A History Principal Financial Group
Principal got its start in Iowa in 1879 as Banker’s Life and in 1985 became the Principal Financial Group (Principal). It is based in Des Moines, Iowa where it employees over 9,000 people. In the 1990s it expanded internationally and has offices all over the world. Today it is global financial services and insurance company with over 5,000 employees outside of the U.S.
It has an operating income in the U.S. is over 1.1 billion dollars. There are tried and true disputes with Principal in the disability arena. Those disputes include the date of disability, claims for residual disability when the professional continues to work, the occupation the policyholder is performing when they became disabled, total disability, and the coordination of the Principal policy with other ID policies or ERISA group disability policies the policyholder may own.
That coordination is a key issue since many of my Principal clients have more than one disability policies with different carriers. It is like untangling Christmas tree lights before you plug them in. I have written the go-to book for professionals called the Disability Insurance Claim Guide for Professionals. You owe it to yourself and your family to get a copy of that book before you stop working and apply for benefits. After all, you have spent hundreds of thousands of dollars in schooling and training and you need to know if you have adequately protected your career. While you may work regularly with insurance companies, you are not an expert on disability insurance. In fact, fewer than 200 lawyers in the United States are what I would call an expert and I am one of them.