Principal Disability Insurance: The Secret Weapon of Income Protection

Disability insurance is one of the most important types of insurance you can have.

It protects your income and your lifestyle if you become too sick or injured to work.

But not all disability insurance policies are created equal. Some offer more benefits, flexibility, and security than others.

A logo of Principal Disability Insurance | Photo courtesy: Ortiz Law Firm
Principal Disability Insurance is a partner that can help you protect your income, your business, and your future | Photo courtesy: Ortiz Law Firm

That’s why you should consider Principal Disability Insurance, a leading provider of disability solutions for individuals, business owners, and employees.

Here are some of the reasons why Principal Disability Insurance is the best choice for your income protection needs.

Individual Disability Insurance

Principal offers individual disability income insurance that can help you replace a portion of your income if you become disabled.

You can customize your policy to fit your budget and your needs, such as choosing your benefit amount, elimination period, benefit period, and optional riders.

You can also get discounts if you buy multiple policies or if you are part of a professional association.

One of the unique features of Principal Disability Insurance is that it can help you save for retirement, even if you are too sick or hurt to work.

With the DI Retirement Security rider, you can receive monthly benefits that are deposited into a trust account that grows tax-deferred until you reach retirement age. This way, you can maintain your retirement savings plan and enjoy a comfortable retirement.

Another benefit of Principal Disability Insurance is that it is portable, meaning that you can keep your coverage even if you change jobs or careers.

You don’t have to worry about losing your income protection if you leave your employer or switch to a different industry. Your policy is 100% yours, as long as you pay your premiums.

Business Protection

Business protection | Photo courtesy: JustWealth
Photo courtesy: JustWealth

If you own a business, you know how hard it is to build and maintain it. You also know how devastating it can be if you or a key employee becomes disabled and can’t work.

That’s why Principal offers business protection solutions that can help you keep your business running and secure its future.

Principal offers four types of business protection policies:

  • Overhead Expense: This policy helps you pay for the fixed expenses of your business, such as rent, utilities, salaries, taxes, and insurance, if you become disabled. It can also cover the cost of hiring a temporary replacement for you.
  • Business Loan Protection: This policy helps you pay for the principal and interest of your business loans, such as mortgages, lines of credit, or equipment loans, if you become disabled. It can also cover the cost of refinancing or restructuring your loans.
  • Key Person Replacement: This policy helps you pay for the cost of recruiting, training, and compensating a new key employee, such as a partner, manager, or salesperson, if they become disabled. It can also cover the loss of revenue or profits due to their absence.
  • Disability Buy-Out: This policy helps you buy out the ownership interest of a disabled partner or co-owner, or sell your own interest if you become disabled. It can also cover the legal and accounting fees associated with the buy-out or sale.

With these policies, you can protect your business from the financial impact of a disability and ensure its continuity and success.

Group and Voluntary Benefits

A picture of a group of individuals representing different niches in certain fields | Photo courtesy: Kapnick Insurance Group
Photo courtesy: Kapnick Insurance Group

If you are an employee, you may have access to group or voluntary disability benefits through your employer.

These benefits can help you supplement your income if you become disabled, but they may not be enough to cover all your expenses and needs.

That’s why Principal offers group and voluntary long-term disability (LTD) insurance that can enhance your disability package and provide you with more benefits and services.

Principal’s group and voluntary LTD insurance offers various benefit designs, percentages, durations, and elimination periods to suit different groups and budgets.

You can also choose from several optional features, such as:

  • Cost of Living Adjustment: This feature increases your monthly benefit each year to keep up with inflation.
  • Partial Disability: This feature allows you to receive a reduced benefit if you can work part-time or in a different occupation due to your disability.
  • Rehabilitation and Return to Work Assistance: This feature provides you with access to vocational and physical rehabilitation services, as well as incentives and support to help you return to work as soon as possible.
  • Employee Assistance Program: This feature provides you with confidential counseling, referrals, and resources to help you cope with personal and work-related issues, such as stress, depression, anxiety, substance abuse, family problems, and more.

With Principal’s group and voluntary LTD insurance, you can get more than just a monthly check. You can get the help and guidance you need to recover and resume your life.

Why Choose Principal Disability Insurance?

Principal Disability Insurance is more than just a product. It’s a service that you can rely on and trust. Principal has been in the disability insurance business for over 60 years, and has a reputation for excellence, innovation, and customer satisfaction.

Principal has an A+ rating from A.M. Best, a leading rating agency for the insurance industry, and has received numerous awards and recognition for its disability solutions and service.

When you choose Principal Disability Insurance, you can expect:

  • Personalized advice from a financial professional who can help you find the best policy for your situation and goals.
  • Easy and convenient application and underwriting process, with online tools and resources to guide you along the way.
  • Fast and fair claims handling, with dedicated claims representatives who will work with you and your doctors to evaluate your claim and pay your benefits promptly.
  • Ongoing support and service, with online access to your policy information, payments, and resources, as well as customer service representatives who are ready to assist you with any questions or concerns.

ALSO READ: Why Disability Insurance Matters More Than You Think

PEOPLE ALSO ASK

People Also Ask
Photo courtesy: Canvas

What is meant by principal insurance?

Principal insurance is a term that refers to the person or entity that hires or contracts another person or entity to perform work or services for them.

The principal may be liable for the actions or negligence of the agent or contractor, and may require them to carry insurance that covers the principal as well.

What is the principal definition of disability?

The principal definition of disability is a condition that impairs, interferes with, or limits a person’s ability to engage in certain tasks or activities or participate in typical daily interactions.

Disability can be physical, mental, cognitive, or developmental, and can result from various causes, such as injury, illness, or congenital factors.

What are the 7 principles of insurance?

The 7 principles of insurance are:

  1. Utmost good faith
  2. Insurable interest
  3. Indemnity
  4. Contribution
  5. Subrogation
  6. Loss minimization
  7. Proximate cause

These principles govern the relationship between the insurer and the insured, and define the rights and obligations of each party in an insurance contract.

What does principal life insurance do?

Principal life insurance was a product offered by Principal Financial Services, a global investment management company.

The insurance provided term and universal policies that could protect the income and lifestyle of the policyholders and their beneficiaries.

Principal discontinued selling life insurance to individuals in 2021, but continues to service existing policies.

READ MORE: Disability Insurance for Self-Employed and How to Get It

Conclusion

Principal Disability Insurance is more than just a product. It’s a partner that can help you protect your income, your business, and your future.

Don’t wait until it’s too late. Contact a financial professional today and get a quote for Principal Disability Insurance. You’ll be glad you did.

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