Principal IUL Flex II & UL Flex III Repriced

Written By Jon Gold

From Principal

Principal Indexed Universal Life Flex II and Principal Universal Life Flex III reprices, Effective January 13, 2025

Principal Indexed Universal Life Flex II (IUL Flex II) and Principal Universal Life Flex III (UL Flex III) have been repriced for new-issue policies. The updated product versions comply with current nonforfeiture interest rate regulations.

Key dates for IUL Flex II and UL Flex III

  • January 13, 2025

    • New rates are effective.  Principal will accept applications for the products with original rates through February 12, 2025

    • The Principal illustration system, WinFlex, and other third-party quoting platforms are updated with the new rates.

    • Applications in underwriting will be issued at rates applied for unless new raters are requested.  Note the request on a cover letter/transmittal.  A new application isn't required, but a new illustration must be provided.

  • February 12, 2025

    • Last day to receive applications for original rates.  All applications received in the home office after February 12 will be issued with the new rates.

Term Conversions

  • All transition guidelines apply to term conversions to IUL Flex II and UL Flex III.

Backdating

  • Backdating is allowed.  The requested backdate can't precede the date of the applicable state approval of the new rates.

State approvals

  • IUL Flex II: New Rates are approved in all states, except California and South Carolina (the product isn't approved in NY).

  • UL Flex III: New Rates are approved in all states, except California, Delaware, North Dakota, and South Carolina.

Jon Gold
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