New Information on our Fixed Annuity New Business Timing

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As you know, after a comprehensive strategic review, Principal® has made the decision to stop selling fixed annuity products. I wanted to provide an update now that we have a few more details to share on our closure of new fixed annuity sales.

Fixed annuity new business timing

We are discontinuing new sales of the following products on September 30, 2021:

  • Principal® Preferred Series Annuity
  • Principal® Select Series Annuity
  • Principal® Secure Choice Indexed Annuity
  • Principal® Income Annuity
  • Principal® Deferred Income Annuity

Any new applications for these products must be signed by September 30 and received in the Principal home office by October 15. Our goal is to have all contracts issued by December 31. We will work diligently with you and your financial professionals to quickly resolve any items that are not in good order and to obtain funds from ceding carriers (if applicable).

Existing fixed annuity business

There may be changes to the administration of our existing block of fixed annuity business in the future, but for now it’s business as usual. There are no changes to servicing for your financial professionals or your clients, and their annuity isn’t changing. Please know we’ll communicate any changes as more information becomes available.