Overview
Principal Financial Group is a global financial investment management and insurance company headquartered in Des Moines, Iowa. They are a leading provider of retirement plans (401(k)s), group insurance, and individual life insurance. When an account holder passes away, the estate representative or beneficiary must notify Principal to initiate the claim process for life insurance or transfer retirement assets.
This guide covers Principal's death notification process, the specific requirements for different product lines (Retirement vs. Insurance), and realistic timelines for receiving funds. Because Principal manages both employer-sponsored plans and individual accounts, the process may vary slightly depending on the type of relationship the decedent had with the company.
Principal partners with Empathy and ARAG to provide beneficiary support services, including grief support and legal document assistance, which may be available to you depending on the policy.
This guide provides informational guidance only. It is not legal advice, and SwiftProbate is not a law firm. Laws and institutional procedures change — verify current requirements directly with Principal Financial and consider consulting a qualified attorney.
Notification Process
How to Notify Principal Financial of a Death
Step 1: Gather Initial Information
Before contacting Principal, have the following ready:
- Decedent's full legal name and date of birth
- Date of death
- Social Security number
- Policy or Account numbers (look for recent statements or pay stubs if it was a workplace plan)
- Your name and relationship to the decedent
- A certified copy of the death certificate
Step 2: Call the Appropriate Department
Principal has different lines for different products. If you are unsure, call the general line.
- General Inquiries / Individual Accounts: (800) 986-3343
Hours: Mon–Fri, 7 AM – 7 PM CT
- Retirement Plans (401k/403b): (877) 475-3436
Hours: Mon–Fri, 7 AM – 7 PM CT
- Group Life Insurance Claims: (800) 245-1522
When you reach an agent, they will:
- Verify the decedent's identity
- Place a deceased flag on the account(s)
- Initiate the claim process for any life insurance policies
- Explain the distribution options for retirement accounts
- Send you the necessary claim forms (via email or mail)
Step 3: Submit Required Documents
You can often submit claims electronically if you have online access. Otherwise, mail the completed claim forms and the certified death certificate to the address provided on the form.
Common Mailing Address (Group Life & Disability):
Principal Life Insurance Company
Attn: Group Life & Disability Claims
Des Moines, IA 50392-0002
Fax for Claims: (800) 255-6609
Step 4: Wait for Processing
After Principal receives your documents, expect:
- Acknowledgment: 1–3 business days
- Claim Review: 5–10 business days (for standard life insurance claims)
- Retirement Processing: 5–15 business days
Step 5: Receive Funds
Once approved:
- Life Insurance: Paid via lump-sum check or Safe Access Account (retained asset account).
- Retirement: Rolled over to an inherited IRA, transferred to your own plan (if spouse), or paid as a lump sum distribution.
Required Documents
Documents Principal Financial Requires
The exact documents depend on the product type (Insurance vs. Retirement) and the beneficiary designation.
Always Required
| Document | Details |
|---|---|
| Certified death certificate | 1 certified copy is usually sufficient per product line |
| Claim Form / Beneficiary Statement | Provided by Principal (specific to Life or Retirement) |
| Government-issued photo ID | Of the person claiming the account |
If There Is a Will (Testate Estate)
| Document | Details |
|---|---|
| Letters Testamentary | Required if the estate is the beneficiary |
| EIN (Employer Identification Number) | For the estate, if opening an estate account |
If There Is No Will (Intestate Estate)
| Document | Details |
|---|---|
| Letters of Administration | Issued by the probate court |
| EIN | For the estate |
Trust Accounts
| Document | Details |
|---|---|
| Trust Certification | If a trust is the beneficiary |
| Trustee ID | Government-issued photo ID of the trustee |
Account Types
How Principal Handles Different Account Types
Retirement Accounts (401(k), 403(b), IRA)
Retirement assets pass directly to the named beneficiary.
- Spouses: Can roll over funds to their own IRA, an inherited IRA, or take a lump sum.
- Non-Spouses: Typically must open an inherited IRA and take distributions according to the 10-year rule (SECURE Act).
- No Beneficiary: Assets typically go to the estate, requiring probate documents.
Timeline: 5–15 business days
Life Insurance Policies (Group or Individual)
Proceeds are paid to the named beneficiary tax-free.
- Named Beneficiary: Simple claim form + death certificate.
- Estate as Beneficiary: Requires Letters Testamentary/Administration.
Timeline: ~5 business days after receipt of all documents
Annuities
Death benefits depend on the specific contract terms. Some continue payments to a survivor, while others pay a death benefit.
Timeline: 10–20 business days
State Considerations
How Your State Affects the Principal Financial Process
Principal operates nationally, but probate is governed by state law. Your state determines:
- Whether probate is required (if no beneficiary is named)
- Small estate thresholds — estates below certain values can skip formal probate
- Community property rules — in states like AZ, CA, ID, LA, NV, NM, TX, WA, WI, a spouse may have rights to 50% of assets acquired during marriage regardless of beneficiary designations.
Key State Variations
| State | Small Estate Threshold | Community Property? | Notable Rules |
|---|---|---|---|
| California | $184,500 | Yes | Spousal property petitions can speed up transfers |
| Texas | $75,000 | Yes | Muniment of Title is a faster probate option |
| Florida | $75,000 | No | "Summary Administration" available for small estates |
| New York | $50,000 | No | Voluntary Administration for small estates |
For detailed probate requirements, see our state and county probate guides.
Timelines
How Long Principal Takes to Release Funds
| Account Type | Estimated Timeline | Key Factor |
|---|---|---|
| Life Insurance Claim | 5–10 business days | Fast processing if beneficiary is clear |
| Retirement (Beneficiary) | 5–15 business days | Depends on how quickly you select distribution option |
| Estate Claim (Probate) | 3–6+ months | Depends on court issuance of Letters Testamentary |
| Annuity Death Benefit | 10–20 business days | Contract review required |
Note: Missing documents or contested beneficiary designations will delay processing.
Tips & Pitfalls
Common Pitfalls and Tips
Check for Multiple Policies
Principal often manages both retirement plans (through work) and group life insurance. Ask the representative to search for all policies linked to the decedent's SSN.
Do Not Cash Checks Made to the Deceased
If Principal sends a check made out to the decedent, do not try to cash it. It must be returned and reissued to the beneficiary or the estate.
Spousal Consent for 401(k)s
Federal law requires spouses to be the primary beneficiary of 401(k) plans unless they consented otherwise in writing. If a non-spouse claims the account, Principal may require proof of spousal consent.
Keep the Case Number
Principal will assign a claim or case number. Keep this handy for all future calls to avoid repeating your story.
Beneficiary Support Services
Ask about Empathy (720-408-7491) or ARAG (800-546-3718) services. Principal provides these to many beneficiaries to help with the logistical and emotional sides of loss. Empathy offers grief support, while ARAG provides will and legal resources.