According to a press release on the product, the option will be offered as Principal Term Connector and is designed to meet the needs of participants in worksite benefit programs offered by The Principal.
With Principal Term Connector, participants now have an option to purchase face amounts from $25,000 up to $200,000 if a need for income protection is first identified through the worksite guidance program.
Through the new offering, participants also have the option to convert Principal Term Connector to a cash value life insurance policy from The Principal offered at the time of conversion for the duration of their premium payment or age 70.
“Principal Term Connector expands our commitment to our worksite guidance programs which are designed to help employees look at their entire financial picture to identify needs,” said Geoff Christy, national director of worksite solutions for the Principal Financial Group, in the press release. “The goal is to help participants develop a holistic plan for a secure financial future. Both saving for retirement and protecting loss of income are important parts of that discussion.”
For more information visit www.principal.com .