What will happen to you and your family if you should suddenly have an accident or illness and become unable to work? While it is something most of us seldom think of, many families are left to face the difficulties brought on by the loss of income when an unexpected disability wreaks havoc on the family’s finances. Most people don’t have any savings to speak of—or at least, not enough. This is where disability insurance can come in and help keep your family finances intact when a disability strikes.
Principal Financial Group is an old and well-respected name in insurance and offers a comprehensive line of disability insurance products for both businesses and individuals.
These top insurance rating organizations have given Principal Financial Group very strong financial strength ratings:
- A.M. Best – A+ Superior
- Moody’s Investor Service – A1 Good
- Standard & Poor’s (S&P) – A+ Strong
- Fitch Ratings – AA- Very strong
Prudential financial Group also scores well in customer service with an “A+” rating from the Better Business Bureau.
Principal Financial Group Disability Insurance Plans
- Long-Term Disability: The long-term disability plan provides maximum benefits up to $20,000 and you do not have to have a total disability to receive benefits. Even if you return to work part-time, you can still receive benefits. There is a reasonable accommodation benefit that will help you make any adjustments needed to your work situation to return to work. Survivor benefits pay on an accelerated basis if you have a terminal illness.
- Voluntary Long-Term Disability: This policy is for employee groups of five or more and can be adjusted to offer more affordable premiums. Total disability is also not required for this policy. There is 24-hour coverage for both work and non-work disabilities. As an optional feature, childcare assistance is provided for employees to return to work. There is also a dependent education and retirement supplement benefit that can be added.
- Short-Term Disability: A flexible benefit package is available for both total and partial disabilities. There is also 24-hour coverage, work incentive and an Employee Assistance Program (EAP) available.
- Voluntary Short-Term Disability: The voluntary short-term disability policy is available to groups of employees of five or more. There is a discounted group rate. Employees have the option to purchase this coverage in combination with employer paid benefits or independently. Optional coverages include maternity coverage, survivor benefits and 24-hour coverage for work and non-work related disabilities.
- Individual Disability Insurance: This policy is available to individuals who work at least 20 hours per week in both short and long-term options with an option to add coverage for disability income retirement security.
If you are unsure about what type of policy and how much coverage to purchase, there is a disability income insurance calculator to help you determine the coverage you need.
Both the business and individual disability policies have these benefits:
- You have the ability to submit and track claims online.
- All claims are reviewed by in-house medical staff including rehabilitation specialists and nurses.
- A smooth claims transition should you have a short-term disability which becomes a long-term disability.
Return-to-Work Resources Program
Principal Financial Group offers employers a Return-to-Work Resources program designed to help employers and employees on the road back to work after a disability. Here are some of the programs features:
· Personal Rehabilitation Plans: individualized plans for disabled employees that include input from the employee, the doctor and the employer.
· Work Incentives: The work incentive rewards a disabled employee who returns to work part-time.
· Rehabilitation Incentives: The rehabilitation incentives increase the benefits for disabled employees who agree to participate in rehabilitation programs.
· Reasonable Accommodation Benefits: Expenses are reimbursed to jobsite modifications which allow a disabled employee to return to work.
The Bottom Line
Principal Financial Group has excellent financial strength ratings and a top rating from the Better Business Bureau. This says a lot about how a company conducts business. If you are looking for life insurance, disability insurance or financial services, this company deserves your consideration when shopping around for coverage. Businesses will also find a wide variety of coverage options including retirement plan services, group dental, disability, life, vision and critical illness products.
To learn more about the insurance products offered by Principal Financial, you can visit the Principal Financial Group website or call 1-800-986-3343. There are also specialized contact lists depending on your needs which you can find on the company’s contact us page or you can also visit a local U.S. sales office.