Principal

We now offer underwritten plans direct from Principal across the following products - simply submit your census to receive plans across the following products (state & SIC code restrictions may apply):

• Dental (employer paid and voluntary)
• Vision (employer paid and voluntary)
• Basic Life
• Vol Life
• Short-Term Disability (employer paid and voluntary)
• Long-Term Disability (employer paid and voluntary)
• Accident
• Critical Illness
• Hospital Indemnity

Key Links

• Plan design details
• Troubleshooting-if you're not seeing plans for your group, please review the links below:
  • SIC code & state restrictions

• FAQs 

  • How do I install plans?

    • Please provide your Principal carrier rep with group name, EIN & zip code.

  • I am getting a different rate in PerfectQuote than what I received from my carrier rep, will both be honored?

    • Yes, rates/plans will be honored by Principal anytime salary assumptions are used in calculating rates displayed by PerfectQuote (ie - Vol Life, STD, LTD).

  • Will sending salaries return more competitive rates for STD/LTD from Principal? Yes
    • • Min enrollments per product
        • for Dental: 2 Lives 
        • for Vision: 5 stand alone or 2 if multi-coverage
        • for STD/LTD: 5 stand alone or 2 if multi-coverage
        • for Life: 5 stand alone or 2 if multi-coverage
        • for Accident/Critical illness/Hospital indemnity: 5 stand alone or 2 if multi-coverage
      • If salary is < 1000, the EE will not be sent to Principal (which may block plans if the exclusions drop EE counts to below minimums)
      • Salaries above 10MM will be sent as 10MM

	Dental	Vision	Basic Life	Vol Life	STD	LTD
Rate type	Underwritten	Underwritten	Underwritten	Underwritten (based on carrier salary assumptions)	Underwritten (based on carrier salary assumptions)	Underwritten (based on carrier salary assumptions)
Availability	Eligibility: Employer paid: 2-100, Voluntary: 5-100 See state availability & restrictions by product See SIC restrictions by product 0 = product available 1 = product may be available via underwriting, please contact your Principal sales rep 2 = product not available for the SIC code
# of plans (pending group & census details)	Non-vol: 17 Vol: 17	Non-vol: 16 Vol: 16	10	6	Non-vol: 2 Vol: 2	Non-vol: 4 Vol: 2
Rates	4-tier composite	4-tier composite	Composite	Age-banded	Composite (vol & non-vol) No age banded available	Employer paid for less than 10 lives: age banded rates only Employer paid for less than 10 lives: composite rates

Plan Design Details

Stock plans with underwritten rates

•  Dental
  • Employer paid and voluntary plans available.
  • Each plan has a variation with and without Child Ortho.
  • Some states have additional restrictions.
    • Plans 8-17 are only available in California.
• Vision
  • Employer paid and voluntary plans available.
• Vol Life, STD, LTD
  • Plans with and without AD&D are available, across 3 group size segments & Guaranteed Issue:
    • 5-9 eligible lives
    • 10-49 eligible lives
    • 50-100 eligible lives
  • Principal calculates rates based on an average salary assumption for the employer’s industry and state.

Commissions 

Rates will include 15% commissions for:

• Supplemental Health
• Basic Life
• Voluntary Life

Rates will continue to include 10% commissions for:

• Dental
• Vision
• STD
• LTD

SIC Code & State Restrictions By Product

Please see this chart for SIC code restrictions by product

Within the chart:

• 0 = product available available for the SIC code

• 1 = please contact your Principal sales rep to discuss, as plan may not be returned by Principal, but may be available via underwriting

• 2 = product is not available for the SIC code

Please see this chart for product availability by state. Note that additional restrictions may apply, based on your group and/or census.