Principal could be an excellent choice if you want a high monthly coverage amount, which maxes out at $35,000. It’s also great if you want to create a long-term disability policy that perfectly fits your needs, thanks to its flexible waiting periods and diverse rider options.
Besides offering the highest monthly benefit amount (along with The Standard) we found, Principal stands out for its highly customizable long-term disability insurance. The company offers a wide range of waiting period choices, including 30, 60, 90, 180, and 365 days, allowing you to fine-tune when your benefits begin and potentially save money on premiums. It also provides a good selection of riders to tailor your policy to your specific needs.
You can also purchase disability income insurance specifically for retirement savings. If you can’t work due to illness or injury, the Principal DI Retirement Security policy starts putting money in a trust for you each month. When you reach retirement age, you receive the accumulated funds in monthly payments.
Principal provides a disability insurance calculator that generates a quick online quote for a policy. However, its policies are relatively expensive, and you must apply by age 60.
Principal was founded in 1879 and is based in Des Moines, Iowa.
