New Income Protection Option Available for Part-Time Employees
More than 19.5 million employees are taking advantage of a steadily growing work place trend — reducing work hours to achieve a work/life balance. Many employers still wanted advisors to help provide comprehensive benefits, regardless of hours worked. But flexible arrangements with fewer hours worked can limit the types of benefits for which employees can qualify. Until now.
The Principal Financial Group(R) makes individual disability income insurance available for part-time employees to purchase- a change from historic industry standards requiring full-time employment. Coverage is available for employees working 20 to 29 hours per week and earning over $40,000 annually.
“For years, advisors have been frustrated with the lack of quality benefit options available to offer part-time employees,” said Paul Fromm, vice president of individual disability insurance for The Principal(R). “We wanted to close that gap for income protection and provide a solution to help advisors meet the needs of this growing market. Offering quality income protection coverage for part-time employees does just that.”
Not only can part-time employees protect their income, they can also protect their ability to continue saving for retirement through Principal Life’s DI Retirement Security program.
“Life happens no matter how many hours you clock on your timecard,” adds Fromm. “Employees must be financially prepared to replace their paycheck when the unexpected happens.”
Additional information on income protection can be found at principal.com.
About the Principal Financial Group
The Principal Financial Group(R) (The Principal(R))1 is a global investment management leader offering retirement services, insurance solutions and asset management. The Principal offers businesses, individuals and institutional clients a wide range of financial products and services, including retirement, asset management and insurance through its diverse family of financial services companies. Founded in 1879 and a member of the FORTUNE 500(R), the Principal Financial Group has $517.9 billion in assets under management2 and serves some 19.4 million customers worldwide from offices in Asia, Australia, Europe, Latin America and the United States. Principal Financial Group, Inc. is traded on the New York Stock Exchange under the ticker symbol PFG. For more information, visit www.principal.com.
Insurance issued by Principal Life Insurance Company, a member of the Principal Financial Group(R).
1 “The Principal Financial Group” and “The Principal” are registered service marks of Principal Financial Services, Inc., a member of the Principal Financial Group.
2 As of June 30, 2014.
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