How to name beneficiaries and fund a trust at Principal
Covers 14 insurance, and 5 retirement accounts — beneficiaries can be managed online
Principal Financial Group, 711 High Street, Des Moines, IA 50392-0001
Principal Financial Group, 711 High Street, Des Moines, IA 50392-0001
Individual Life Claims
Principal Life Insurance Company / Principal National Life Insurance Company, P.O. Box 10431, Des Moines, IA 50306-0431 (overnight: 711 High Street, IDPC-M1-E10, Des Moines, IA 50392-4510)
Beneficiary designations are the foundation of estate planning for Principal policies. Unlike bank accounts, insurance products cannot be retitled into a trust. Instead, the beneficiary designation itself determines who receives the proceeds and how quickly they're paid. Naming a trust as beneficiary is an option when more control over distributions is needed.
Principal has 19 product types, and the estate transfer rules differ across them. Some support beneficiary designations, some can be retitled into a trust, and others will require probate if nothing is set up. Each is covered below.
- Click the account card on the left menu, then select "View the full account"
- Click "Overview" from the top menu and scroll down to "Beneficiaries"
- Follow the on-screen prompts to add or edit primary and contingent beneficiaries
Required Documents
- Trust name, date established, and tax ID (EIN or SSN)
Special Requirements
- Trusts can be named as beneficiaries on all Principal products (life insurance, annuities, and retirement accounts)
- Each retirement account must have its beneficiaries updated separately
- Spousal consent may be required for qualified retirement plans (401(k), 403(b), pension) when naming a non-spouse beneficiary
- Certain beneficiary designations cannot be completed online and require a paper form
- Do not alter beneficiary change forms with white-out; cross out errors and initial corrections
- Beneficiary designations override instructions in a will
- Individual life beneficiary and ownership changes go to Individual Life POLICY SERVICE (800-247-9988, fax 866-885-0390, IndLifeService@exchange.principal.com) — a different phone, fax, and inbox than Individual Life CLAIMS (800-331-2213, fax 866-894-2096, IndClaims@exchange.principal.com). Sending a change form to the claims inbox delays it
Sources
- principal.com
- secure02.principal.com
- benefitenrollment.individuals.principal.com
- forms.insurance.claims.principal.com
- secure05.principal.com
Data sourced from Principal primary sources (24 pages reviewed). How we research.
Download these Principal instructions
Download instructions for the whole estateA printable PDF with the steps, required documents, and contact details — verified against Principal primary sources. Bring it to the branch or keep it beside the phone.
Principal Financial Group, 711 High Street, Des Moines, IA 50392-0001
Principal Financial Group, 711 High Street, Des Moines, IA 50392-0001
Individual Life Claims
Principal Life Insurance Company / Principal National Life Insurance Company, P.O. Box 10431, Des Moines, IA 50306-0431 (overnight: 711 High Street, IDPC-M1-E10, Des Moines, IA 50392-4510)
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