Principal Life Insurance: 2024 Company Review [For Doctors]

Principal’s extensive industry experience spans over 140 years and has a global reach. Presently, the organization employs over 14,600 individuals at its various offices around the world.

You devote your life to the well-being of others.

However, it is not possible for anyone to guarantee they will always be able to provide care for their loved ones. In the event of your passing, physician life insurance can offer support, but only if you have made proper arrangements beforehand.

The Insurance Information Institute reports that a mere 59% of Americans possess some type of life insurance.

Being a medical professional with a high income, it is crucial to avoid being involved in this statistic. A highly recommended insurance provider for doctors is Principal Life Insurance Company, a reputable company that provides personalized policies specifically for members of the medical field.

The main purpose of the company’s policies is to safeguard the well-being of your loved ones. In case of your demise, your dependents will have the means to sustain a lifestyle similar to the one you provided for them when you were actively practicing medicine.

Discover the various aspects and details of Principal Life Insurance Company by continuing to read.

About Principal Life Insurance

The Principal Life Insurance Company is a reputable source for comprehensive protection plans that guarantee the financial stability of your loved ones in the event of your passing. This assurance allows you to focus on your career in the medical field with peace of mind. It operates under the Principal Financial Group, a Des Moines, Iowa-based conglomerate that specializes in asset management and insurance services.

According to their claims, Principal prides itself on its capacity and assets to support your success in your profession while also providing financial stability for your loved ones in the event of a misfortune. Boasting over 140 years of experience in the industry, Principal’s knowledge spans globally at present. Presently, the organization employs over 14,600 individuals at its various offices around the world.

Over the course of time, Principal has consistently worked towards advocating for inclusivity and making a beneficial difference in nearby communities by collaborating with others, making responsible investments, and prioritizing environmental sustainability. This is in line with the company’s efforts to assist clients of all backgrounds in planning for their long-term financial objectives.

With assets totaling $700 billion currently under its management, Principal Financial Group is a reliable source for life insurance coverage that is specifically designed to meet your individual needs.

Principal Life Insurance basics

When you buy a life insurance plan from Principal, you are not only securing your own life but also ensuring the safety of your loved ones who rely on you.

This means that there will not be an abrupt lack of funds or alteration in lifestyle for your family in the event of your passing. The significance of this cannot be underestimated.

Frequently, dependents are impacted when the primary provider passes away without having coverage from life insurance. Principal offers insurance plans that assist in the recovery of your family from this loss while allowing them to maintain their accustomed standard of living.

Life insurance covers a variety of expenses such as:

The cost of your end-of-life arrangements, such as funeral expenses.
Any remaining payments on your mortgage.
The financial support and education expenses for your children.
Funding for your retirement plans.
A continuous source of income for your dependents.

Principal offers a range of life insurance options for doctors to meet the financial needs of their dependents during a time when full financial support is crucial. These options include both term life insurance and permanent life insurance policies, allowing for the consideration of both current and future needs.

Term Life Insurance

Term life insurance is a cost-effective choice for individuals seeking coverage for expenses that decrease over time, such as mortgage balances, education costs, and any debts accumulated during their medical career. Principal offers term life policies that can be converted to permanent policies in the future, making them a viable option for young professionals who are beginning their careers.

Principal’s term life insurance policy provides a high level of versatility and tax-free advantages for your loved ones, while also being budget-friendly. In the future, if you have the means to switch to a permanent policy, there is no need to provide further proof of eligibility.

Permanent Life Insurance

A form of life insurance known as permanent life insurance, which holds cash value, offers continuous advantages. It aids in covering significant costs after your passing, such as burial expenses and the availability of assets for your heirs.

This policy permits the growth of cash value over an extended period. Principal’s permanent life insurance policies may be appropriate for:

Physicians who have spouses and other family members relying on their earnings.
New professionals who aim to increase the potential cash value of their life insurance plan.
Medical practitioners who are approaching retirement and are interested in investing in their family’s future.

However, just because coverage is locked in for life doesn’t mean that’s necessarily a good thing.

Benefits of Insuring Your Life with Principal

Obtaining a life insurance plan from Principal guarantees numerous advantages. Principal Life Insurance provides adaptable death benefits and premiums. Their policies enable you to build up a cash value with minimal guaranteed rates and variable rates.

Principal also provides additional safety measures through a range of secondary guarantees. They also offer a distinctive policy for variable universal life insurance, giving you the option to easily convert cash values into annuities to supplement your income and ensure long-term financial stability.

For newly graduated doctors who have dependents, it is beneficial to utilize the affordable and versatile life insurance options provided by Principal. Luckily, with the help of LeverageRx, you can easily compare rates from multiple companies, including Principal.

View quotes from Principal alongside other highly-rated companies here!