You may or not have heard about Principal Financial. What is Principal Financial? This article will serve the purpose of enlightening you what this company is all about, and will equip you with simple and direct facts that you can present to anyone who asks you about Principal Financial.
Name of the Company: Principal Financial
Official Website URL: https://www.principal.com/
Owner: Dan Houston (CEO)
Overall rating: (4 / 5)
Recommended? : Yes
In this review we will help you answer the following questions:
- What is Principal Financial?
- How does it work?
- What products and services do they offer?
- Are their services genuine?
- Investment opportunities offered?
- It will also be in order to have you know the pros and cons of this company, for you to make an informed decision or recommendation about this company.
- Are there other alternatives that might suit you better and/or that you can combine with Principal?
What is Principal Financial?
Principal Financial exists as a financial and insurance services company that serves its clients on a global scope. This company has its headquarters in Des Moines Iowa. Principal Financial was founded in 1879 by Edward Temple who according to Dan Houston, the company’s current president and CEO, had the intention of creating a company that had its clients’ goals at heart. This company has since its coming to birth worked diligently towards providing services that are valuable to those who have entrusted their resources in the form of money to them.
Principal Financial offers its services to clients by providing investment options for those who seek to grow their wealth to secure their future in the form of retirement plans, mutual funds, and annuities, and also offers insurance covers such as life insurance and individual disability policies. This company also has group insurance plans that are offered to employees through their employers.
How does it work?
The manner in which you access the services and products offered by Principal Financial is bound to vary. This company offers both individual and group insurance products, which translates to there being different approaches which can be followed for one to access the offerings. The company has an online quoting system which clients can rely on to know the premiums and funds they can expect to part with when purchasing the products offered.
There are life and disability claim forms in the official website help section. Clients are expected to fill out these forms and send them out to Principal Financial for processing. There is also a brief Q&A that clients should partake in before even downloading the forms. The answers they provide help in establishing whether they qualify to be covered through the covers offered by Principal Financial.
Products and services offered?
Principal Financial has both group and individual products. This company targets its clients in both categories as a means to provide the most desired benefits in the most appropriate approach. Below is the breakdown of the way Principal Financial offers its products to its clients:
Products offered to individuals
1. Life Insurance – the life insurance policies offered by Principal Financial include: Term life insurance, Survivorship life, Universal life, Variable Universal life, and Indexed Universal Life policies.
2. Annuities – Principal Financial offers a variety of annuity products, in a bid to help investors create a long-term investment plan. The annuity plans offered are fixed annuities, Single premium deferred annuities, income annuities, indexed annuities, variable annuities.
3. Retirement savings – Principal Financial offers retirement savings accounts for its clients. Some of the main plans under this category include 401(k), 403(b), traditional and IRA plans, mutual funds.
4. Disability Income protection – this product is aimed at covering individuals from the loss of income resulting from disability.
Products offered as group products
1. Group Insurance –some of the group insurance products offered by Principal Financial Include: Group Disability, Group Life plans, Dental and Vision Insurance, Critical Illness & Accident Insurance.
2. Retirement plans –the major retirement plans offered to employees by Principal Financial include Pension plans, stock ownership plans for employees, group 401(k) and 403(b), nonqualified deferred compensation plans.
Is Principlal Financial a Scam or is it Legit?
Principal Financial has been in operation since 1879 when it was founded by Edward Temple. According to Fortune 500(http://fortune.com/fortune500/principal-financial/), this company has 16,475 employees working for it to serve clients distributed all over the world. This would not have been the case if Principal Financial was not a genuine company offering genuine products.
Principal Financial Group has its stocks traded on NASDAQ as PFG, which again is sufficient proof that this company is a genuine company. Most of the companies who rely on this company have offered positive reviews about it, as can be seen on Best Company (https://bestcompany.com/life-insurance/company/principal-financial-group). There is however a major outcry from clients on Yelp, who point out the fact that Principal Financial does not disclose the details that matter to clients at the start of the contract, and it later uses such details to go against the clients’ expectations (https://www.yelp.com/biz/principal-financial-group-des-moines).
Consumer trust sites, on the other hand, have nothing much against this company. An example is Expert Insurance Reviews (https://www.expertinsurancereviews.com/insurance-company-reviews/principal-financial-group/), on which Principal Financial has a (4/5) rating, and Nerdwallet (https://www.nerdwallet.com/blog/insurance/reviews/principal-financial-life-insurance/), on which Principal Financial is ranked 7th out of 20 best insurance companies.
Investors can rely on the products offered by Principal Financial to grow their wealth, in a bid to ensure that they and those who can be termed as their beneficiaries do not encounter any financial difficulties in their retirement years. The annuities, mutual funds and retirement plans offered by Principal Financial are good enough to help investors to achieve this objective.
Pros and Cons
We always present some obvious points on both sides of the spectrum in our reviews, below you got some clear points on both sides of the spectrum:
-Has been in business for more than a century.
-Has branches that serve clients all over the world.
-Offers a variety of insurance and investment products.
-Does not offer whole life insurance.
-The lack of client education on the terms of the products offered has come up in several consumer trust sites.
Do You Own or represent Principal Financial?
If you are a representative, or associate of Principal Financial and have found something not to be correct in this review please, feel free to tell and I will make sure to update the info on this post. The easiest way to do it is in the comment section below or else you got the e-mail on the about page.
Final words and verdict:
Overall rating: (4 / 5)
Ok, I think that sums up the overall view of this company pretty good. It is a legit one for sure, however, if it is your best alternative out there is another story. That is something you have to decide yourself, and of course, it, first of all, depends on what you are looking for.
If you are looking for life insurance and annuities they might be one of your best alternatives out there, if you are looking for IRAs and rollovers I always recommend Regal Assets as they have a flawless record and are the (by far) most top rated company in the precious metals (and also bitcoin) industry so I suggest you check them out as well if you haven´t already.
Always review and compare different alternatives against each other before you make any investment decisions.
You made a wise decision to read this review and you are a smart person, so I am absolutely sure that you will find the right company that suits your particular need the best and that you feel comfortable doing business with.
There are many great investment services out there, I have listed many of them on this website, however, the absolute best one I can recommend (when it comes to IRAs and 401k rollovers) is Regal Assets, it is the worlds #1 rated company to invest in Precious Metals IRAs and also have started to offer Bitcoin and other cryptocurrencies to its clients for the last couple of years.
I hope you found this short review of Principal Financial to be helpful and you now have a better understanding of what it is and if their investing financial service is for you. Please, if you have used any of their services then share your experience in the comment section below as it can help others! Also, if you got any questions about this review I will be more than happy to answer them below!
I wish you success!
founder of: Goldretired.com