Principal Financial Life Insurance Review 2023

Bottom line: Principal Financial no longer sells life insurance to individuals, but it still provides coverage for businesses.
Georgia Rose
By Georgia Rose 
Edited by Katia Iervasi

Many or all of the products featured here are from our partners who compensate us. This influences which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money.

Founded in 1879, Principal Financial no longer offers life insurance products to individuals, though it continues to service existing policies. The company still sells coverage to businesses.

Our writers and editors follow strict editorial guidelines to ensure the content on our site is accurate and fair so you can make financial decisions with confidence and choose the products that work best for you. Here is a list of our partners, and here’s how we make money.

Principal Financial life insurance

Principal provides group life insurance plans through employers as part of workplace benefits. With group policies, employers typically pay part or all of the premiums.

The company also offers other types of coverage including critical illness insurance, dental, disability and vision insurance.

More about Principal insurance

Principal Financial Group also offers individual disability insurance as well as annuities, mutual funds and retirement plans.

Learn about top-rated life insurance companies

Check out NerdWallet’s top picks across these categories:

Life insurance buying guide

Before you start comparing companies, choose the type of life insurance you want, such as term or whole life. Decide which life insurance riders, if any, you want the policy to include. Calculate how much life insurance you need and how long you want the coverage to last. Check that the insurers you’re considering offer the coverage you’re looking for.

When comparing rates, be sure the quotes are for the same amount of coverage over the same period of time. It’s also important to make sure the policy’s medical requirements match your needs. For example, if you want to skip the life insurance medical exam but don’t mind answering health questions, confirm that the application process for each policy you're comparing aligns with that.

Price may not be the biggest driver behind your decision to buy. Look at the number of consumer complaints each company receives, as high numbers can be a red flag about the quality of service.

For more guidance, see our life insurance buying guide.

Get more smart money moves – straight to your inbox
Sign up and we’ll send you Nerdy articles about the money topics that matter most to you along with other ways to help you get more from your money.