Principal uses a unique life insurance underwriting approach. They determine if you’re eligible or not by using data with a 3 prong approach.
Principal will get the needed underwriting data from these 3 sources:
- DMV (Department of Motor Vehicles)
- Medical Information Bureau
- Medication/Prescription database
As long as you are a healthy applicant without any major driving infractions, you should qualify.
What exactly is healthy? If your medical history is clean and free from heart disease, cancer, diabetes, stroke, etc. and your prescription history isn’t significant – you should have a great chance of qualifying. How about your driving record? You can only have a maximum of two tickets in the past three years.
What if you’re not in excellent health or have a preexisting health condition? You more than likely won’t qualify for Principal’s Non Medical option and would have to take a medical exam to qualify for their term life products.
*If you have a risky health condition or hobby, there are other life insurance companies that might be a better fit.