Business Underwriters Associates, LLC

Principal: New rates for Principal Indexed Universal Life Accumulation II

01-16-2024

A new year brings renewed sales opportunities with Principal Indexed Universal Life Accumulation IISM (IUL Accumulation II). Effective January 16, new-issue policies (in all states, except New York) will have new rates. This includes higher caps and improved early cash values for your clients.

With a simple, transparent design—and the same valuable features below—IUL Accumulation II is attractive to the business market. It offers death benefit protection and cash value growth—making it ideal for key employee retention and retirement or business owner retirement solutions. 

Key features*

This product continues to offer your clients:

  • A choice of three index-linked accounts.
  • Optional, high-early cash surrender value rider that can provide businesses a balance sheet boost.
  • Innovative, automated income platform that helps maximize distributions and protect against unplanned tax events.

The new rates are updated on the Principal Life Illustration System and Winflex.

Transition Guidelines

Important dates

January 16, 2024

  • New rates for IUL Accumulation II (01/2024) are effective in all states, except New York.
  • The Principal illustration system and Winflex are updated with the new rates.
  • IUL Accumulation II applications in underwriting will be issued at rates applied for based on the illustration submitted, unless new rates are requested.  If new rates are desired, request them through your Home Office contact.  A new application is not required; however, a new illustration must be provided showing the correct product version.

February 16, 2024

  • Principal will accept requests for the prior version of IUL Accumulation II (08/2021) until February 16.  Simply note this request on a cover letter or transmittal.
  • All applications received in the Home Office after February 16 will be issued as the new IUL Accumulation II (01/2024) rates.  No exceptions will apply.

Term Conversions - all transition guidelines apply to term conversion requests to IUL Accumulation II.

Backdating - normal rules apply for backdating to save age.

 

Please give our life sales team a calla t 800.792.6795 if you have any questions!

*Some considerations for clients:
  • Returns capped at a certain level.
  • IUL may have higher fees than other policies.
Insurance products issued by Principal National Life Insurance Company (except in NY) and Principal Life Insurance Company®, and the companies available through the Preferred Product Network, Inc. Plan administrative services offered by Principal Life. Principal Funds, Inc. is distributed by Principal Funds Distributor, Inc. Securities offered through Principal Securities, Inc., Member SIPC and/or independent broker/dealers. Referenced companies are members of the Principal Financial Group®, Des Moines, IA 50392.
Please inform clients that contract rider descriptions are not intended to cover all restrictions, conditions, or limitations. Refer to rider for full details.
For financial professional use only. Not for distribution to the public.