Increase your sales opportunities with new product offerings

We’re pleased to introduce the new Principal® Survivorship Universal Life Provider (SUL Provider) and updated Principal Variable Universal Life Income IV (VUL Income IV).

SUL Provider offers affordable protection for two:

With competitive premiums for coverage to age 121 on a current assumption basis and an optional no-lapse guarantee to age 100 of the younger insured, SUL Provider can be ideal for use in legacy and estate planning and business owner buy-sell situations. Plus, it has other features that make it an attractive option for insuring two individuals, including:

  • One insured can be an uninsurable risk—so even those with less-than-ideal health can get coverage.
  • It provides early access to death benefit values for the surviving insured to meet chronic or terminal illness needs.
  • It’s available as a conversion product for two Principal® Term policies (insureds of the term policies must match insureds of the survivorship policy).

VUL Income IV offers clients protection with greater growth potential:

This product has been repriced and meets current Internal Revenue Code 7702 guidelines. It has improved long-term accumulated value growth potential over the prior version. And it has features that provide flexibility and value for business solutions, including optional high early cash surrender values, early access to death benefit proceeds for chronic illness needs, and Change of Insured and Salary Increase riders.

Some common sales opportunities include the following:

  • Helping business owners retain and retire key employees with solutions such as Bonus and SERP plans
  • Providing supplemental retirement income for the owner

Update regarding IRC Sec. 7702 and nonforfeiture product changes

Previously, IRC Sec. 7702 news a change to Internal Revenue Code (IRC) Section 7702 that impacts all life insurance policies issued Jan. 1, 2021 and later.

For consistency with the IRC Section 7702 updates, the maximum interest rate applicable under the Standard Nonforfeiture Law was adjusted, with changes required no later than Jan. 1, 2022. Any impacted product policy form must be filed and approved in each state. In those states where our nonforfeiture filing isn’t approved as of Dec. 31, 2021, the applicable product won’t be available for sale after that date and until the compliant version is approved.

As of Dec. 15, 2021, applicable products and states that haven’t been approved include Principal Universal Life Provider Edge IISM (CA), Principal Universal Life Flex IIISM (CA), Principal Indexed Universal Life Accumulation IISM (CA), Principal Indexed Universal Life Flex IISM (no states approved), Principal Variable Universal Life Income IVSM (CA), and Principal Executive Variable Universal Life IIISM (CA).

We’ll accept applications for the affected products received in the Home Office by Dec. 31, 2021. Applications pending as of Dec. 31 will be issued as the applied for product, and the policy date must be no later than Dec. 28, 2021. We’ll communicate as approved versions of these products are available.

Click here to view the announcement

Click here to view the Principal SUL Provider Product Guide

Securities offered through The Leaders Group, Inc. Member FINRA/SIPC 26 W. Dry Creek Circle, Suite 800, Littleton, CO 80120, 303-797-9080.

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