Principal Will No Longer Be Requiring Exams for the Following Amounts:
- Individual Disability – $10,000
- Business Overhead Expense – $25,000
- Disability Buy Out / Key Person – $1,000,000
If Applying for Over These Amounts
With the clients permission (short email sent to the client), Principal will use their Human API technology to obtain the clients records / exams from their online portal that most doctor’s offices are now using. They would then work with their reinsurers on a case by case basis on using the clients lab results that were obtained from their portal, to make the offer without ordering labs. Going forward Principal will be using this service with all cases to speed up the records process while doctor’s offices may be bogged down with seeing patients.
Principal will do their best to just use the 2018 tax documents and any documents that may be available for 2019 in decision making.
Updates as of 6/29/2020
Temporary benefit update guidelines and grace period extension ending:
- Beginning July 1, customers will once again need to purchase at least 75% of eligible coverage to get the Benefit Update (BU) rider. There will be a 30-day transition period for business quoted in advance of this date. So, cases quoted prior to July 1 and with an application received by July 31, will have the temporary BU provision (50% of eligible coverage) honored.
- Also beginning July 1, billing grace periods will no longer be automatically extended. They’ll revert back to the grace period outlined in the policy (certain state exceptions will apply).