We’re committed to providing life insurance products that offer long-term value to your individual and business clients. And occasionally that requires making adjustments during times of significant economic pressure—such as the current market volatility and the prolonged low interest rate environment. Effective immediately, we’ll be implementing the contractual $1 million premium limit on life insurance policies.
Premium limit details
- A $1 million annual premium limit applies in all policy years.
- Premium includes all recurring premiums, 1035 Exchange values, lump sums, and multiple applications on the same insured.
- Individual consideration may be given for select cases over $1 million. Contact Business and Advanced Solutions for assistance.
- The premium limit applies to all universal life, survivorship universal life, indexed universal life, and variable universal life products, except Principal Executive Variable Universal Life III used for nonqualified deferred compensation.
- The Principal® illustration system will reflect this premium limit beginning April 6, 2020.
- Any application signed on or after April 13, 2020, must adhere to the premium limit.