Disability Income Insurance
Disability Income Insurance from Principal Life provides you and/or your key employees personal income when you need it most. Helps cover daily personal expenses such as mortgage or rent payments, car payments, utilities, and much more when you're unable to work due to a disability. Don't find yourself forced to dip into your hard-earned savings if a disability strikes.
Product Highlights:
- Replaces a portion of earned income lost due to a disability
- Typically provides an after-tax benefit
- Individually owned coverage that cannot be changed or canceled except for nonpayment of premiums - nor can the policy premiums be increased before age 65, regardless of changes in income, occupation or health
Overhead Expense Insurance
In addition to disability income for your personal needs, Overhead Expense Insurance from Principal Life can reimburse you for business expenses incurred during a disability, such as lease/mortgage payments, business insurance premiums, utilities, and employee salaries. Essentially, it lets you "keep the doors open."
Product Highlights:
- Reimburses a business owner for fixed business expenses incurred during a disability
- Designed for owners of small- to medium-sized businesses, whose personal service is key to the continued earning of business income
Disability Buy-Out Insurance
Disability Buy-Out Insurance from Principal Life helps insure your share of the business and can distribute it to other partners, if necessary, under a buy-sell agreement. Don't allow yourself to worry about continuation and credibility with customers, creditors and employees if you are to become disabled permanently.
Product Highlights:
- Helps provide the funds for the purchase of a disabled business owner's interest under a buy-sell agreement - up to $2 million in coverage