We’re excited to announce the Principal 10-year and 20-year Guaranteed Issue Term (GI Term II) product effective Jan. 16, 2023. GI Term II is a new, standalone product designed to meet a variety of business needs. When using life insurance as part of a key employee benefit, participants can appreciate being insured without worrying about medical exams and health questions.
- Face increase flexibility. Salary Increase Rider or contractually through a job level change
- Two risk classes. Standard and Preferred
- Convertibility. Flexibility to convert to permanent, cash value product later
- Fund multi-life business cases. Use with groups of 10 or more to fund business solutions such as key person, business succession, and key employee benefit plans.
For purposes of these guidelines, current Term product in effect prior to this new product is referred to as “GI Term 2020” and the new product is referred to as “GI Term II 2023”
- January 16, 2023
- New GI Term II 2023 is available to quote and sell.
- We’ll accept applications for original product through February 16, 2023.
- GI Term applications in underwriting will be issued the product applied for unless GI Term II 2023 is requested. Note the request on a cover letter/transmittal. A new application isn’t required.
- February 17, 2023
- All applications received in the home office on or after this date will be issued as the GI Term II 2023 product.
Policies within the examination period: Cash on Delivery (COD), Offer, or Shortage If GI Term II 2023 is desired,
- If the policy was delivered via eDelivery, the Field Office Contact (FOC) will reject the policy with 2020 GI Term product and indicate in the “Rejection Comments” box that “GI Term II 2023” is desired. The policy will then be reissued and delivered via eDelivery.
- If the physical policy was mailed from Principal, please contact the Case Coordinator on the policy.
Backdating is allowed to save age. Normal backdating rules apply.
Approved in all states except CA, FL, NY, ND, SC, and SD.