(Des Moines, Iowa) - According to a new survey , 70 percent of working American adults say they could only afford to take one month or less of unpaid vacation before everyday expenses would force them to return to work. However, 43 percent of all 40-year olds will suffer a disability for at least 90 days prior to age 65 [2] - creating unpaid time off that most Americans are not prepared to handle. To help families maintain financial stability in the event of a disability, The Principal Financial Group ® now offers lower rates and additional riders for its individual disability income insurance policy.
"Since it´s important for individual disability coverage to be kept current as annual income increases, we´ve made it easier for our customers to update their disability income benefit," said Michael Scheetz, disability product director for the Principal Financial Group. "These enhancements provide greater flexibility and the chance to maintain a disability benefit that more realistically fits individual needs."
Individuals have access to a number of new policy riders including a transitional occupation rider that provides benefits if the insured becomes disabled from their occupation and chooses to work in another occupation. Two enhanced future increase option riders allow the insured to increase disability coverage as income increases with only financial underwriting. Lower new issue and adjustment rates are also available for select ages, occupations and geographical regions based on experience in these areas.
The individual disability income insurance policy from The Principal ® is also available as part of a multi-life policy, which allows three or more individuals with a common employer to purchase policies at a discounted rate. For these cases, individual disability income insurance is now available to a greater range of individuals, including those ages 65 to 70.
"We want to help individuals protect themselves and strive to offer a comprehensive product at the best price point, and these enhancements allow us to do just that," said Michael Scheetz.
For more information about disability insurance from The Principal ®, visit www.principal.com
About the Principal Financial Group
The Principal Financial Group (The Principal ®) [3] is a leader in offering businesses, individuals and institutional clients a wide range of financial products and services, including retirement and investment services, life and health insurance, and banking through its diverse family of financial services companies and national network of financial professionals. A member of the Fortune 500, the Principal Financial Group has $205.3 billion in assets under management [4]and serves some 16.0 million customers worldwide from offices in Asia, Australia, Europe, Latin America and the United States. Principal Financial Group, Inc. is traded on the New York Stock Exchange under the ticker symbol PFG. For more information, visit www.principal.com.
Insurance products and services issued by Principal Life Insurance Company, a member of the Principal Financial Group, Des Moines, IA 50392.
Disability insurance has exclusions and limitations. For costs and complete details of coverage, contact your Principal Life Insurance financial representative.
Disability income policy enhancements are not available in the state of California and are subject to state approval in all other states.