Jeffrey Wade
Principal Financial Group is a Fortune 500 company that was founded in 1879 and is headquartered in Des Moines, Iowa. Up until June 2021, Principal sold individual term and universal life insurance policies. However, the company announced that it would no longer sell life insurance to individual consumers but would continue to service existing policies. This means that if you already have a Principal life insurance policy, you may want to know how to cancel it.
| Characteristics | Values |
|---|---|
| Contact Number | 800-986-3343 |
| Contact Hours | Mon. – Fri., 7 a.m. – 7 p.m. CT |
| Fill out the form on Principal Financial’s contact page | |
| Live Chat | Not available |
| Company Status | Principal Financial Group no longer sells life insurance to individuals, only businesses |
What You'll Learn
Cancelling Principal life insurance: Contact details
Principal Financial Group, founded in 1879, stopped selling life insurance policies to individual consumers in 2021 but continues to service existing policies. If you have a Principal life insurance policy and are considering cancelling it, you can contact the company through the following means:
Phone:
- For general questions, call 800-986-3343 from Monday to Friday, 7 a.m. to 7 p.m. CT.
- For retirement plan participants, call 800-547-7754 from Monday to Friday, 7 a.m. to 9 p.m. CT.
- For mutual fund clients, call 800-222-5852 from Monday to Friday, 7 a.m. to 7 p.m. CT.
Email:
Fill out the form on Principal Financial's contact page on their website.
Postal Mail:
- For disability insurance claims, send postal mail to: Principal Life Insurance Company, Attn: Individual Disability Claims Department, 711 High St., Des Moines, IA 50392.
- For dental claims, send postal mail to: Principal Life Insurance Company, PO Box 10357, Des Moines, IA 50306-0357.
It is important to note that Principal Financial does not offer live chat support as an option for contact. Additionally, their physical offices are located in Des Moines, IA, and they are a Fortune 500 company providing retirement, insurance, and asset management services worldwide.
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Cancelling Principal life insurance: Online account access
To cancel your Principal Life Insurance policy, you will need to contact the company directly. Principal Life Insurance Company may provide an online option for policy cancellation. Visit their official website and navigate to the customer service or policy management section to find out. If online cancellation is offered, you will need to log in to your account and follow the provided instructions to initiate the cancellation process.
Logging into your Principal Account
If you don't have a Principal log in set up, you can create one by going to Principal.com and clicking "Log in" in the upper right corner. Click "New user? Register here," then "Individuals." Enter your first name, last name, date of birth, phone number, and your ID number (either your Social Security Number or a number provided by your employer) or zip code. Principal will use your phone number to text or call you to verify your identity.
Creating your Principal Account
Once your phone number has been verified, create a username and password and provide an email address. Select and answer three security questions, which will be used if Principal ever needs to verify your identity. You will receive a confirmation email, but you can log in and begin viewing your account information.
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Cancelling Principal life insurance: Group policy
If you have group insurance from Principal® as part of the benefits package from your former employer, you may be eligible to continue your coverage through portability or conversion.
Portability
Portability allows you to extend your current coverage to another policy without answering medical questions. You can port your coverage to another group term life policy, and your spouse and children may also be able to port their coverage. The amount you can port is usually limited to a maximum amount, such as $500,000 for employees and $250,000 for spouses. To enrol, you need to complete and mail the group term life insurance portability application form along with your first premium payment. You typically have 60 days (31 days in New York) after your group coverage ends to port your coverage without providing proof of good health.
Conversion
Conversion allows you to change your group coverage to an individual policy without answering medical questions. This option is available for term life coverage, and your spouse and children may also be able to convert their coverage. To enrol, you need to review the application instructions and rate sheet for your state, complete the application for individual life insurance (group conversion), and mail it along with your first premium payment. Similar to portability, you generally have 31 days after your group coverage ends to convert without proof of good health. Conversion rates will depend on your age and smoking status.
Steps to Cancel Your Principal Life Insurance Policy
If you decide to cancel your Principal Life Insurance policy, the first step is to contact Principal Life Insurance Company directly. You can reach out to their customer service department through their website, by phone, or by visiting a local branch. Provide your policy details, including your policy number and the date it was issued, to facilitate the process. You may be required to fill out certain forms, which typically include personal information, policy details, and a request for cancellation. Make sure to carefully read and follow the instructions provided.
Understanding the Implications of Cancellation
Cancelling your Principal Life Insurance policy may result in financial and coverage implications. For example, you may lose any accumulated cash value, and the death benefit coverage will be terminated. Therefore, it is important to evaluate your financial situation, insurance needs, and the potential impact of cancellation before making a final decision.
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Cancelling Principal life insurance: Individual policy
As of 2021, Principal no longer sells life insurance policies to individual consumers, but it does still service existing policies.
If you have an individual life insurance policy with Principal and you want to cancel it, you can contact them by phone or post. Their phone number is 800-986-3343, and they are open Monday to Friday, 7 a.m. to 7 p.m. CT. To contact them by post, you will need to send your request to the following address:
Principal Life Insurance Company
711 High St.
Des Moines, IA 50392
It is important to note that the process of cancelling a life insurance policy may vary depending on the specific policy and the circumstances of the policyholder. Therefore, it is always a good idea to review your policy documents and contact the insurance company directly for detailed instructions on how to cancel your individual policy.
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Cancelling Principal life insurance: Claim forms
To cancel your Principal life insurance policy, you will need to submit a claim form. The type of form you need to fill out depends on the type of policy you have.
Group life insurance policy
If you have a group life insurance policy through your employer, you will need to complete and submit the online beneficiary group life insurance claim form. You can also click the links to complete, electronically sign and submit the form. The links to the forms are as follows:
- Group Life Claim form
- Accelerated benefit claim information
- Accidental dismemberment/personal loss claim
If you wish to file a paper claim, you can download a PDF of the blank claim form and submit it via email to [email protected].
Individual life insurance policy
If you have an individual life insurance policy that was purchased through a financial professional, you will need to complete, electronically sign, and submit the Individual Life Insurance Claim form.
For a paper claim, you can download a PDF of the blank claim form and submit it via email to [email protected].
Additional forms
In addition to the claim forms mentioned above, there are several other forms that you may need to fill out, depending on your specific situation. These include:
- Customer Identity Verification (MM2580)
- Customer Change of Address Form (DD292)
- Change of Beneficiary (RF870 or DD638)
- Death Claim Packet (DD1457)
- Service Request Form (DD1378)
- Payment Authorization for Electronic Fund Transfer - New Life policies only (DD9073)
- Change of Ownership (DD425)
- Authorization for Withdrawals or Electronic Fund Transfers (DD688 or DD9280)
- Request to transfer (RF715)
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Frequently asked questions
To cancel your Principal life insurance, you can call them on 800-986-3343 (Mon.-Fri., 7 a.m. – 7 p.m. CT), fill out the form on their contact page, or send an email to [email protected].
You will need to provide your primary and secondary ID, your licence plates (or police file number if they were lost or stolen), and your owner's certificate (insurance and registration). If the vehicle is jointly owned, both owners will need to be present.
Cancelling your policy may result in a refund, depending on the time remaining on the policy term, any outstanding debt, and any non-refundable fees. A cancellation fee may also apply.
Yes, you can cancel your policy at any time. However, if you are on a payment plan, it is recommended that you cancel at least one day before your payment is due to avoid any additional withdrawals from your account.
