Principal Life submitted a filing to the Florida Office of Insurance Regulation introducing a new individual disability income product, which will be offered for new business only and will not affect existing policyholders.

The policy provides monthly income benefits to insured individuals who become disabled due to injury or illness after satisfying an elimination period, with benefits payable through a selected maximum benefit period. Coverage can include optional riders such as accident benefits, cost of living adjustments tied to CPI, catastrophic disability coverage, residual disability benefits, and retirement security benefits paid into a trust.

The product is designed primarily for professionals and business owners and will be distributed through career and brokerage channels. Applicants will be subject to medical and financial underwriting, which may include medical exams, prescription drug checks, and physician statements. Guaranteed standard issue underwriting may also be available for employer-sponsored or association-based offerings.

Premiums vary based on factors including issue age, occupation class, elimination period, benefit period, nicotine use, and geography. The program includes multiple occupational rating classes for medical, dental, and non medical professions, along with preferred Plus tiers offering more favorable pricing for certain occupations.

The filing also introduces discounts for multilife groups, associations, and employer sponsored plans. Depending on participation levels and group characteristics, discounts can range from zero to as much as 40%.

Principal estimates the average annual premium for the new policy at about $2,687 nationally and $2,811 for policies issued in Florida.