Those firms with renewal dates from July 1, 2009, through January 31, 2010, will have no rate increase on life, vision, short-term, and long-term disability coverage. In addition, there will be only a 3% increase for dental coverage.
“Often it’s the smallest businesses who feel the biggest impact when times are tough. We recognize these businesses are struggling with shrinking budgets and pressure to maintain quality benefits for their employees,” said Amy Friedrich, vice president of specialty benefits for the Principal Financial Group, in the announcement. “Like those employers, we realize taking care of our customers is crucial, which is why we’re offering a significant saving to help during these difficult times.”
The Principal estimates that 31,000 employers nationwide will see cost savings. On average, a customer with three lines of coverage will experience a savings of $1,200, the announcement said.