Principal has announced they will discontinue personal life insurance sales and will be limited to business insurance only.
Final Application Submission Date: All applications have to be submitted into Principals home office by September 30th. There currently is no deadline on when the policies have to be placed.
Term Conversions: There is no change in term conversions. All term policies, even if not business related, will be convertible to all their current product offerings even after September 30th. Read full Q&A
In Force Block of Protector Policies: The selling of the in force block of Protector business can take anywhere from 6 months to a year. Principal is trying to sell the block, however they can still retain the responsibility of administering the business. The servicing of in force policies is of primary importance in the sale discussion. Read full Q&A
Contact me for more information on Principal's transitioning.