How do I create an online account with Principal life insurance?
You can register on Principal's online customer service portal within 24 to 48 hours of your policy being active.
Click "Login," "New user (create an account)," and "Create an individual account." You will be prompted to verify your identify with the following information:
First and last name
Date of birth (mm/dd/yyyy)
Mobile number
Social Security number
Primary residence ZIP code
You will then create a user ID and password and answer security questions. Once this is completed, enrollment for Principal’s electronic portal will be complete.
Need help registering? Call 800-247-9988.
What changes can I make on Principal’s online portal?
After creating your account, you can make the following changes online:
View policy details
Make a payment
Enroll in EFT
Remove EFT and change to direct billing
Update EFT
Change contact details, such as your address, phone number, or email
Obtain change forms
Where do I mail recurring premium checks or forms for a policy change request?
You can mail premium payments or policy change request forms to Principal at P.O. Box 10431, Des Moines, IA 50306-0431.
Can I change my payment method after my policy goes active?
Yes, you can change your payment method after your policy goes active.
Why haven’t I seen a premium payment draft yet?
If you made your initial payment via electronic funds transfer (EFT), you may not see the premium drafted yet. Sometimes, banks don’t process drafts right away.
I want to look into a whole or permanent life insurance policy in the future. Can I convert my term policy to a permanent policy?
Absolutely — you can convert your term policy into a permanent life insurance policy prior to age 70. Each life insurance company is different, so please review the guidelines on Principal’s conversion policy located within your policy’s fine print.
Can I make changes to the owner or beneficiary after my policy has been activated?
Yes, forms to change the owner or beneficiary of your policy can be found on the Principal life insurance website.
Can I decrease coverage once my policy has been activated?
Yes, after being active for one year, you can decrease up to 35% of the face amount of your life insurance policy within the first five policy years. After you've had your policy for five years, you can decrease to any amount, however the minimum face amount you must maintain is $25,000.
How do I file a claim for a death benefit?
You can file a claim for a death benefit online or over the phone:
File a claim online: Death benefit claim form
File a claim on the phone: (800) 331-2213
Learn more >> How to file a life insurance claim
What happens if my term life insurance policy lapses?
If your policy lapses, you’ll lose your life insurance coverage. A lapse in life insurance coverage may happen if you don’t pay your premium before the end of your insurance company’s grace period. Your beneficiaries won’t receive a death benefit payment if your policy lapses and you die — no matter how long you’ve had the policy or how much you’ve paid in premiums.
What is a grace period?
Most insurance companies' grace period is 30 or 31 days, but every state has its own rules. The grace period is the length of time that your policy stays in force after a missed payment.
During the grace period, you remain fully covered by your policy, so your beneficiaries would still receive a death benefit if you died during this time. To keep your coverage you’ll need to pay your missed premium (as well as any late fees) before the grace period ends.
How do I reinstate my policy if it has lapsed?
If you still haven’t paid your premiums by the end of your grace period, your policy has officially lapsed and you no longer have life insurance coverage. At this point, you’ll need to contact your insurer to reinstate your policy.
Depending on how long it’s been since your policy lapsed and whether there were any red flags in your medical history, you may have to go back through the underwriting process before your coverage is reinstated.
It’s a good idea to try to reinstate your coverage instead of buying an entirely new policy, since your rates will almost certainly be higher if you buy a new policy, given that you’ll be older than you were when you first applied for insurance, and may have new medical conditions.
What happens if I want to cancel my policy?
If you decide you no longer want to continue your policy, you may cancel it at any time during the term period with no cancellation fee.
How do I get in touch with Principal life insurance?
You can contact Principal life insurance's customer service team via:
Fax: 866-885-0390
Phone: 800-247-9988
Mail: Principal, P.O. Box 10431, Des Moines, IA 50306
You can access your online portal here.
