Revised Underwriting Guidelines for Exams and Labs Due to COVID-19
Updated: Aug 10, 2020
COVID-19 causing changes to Principal’s underwriting guidelines for exams and labs, as well as needed tax information.
Effective immediately, the individual disability insurance (IDI) underwriting department at Principal® is changing underwriting guidelines for exams and labs. These changes will be effective through May 31 and will be revisited regularly as the pandemic news unfolds.
Labs and physical measurements
No physical measurements and labs are needed for up to the amounts listed below. For amounts beyond those listed below, Principal will evaluate the medical records to determine if labs and physical measurements are needed.
Disability Income: $10,000/month
Business Overhead Expense: $25,000
Disability Buy Out and Key Person: $1,000,000
Attending physician statements
Principal is also temporarily expanding the use of Human API for all medical record requests.
Principal recognizes that 2019 tax forms may not be available. They will attempt to use 2018 information and any 2019 information available (e.g. W2, 1099, etc.) to evaluate your application.
MDDQ has a long-standing relationship with Principal. We are available to provide more information for your specific situation regarding any of the above changes. Please don’t hesitate to reach out to us.