Principal Announces Full Recovery Benefit & True Own Occ for Invasive Physicians
Beginning Monday, September 21, 2009
- Benefit periods To Age 67 and To Age 70
- Regular Occupation and Transitional Occupation riders
Regular Occupation rider for 4A-M and 5A-M occupations in Texas (with the availability of the MNSA rider)
State approval information is available here. Quoting new business featuring the enhancements begins September 21, 2009. To illustrate adjustments for existing policies between September 21, 2009 and October 16, 2009, call 800-654-4278, x76882.
Transition Guidelines
Below are details on how your Individual DI insurance business will be handled during the transition. To have an application or policy reviewed, send an e-mail within 60 days from state rollout (e.g. 11/19/09 for states available on 9/21/09) to your case coordinator or DI underwriter. Please note, any adjustment impacting the premium of a policy will impact commissions.
- Pending applications can be reviewed for any of the September enhancements.
- Policies pending delivery or policies in-force less than 60 days after state approval can be re-written for any of the September enhancements. Policies will be re-dated to reflect the availability of the enhancement in a state.
- Policies inforce more than 60 days prior to state approval can be re-written to:
- Add a rider not previously on a policy
- Extend the benefit period To Age 67 or To Age 70
An adjustment application will be needed for these changes and additional underwriting requirements may be requested. Adjustment of a policy for the sole purpose of rate reduction can be done by replacing the policy at the client's current age, subject to full underwriting.
1 - Premiums have been reduced in most cases.
2 - Regular Occupation rider available to 4A, 4A-M, 5A and 5A-M occupations. 4A-M and 5A-M occupations that elect the rider require the MNSA rider. The MNSA rider is not available in VT.
3 - The MNSA rider approved for TX allows a 3% or 5% discount depending on benefit period selected; refer to the rider wording for additional details. If adding to a multi-life or association case, the rider must be added at the case level.
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