group. 2 For producer information only. Not for use with consumers or the public.
Underwriting made easy Simplified underwriting is just that – simple – for you and your clients. Benefits: • Accelerated underwriting timing • Eliminate routine medical requirements 1 and financial verification 2 Available for: • Disability Income • Overhead Expense • Disability Buy-Out • Key Person Replacement 3 1 Unless a significant medical condition is reported by MIB, significant medical information is obtained from the Tele. App or other available information, 3 or any other disability coverage has been issued or applied for on a non-medical basis. Applications could be rated, ridered or declined based on all underwriting information available; this is not a guaranteed issue program. Urine/HIV test is required in ME. Subject to issue & participation limits and minimum premium requirement. In California, there are no labs required for Simplified Single-Life cases up to $6, 000/month, but an APS and financial documentation are required. | 2 Financial documentation required when applying for more than the Simplified amounts – this applies for new applications and adjustments, and for the following occupations (regardless of benefit amount being applied for): real estate agent/broker, mortgage loan originator/broker, residential construction, real estate developer, attorney specializing in real estate and residential construction. Financial documentation is required if the maximum monthly benefit applied for exceeds these guidelines. Or, with disability income, the coverage applied for is greater than $10, 000/month when combined with existing disability coverage (excluding group long-term disability insurance). | 3 Not available in all states. Not available in California. Go to principal. com/distateapprovals for details. For producer information only. Not for use with consumers or the public.
Submitting business with Simplified 4 1 Complete Parts A and C of the application and any required forms. 2 Obtain appropriate signatures. 3 Schedule a telephone interview (888 -835 -3277). 4 Submit the completed application. For producer information only. Not for use with consumers or the public.
About the telephone interview Clients talk with our trained professionals over the phone to answer Part B medical insurability questions. Advantages: • Fewer labs and APSs needed. • Clients answer insurability questions just once. • Interviews can be conducted before other parts of the application are submitted. 5 For producer information only. Not for use with consumers or the public. 888 -835 -3277
Key product highlights
Simplified Disability Income insurance Protects a client’s ability to work and earn an income. Feature Single-Life 1 Multi-Life (3+ lives) Maximum benefit $6, 000/month issue limit, $10, 000/month participation limit (excluding group LTD) 50 Maximum issue age 1 64 Elimination periods All (30 day not available in CA) Benefit periods All (2 -year not available in CA) All Occupation class Sex distinct (except in MT) Rates Discounts 2 • • Affiliation— 10% Association— 10% MNSA 3—up to 10% Select Occupation— 10% • • • Multi-Life (employer and resident options)— 20% MNSA 3—up to 10% Select Occupation— 10% 1 In CA, there are no labs required for Simplified single-life cases up to $6, 000/month, but an APS and financial documentation are required. | 2 Not all 7 discounts can be stacked together or are available in all states. Visit principal. com/distateapprovals for more details. | 3 The MNSA rider and discount is optional at the individual level, except for cases in CA, guaranteed standard issue cases, single-life cases in FL, LA, NV, and the following occupations: emergency-room physicians, anesthesiologists, pain-management physicians, nurse anesthetists and any resident who has declared one of these as a specialty. This rider is not available in VT. 10% discount for to age 65, to age 67 and to age 70 benefit periods; 5% for 2 - and 5 -year benefit periods. In TX, the discount is not available for 2 -year benefit period, is 3% for 5 -year benefit period and 5% for all other benefit periods. For producer information only. Not for use with consumers or the public.
Help clients cover a major expense Individual Disability Income insurance can help pay for things during a disability like: Mortgage and utilities 8 For producer information only. Not for use with consumers or the public. Student loans
Simplified Overhead Expense insurance Reimburses business owners for covered business expenses. Feature All states, except CA (Series 700) CA (Solutions II) $10, 000/month Maximum benefit Maximum issue age 1 50 Elimination periods All Benefit factors All Occupation class Rates Discounts 1 • • • All (except A) Sex distinct (except in MT) Sex distinct Association— 10% Multi-Life— 20% Select Occupation— 10% • • Multi-Life— 20% Select Occupation— 10% 1 Not all discounts can be stacked together or are available in all states. Visit principal. com/distateapprovals for more details. 9 For producer information only. Not for use with consumers or the public.
Simplified Disability Buy-Out insurance Funds a buy-sell agreement to purchase a disabled business owner’s interest. Feature All states, except CA (Series 700) $36, 000 Maximum benefit Maximum issue age 50 Elimination periods All Benefit factors All 2 A and above Occupation class Sex distinct (except in MT) Rates Discounts 1 CA (Solutions II) • • Association— 10% Multi-life— 20% Preferred Business Owner— 5%2 Select Occupation— 10% Unisex • • Multi-Life— 20% Select Occupation— 10% 1 Not all discounts can be stacked together or are available in all states. Visit principal. com/distateapprovals for more details. | 2 Available in approved 10 states for HH 794 policy only. For producer information only. Not for use with consumers or the public.
Simplified Key Person Replacement insurance* Provides benefits to help the business transition after the total disability of a key employee. Feature $360, 000 Maximum benefit Maximum issue age 50 Elimination periods All Benefit factors All 3 A and above Your Occupation periods Sex distinct (except in MT) Rates Discounts 1 11 • • Multi-Life— 20% Select Occupation— 10% *Not available in California. For state approvals visit principal. com/distateapprovals. | 1 Not all discounts can be stacked together or are available in all states. Visit principal. com/distateapprovals for details. For producer information only. Not for use with consumers or the public.
Questions? DI 9184 -03 | 09/2019 | © 2019 Principal Financial Services, Inc.
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