Principal introduces Principal Life Online

To “increase insurance coverage in the US and simplify the term insurance purchase process,” Principal has announced a new digital experience – Principal Life Online – which streamlines the term life insurance buying experience from application submission to policy delivery.

To start the process, an advisor submits a ticket to have Principal email the online application to the client. Later, qualified applicants go through the Accelerated Underwriting process, which eliminates the need for labs for approved individuals. Once the policy is issued, Principal emails the policy to the customer for review and e-signature. Then the final policy is emailed to both the advisor and client. The new experience can save an average of 30 days from the traditional paper term purchase experience and is up to 3x quicker than the previous experience.

“Customers expect a seamless online experience in most places they shop, but insurance hasn’t historically been easy to purchase. Principal Life Online helps qualified customers get covered quicker and with less hassle and helps advisors better serve their clients. Our Principal Life Online process has been a game-changer for the industry. Six in 10 Americans don’t have individual life insurance. By making it easier for people to get coverage, we hope to increase the number of Americans who have enough to protect their loved ones.” – Greg Linde, senior vice president of individual life insurance at Principal.