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Principal Has Updated Their Drop Ticket Rules

Drop Ticket will be required for certain term application submissions effective April 1, 2021:

Drop Ticket must be used for all term application submissions up to the maximum applicable Accelerated Underwriting face amount ($3 million for issue ages 18-40; $2.5 million for issue ages 41 and older). Exceptions include:

  • Life/DI combos
  • Applications written in New York
  • Applications that require multiple owner signatures (examples include trust-owned where multiple trustees need to sign and business-owned where multiple business owners need to sign)
  • Applications where additional, multiple, or alternative policies are requested at the time of submission

Beginning April 1, 2021, Term applications that don’t meet these guidelines will not be processed and premiums will be returned.