Principal Universal Life Protector IIISM (2007)
How It Works
Security is your priority. You want to be certain your commitments are taken care of for the long term. Principal Universal Life Protector IIISM (Protector III) (2007) from Principal Life Insurance Company helps ensure future obligations can be met by providing you with guaranteed death benefit1 protection.
Highlights2
Protector III (2007) puts you in the driver's seat to make choices through:
- Flexibility to select the length of guaranteed death benefit protection up to lifetime coverage
- Flexibility to select the level of premium paid into the contract.
- Flexibility to decrease or increase (subject to underwriting rules in effect at the time) the policy's death benefit.
One of the key features of this product is the guaranteed death benefit coverage provided at reasonable premium levels. This type of coverage is achieved through the Lapse Protection feature.
Lapse Protection Feature
With lapse protection, you can help to guarantee your policy will not lapse for a few years or for your lifetime. You control how long your policy remains in force without lapsing by the amount of premium you pay into the policy.3
- Under the Lapse Protection Test feature, a Lapse Protection Test Value accumulates as you pay premiums into the policy.4 As long as the policy's Lapse Protection Test Value is greater than the Loan Indebtedness, your policy's coverage is guaranteed. You can select a specific premium pattern that can guarantee coverage to a specific Lapse Protection Coverage Date that fits your death benefit protection needs.
- Your Principal Life financial representative can help you determine the Lapse Protection Test Premium that provides for the amount and level of death benefit protection you desire.
- This protection feature is not affected by changes in the interest crediting rates and charges that are used to determine the Surrender Value of the policy, nor is the Lapse Protection Test Value available in cash at time of surrender. However, this feature is affected by any changes made to the policy (loans, surrenders, etc.), and these changes will affect the lapse protection guarantee period. As long as you pay planned periodic premiums at the planned frequency and duration and no changes are made to your policy, coverage will be guaranteed to a specific Lapse Protection Coverage Date. However, payment of premiums other than as planned and changes made to the policy (i.e., loans, surrenders, face adjustments, etc.) will affect the lapse protection guarantee period.
Security for Life
Protector III (2007) helps guarantee that your loved ones and your obligations are covered. You get flexible guaranteed death benefit protection with tax-advantaged accessibility and optional riders and policy provisions - all in one product. Talk to your Principal Life financial representative today about leaving a legacy of security to your loved ones using Protector III (2007).
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1Guarantees based on the claims paying ability of Principal Life Insurance Company
2The policy description is not intended to cover all restrictions, conditions or limitations that may apply. Benefits may be limited during the first two years of your policy under the Suicide and Contestability provisions. See the policy for full details. The policy is subject to state variations and availability.
3The policy's Lapse Protection provision, and its underlying protection, will be affected by any changes in premium payment amounts, premium payment frequency, loans, partial surrenders, face amount adjustments, death benefit option changes, risk class changes and addition/deletion of any attached rider. Please see your policy for more information.
4The lapse protection test value will be reduced by lapse protection premium expense charges, lapse protection monthly policy charges, and partial surrenders.
Insurance issued by Principal Life Insurance Company, a member of the Principal Financial Group®, Des Moines, IA 50392.
Policy Form # SF 802
#3016052008
