How we’re helping in uncertain times

Supporting customers, communities, and businesses experiencing hardship due to COVID-19.

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How we're helping customers

Individuals and families

Businesses

Principal® and Principal® Foundation giving programs

The Giving Chain

Principal Foundation Relief Fund

For you and your family

Retirement plan participants

Your challenge

You may need access to some of your retirement funds.

How we're helping

We’re waiving participant-paid loan origination and distribution fees for taking coronavirus-related distributions (CRDs), hardship withdrawals, and loans for plans that allow them, through September 30, 2020.

Insurance customers

Your challenge

Paying premiums may be difficult for you at this time.

How we're helping

To prevent a lapse in coverage, we temporarily extended grace periods an additional 60 days for premium payments on life insurance (until May 31, 2020) and disability insurance (until June 30, 2020). Additionally, we are complying with states that require longer grace periods and payment extensions for past due premiums.

Your challenge

New life and disability insurance policies may require a physician’s statement and labs, but it may not be possible to visit a doctor’s office right now.

How we're helping

We’re using digital health data and records, when possible, to underwrite our life and disability insurance policies.

Your challenge

Many dental offices are not open for non-emergency procedures.

How we're helping

Teledentistry evaluations that took place from March 15 to May 31, 2020 will not count toward annual frequency limits for our dental insurance customers.

For businesses

Retirement plan sponsors

Your challenge

Generally, when you amend your retirement plan, you incur a fee and it takes additional time to make the changes.

How we're helping

We’re waiving fees to amend your retirement plan(s) to allow participants to take advantage of the new provisions in the CARES Act, 要么 to reduce or remove your employer contributions through September 30, 2020.

Insurance customers

Your challenge

Paying premiums may be difficult for some businesses at this time.

How we're helping

We temporarily extended grace periods for an additional 60 days for life (until May 31, 2020) and disability (until June 30, 2020) insurance premium payments. For group insurance policies, grace periods were extended from 30 to 60 days until June 1, 2020.*

Your challenge

Group insurance policies sometimes incur a rate increase when they’re renewed.

How we're helping

For employers with fewer than 500 employees, there will temporarily be no rate increase on group benefit coverage. For group dental and vision coverage, this applies to renewal dates between May 1, 2020 and April 15, 2021. For group life and disability coverage, this applies to renewal dates between May 1 and October 15, 2020.

Your challenge

The rising cost and need for more advanced personal protective equipment will increase business expenses for dental providers.

How we're helping

In-network dental providers will receive a personal protective equipment payment for each patient visit, starting June 1, 2020, through December 31, 2020.

Your challenge

Dental providers are temporarily closed for non-emergency services, limiting the opportunity to use dental benefits.

How we're helping

Dental insurance customers will receive a premium credit of 10% on group dental coverage bills from June through October.

Principal and Principal Foundation
giving programs

The Giving Chain

Principal started The Giving Chain in 30 communities around the world, and we encourage others others to join the effort. We aim to provide thousands of meals and activity kits to individuals and families, sourced from and in collaboration with local businesses and nonprofits.

Join The Giving Chain

  1. Buy meals or goods from a local business you’d like to support.
  2. Give the purchase to community members who’ve been impacted by the virus.

Share how you’re giving back during COVID-19 using #TheGivingChain and connect with us on Facebook, Instagram, Twitter, 要么 LinkedIn.1

Learn more about the Giving Chain

Principal Foundation Relief Fund

The Principal Foundation started this fund with an initial contribution to help Principal employees, employees of companies that are majority-owned by Principal, and U.S. service industry professional providers (real estate, janitorial, wellness, childcare, food service, and security) who experienced an unexpected financial hardship due to a qualified disaster.

Emergency relief grants were provided for food, clothing, housing, and transportation needs to qualifying applicants.

Clear answers for your questions

Resources for making good decisions through COVID-19

For you and your family

View individual resources

For businesses

View business resources

* Some states may have different requirements. Check with your insurance professional.

When sharing be sure to not include information that would be deemed personally identifiable. Existing restrictions would apply on donating to PACs and other similar organizations. Existing business unit gifting policies still apply (donations of more than $100 USD or your local gift reporting limit, if different, to a client would apply and have to be logged.)

The subject matter in this communication is educational only and provided with the understanding that Principal® is not rendering legal, accounting, investment advice or tax advice. You should consult with appropriate counsel or other advisors on all matters pertaining to legal, tax, investment or accounting obligations and requirements.

Insurance products issued by Principal National Life Insurance Co (except in NY) and Principal Life Insurance Co. Securities offered through Principal Securities, Inc., 800-247-1737, Member SIPC Principal National, Principal Life, and Principal Securities are members of the Principal Financial Group®, Des Moines, IA.

Insurance products have limitations and exclusions. For cost and coverage details, contact your Principal® representative. Disability insurance from Principal is issued by Principal Life Insurance Company, Des Moines, IA 50392.