Principal Financial simplifies term insurance purchase process

Principal Financial Group has launched a new digital tool that enables prospective clients to easily purchase term insurance plans in a bid close the life insurance gap in the US. Dubbed Principal Life Online, the new platform has been designed to streamline buying insurance experience from application submission to the delivery of policy documents. The new platform reduces the time taken to buy a terms insurance plan from a traditionally paper-based process to the digital process. On average, the clients can save up to 30 days that generally take to buy the term insurance plan. Principal senior vice president of individual life insurance Greg Linde said: “Customers expect a seamless online experience in most places they shop, but insurance hasn’t historically been easy to purchase.