Principal Financial Group
Reviews and Complaints

Hello-

I am writing today because I feel I was discriminated against by Principal Life Insurance (Policy #6785865) when I was declined for a life insurance policy. Initially, I was told by my agent that he had a letter from the underwriter that stated it was because of letter received by my Doctor that commented on Hep C and alcohol abuse, which has never been diagnosed or even mentioned in my records. When I pushed for that letter, I was then told by Principal and my doctor that it did not exist.
When I asked for the specific reason(s) then as to why I was denied, I was repeatedly told by Principal that they could not legally provide me with that information. After continued back and forth, I was finally told, that they were incorrect on that issue, as well, and sent me a document outlining their reason(s) for my denial, along with 350 pages of my medical records.
They stated the following denial reasons:

1) Fibrosis of the liver. I am unaware of any fibrosis of the liver. However, in reviewing my medical records, I found the test they referred to was taken before I was treated for HepC (2015) and was administered to determine treatment options for Hep C. The fibrosis was determined to be minimal. And, I was, in fact, treated at that time and I no longer have Hep C, so this finding is outdated and not even valid. In addition, there are repeated mentions in my records regarding alcohol audits and my score is always zero which means no likelihood of hazardous or harmful alcohol consumption.
2) COPD. The COPD is mild and treated with occasional use of an inhaler as noted in my medical records.
3) Smoking. I quit smoking in 2012, so this finding is also outdated and no longer valid. This is also noted in my medical records multiple times.
4) Depression. There is NO history of ever being diagnosed or treated for depression! The VA routinely asks all patients if they are suffering from depression, so as mentioned in my records, it was only a routine question. And, I was never referred for any mental health issues. In fact, my medical records state that I am not a risk for suicide or hurting others.
5) Abnormal urinalysis. I am also unaware of any abnormal urinalysis, prior or current, and was never treated for any such incident. I saw in my records, a mention of Oxycontin in my lab results which was a concern for the VA since they did not prescribe it. However, at that time, I was prescribed Oxycontin by my dentist for dental work. It seems the underwriter would rather assume I was a drug addict instead of inquiring about it. My doctor has never mentioned it.

All of the above reasons they gave for denial are either not diagnosed, baseless, or outdated. And, I should never have been subject to their fabricated and illegal company policies. Their underwriter jumped to incorrect conclusions based on inaccurate assumptions, misunderstanding lab results and making a determination based on no evidence. Thus, I feel that this insurance company discriminates against Veterans and the elder, healthy or not, assuming we are all drug addicts and alcoholics.

I would appreciate your investigation into my claim as the baseless denial has not only been a time-consuming, emotional roller coaster, but it has also affected my ability to obtain life insurance elsewhere.

Regards,

Edgeworth W Nader III
3065 SW 45th St
Ft Lauderdale, FL 33312
[protected]

10/31/2014.
I purchased Long Term Disability Insurance from Principal Financial, from the years of 2006 to 2013, I was latter put on disability by my doctor in 2013 and extended to 2015. but my long term refused to even take a clam. they said the insurance was only valid if I was still employed by the company that sold it. How can that be? i was let go after 12 weeks of FMLA, the company argued that they legally will only give me 12 weeks. so how can they sell Long Term Disability if they will not grant you 12 weeks medical time off?

If negative stars were available I'd give them a NEGATIVE 5. I've been invested with several different investment companies but PFG is off the scale in high fees, miscellaneous charges and charging the client to hold his/her money. Any employer who contributes to a deferred compensation plan forcing employees to match or hold funds in this plan is unconscious.

PFG advertises that their fees and expenses are higher than the majority of other funds because PFG offers better service. They offer the worst service I've ever experienced. They have multiple excuses for holding the clients money with complete contempt for anyone who questions their business practices.

I wonder how PFG's own employees will feel when they retire and are treated with as much contempt as the current clients and retirees are treated.

AVOID dealing with this company. Their business practices should be illegal but aren't. Yet. I certainly plan on writing the FTC and several representatives who still represent people over corrupt corporations. If enough people speak up Principal may someday be an ethical Corp. Or better, out of business.

I removed myself from all mutual fund accounts on 5-5-11 and put my account into a money market / cash account . They said I put my account into a re-balance account in Dec 2011 online . I changed my account to a money market/ cash account on May 5th 2011. I have lost $ 4, 000.00 dollars since they re-balancned my account . They did not send me a e-amil or regular mail that they put my cash account back into mutaul funds . She saidand her name is Jenny that is my responesability to follow my account .

i recently resubmitted a claim for dental services. attached to the FRONT of the claim was a letter, special form, and the HCFA. within 1 week the claim was denied for duplicate. i called the company and they had no record of the the letter and form that was attached to the FRONT of the claim. they would not sent me another claim or take my word that this form was attached OR that the reason for the resubmitted claim was due to a medical condition of diabetes and a heart condition. this is not a condition that i would make up in order to get a claim of $150.00 paid! my husbands employer spents a lot of money on insurance, and i think that this situation was handled inproperly. NO effort was made to resolve this for me. debbie obrien @ [protected]@yahoo.com

In the 3rd Quarter 2008, Principal arbitrarily decided to block any transfers out of its Real Estate fund, which was losing money, and has consistently lost money ever since. And there's no light at the end of the tunnel when they will allow investors to transfer their savings. Principal advised investors of the block at approximately 9:00pm on the night they implemented it at midnight -- 3 hours notice under cover of darkness, obviously to not allow investors enough time to protect themselves.

Principal continues its advertisements that it works in the best interest of investors -- that certainly couldn't be further from the truth with my experience.