Principal has increased the face amount qualifications to $1M. This platform allows you to sell any Principal product – yes, even UL and VUL – with the possibility that the client may not need to complete a paramedical exam.
The Accelerated Underwriting program allows healthy clients up to age 60 to apply for $1M of coverage, and potentially receive Super Preferred pricing without having to complete an exam.
To date, CPS has processed three Principal Accelerated Underwriting cases – all of which have been approved at Super Preferred rates in less than two business days!
Here’s how it works:
First, you will need to have a producer number with Principal. Like most carriers, they will not appoint you unless you have a piece of business to be processed. If you are not currently appointed with Principal, this is a great opportunity to consider the program for yourself or a family member, and experience the process firsthand before promoting it to your clients.
Once you are appointed, the next step is to complete the Accelerated Underwriting Checklist (included below) with the insured. If the client answers all questions on the checklist favorably, they can then call Principal and complete the Part B Medical Questions over the phone. At this time, you will complete Part A and Part C of the regular life insurance application and return to CPS Insurance along with the completed Client Checklist. Principal will then perform a MIB check, Pharmaceutical Database Check and Motor Vehicle Report, to verify that the information provided by the client over the phone and on the application is accurate. If everything is clean, the policy will be approved without a medical exam or any additional requirements.
This program is designed to avoid unnecessary underwriting on your clients ages 18-60. This is not a simplified or guaranteed issue program to be recommended to any and all clients – there are no graded benefits, increased premiums or compensation reductions tied to this program.
Recent Success Stories
Latest case approved in only 5 business days.
- 50 yr old male
- $500K 20 yr term
- $1000 annual premium
- Approved Super Preferred
Case approved in only a few hours of the applicant completing his telephone interview.
- 46yr old male
- $500K 20yr term
- Applied Preferred NT ($907.32/yr)
- Approved Super Preferred NT ($740.28/yr)
To learn more about Principal’s revolutionary, new Accelerated Underwriting Platform, call your Life Sales Representative or Business Placement Manager today.