The Principal Preferred Series Annuity without ROP 7 is a deferred multi-year guarantee annuity issued by Principal Financial Group - Principal Life.
This annuity is a premium banded product. The interest rate you earn will vary depending on the amount of premium you deposit (see Rate Details below). Currently, the highest 7 year guarantee period annual yield is 1.60% on premium amounts of $100,000 - $2,000,000. This is the guaranteed annual yield, including bonuses if applicable, for the initial guarantee period term, up to the first penalty free full withdrawal window. The Principal Preferred Series Annuity without ROP 7 has a full penalty free withdrawal window after 7 years.
During the time in which the annuity is subject to surrender penalties, there are policy provisions that allow partial access on a penalty free basis.
Beginning with the first contract year, and each year thereafter, this annuity provides up to 15% (noncumulative) of the contract value may be withdrawn from the annuity each contract year without penalty.
This annuity also waives withdrawal penalties upon death. Your named beneficiary(ies) will receive a death benefit equal to the full accumulation value. A beneficiary may choose to receive their death benefit in either a lump sum or select an available annuitization option.
Details on additional penalty waivers can be found in the Penalty Free Withdrawal Provisions section below.
Principal Financial Group - Principal Life is rated “A+” by A.M. Best, was founded in 1879, and has over $86.5 billion in total assets.