Was your claim for Principal Financial disability benefits denied? An insurance denial happens when you need money the most.
Whether Principal Financial denied your claim in error, or wrongful and deceptive practices were the cause, as the insured you have the right to contest Prudential’s denial. We can help you in this fight.
Our law firm assists claimants who have purchased Principal Financial disability insurance as an individual policy, or are covered by their employer’s group plan through Principal.
Selling policies and collecting premiums are vital to the success of any insurer. Just as important is the amount paid out in disability coverage. Hence, one strategy to stay prosperous is for insurance carriers to award fewer benefits, even for the most credible claims.
About Principal Financial Disability Insurance
Principal Financial Group is a market leader in financial services and products, including individual and group disability insurance. A member of the Fortune 500, in 2016 the Principal Financial Group had $591.6 billion in assets globally.
Disability insurance policies are issued and handled by Principal Life Insurance Company, a member company of the Principal Financial Group. Disability policy types include:
- Individual Disability Income Insurance, including Overhead Expense or Buy-Out Policies
- Individual Catastrophic Disability Benefit Rider
- Group Disability – Short and Long Term Disability, or Group Life Waiver of Premium
Principal Financial Individual Disability Income Claims
Principal Financial Group markets Individual Disability Income insurance largely to doctors and dentists, as well as lawyers and law firm partners, CPAs, architects, engineers and other professionals.
Also known as IDI, an Individual Disability Income policy can stand alone or supplement group coverage you might have through work. IDI policies are generally portable, meaning your policy goes with you even if you change jobs or careers.
It is critical to understand the terms of your policy. Principal Financial disability income policies are marketed with features such as:
- they are non-cancelable
- the rate of premiums is guaranteed to age 65
- your occupation is covered to age 65
- policies may be conditionally renewable for life.
These policies are often highly customized to the consumer through the addition of riders offered by Principal.
Your policy’s definition of total disability in an IDI policy may be the “own occupation” definition. This means that you will be considered totally disabled if you are unable to perform the “material and substantial duties of your occupation” such as a surgeon, as opposed to being disabled from doing “any” occupation.
Also, if the example surgeon practices in a niche market, the own occupation definition can be upgraded to an “own specialty occupation” – such as a cardiothoracic surgeon.
Our attorneys will help you decipher your policy and explain what you must prove to satisfy the standard of disability in your policy.
Attorneys Representing Principal Financial Group Disability Claims
Short Term Disability (STD) and Long Term Disability (LTD) Benefits
Short and long term group disability coverage protects you in the event you are no longer able to work due to a disabling illness or injury.
Some of Principal Life’s disability plans have integrated STD and LTD insurance coverage. In these plans, if you already have filed an STD claim you may not need to submit a new claim form to transition from short term to long term disability coverage. Be sure you know the terms of your policy!
You may also have purchased Principal private disability coverage to accompany a group policy offered through your professional association, as an increased safety net.
Your employer may pay some, all or none of your premiums – again, it is critical to read and understand your policy to know how your insurance works and the laws by which a claim denial and appeal are governed.
Proving your claim was unfairly denied by Principal Financial is a challenge without legal knowledge or experience. For specific answers about your disability coverage, and for dedicated help fighting an unfairly denied claim, please contact us without delay.
We Hold Insurance Companies Accountable!
Many insurance companies, including Principal Financial Group, search for possible reasons upon which they can deny or diminish your claim. The lawyers you want in your corner are the ones who deal with long term disability claims every day.
Our attorneys live and breathe disability insurance law. We know the players, their strategies and what it takes to prevail to win the benefits you deserve. If you have had your Principal Financial disability claim unfairly denied or terminated, tell us more in a free case evaluation.