Enjoy the rewards of the Privileged Partner Program
It’s not every day you’re rewarded for your hard work, but it should be. That’s what the Principal® Privileged Partner Program is all about—acknowledging your value to us and to your clients. Through the program, Principal recognizes top-producing brokers for new and retained business with us. And it provides Principal’s highest level of available services, business support, and additional compensation.
How to qualify1
There are two recognition levels – Elite and Platinum. Membership is based on the number of new Principal coverages you’ve placed, the premium persistency of your group benefits block with Principal, and for Elite qualifiers, the amount of inforce premium. As your business with Principal grows, so will your rewards and status.
Additional bonus2
The harder you work to generate Principal business, the more you should earn, right? That’s why Elite and Platinum level qualifiers have an opportunity to earn an additional bonus for placing and maintaining group benefits with Principal. This is in addition to the group benefits bonus.
Qualification criteria
Elite or Platinum qualifier and 40-49 new coverages
Elite or Platinum qualifier and 50+ new coverages
Bonus formula
1%3 x annualized first-year premium
2%3 x annualized first-year premium
Want to know more? Take a look at the program overview for full qualifications, features, and benefits.
1 Based on the business sold through a specific Principal group benefits sales office. Business assigned to a specific tax ID is not rolled up for purposes of this program. New coverages must include at least five lives as of 12/31 and are determined by business sold through a local office. Please talk to your local sales representative for specific details. If the new coverage is effective and terminates in the same year, the coverage does not count toward the new coverage requirement. Persistency is calculated based on active group benefits premium inforce as of 1/1 and still inforce 1/1 of the following year. If the new coverage is effective and terminates in the same year, the premium does not count toward the persistency requirement.
2 The bonus program applies to coverages sold in the year of Elite or Platinum status. For example, if you’re a qualifier this year, the bonus would apply to coverages sold this year, and the bonus would be paid next year. Renewals are not included in this program. Coverages must be eligible under the group benefits bonus program. The bonus factor is applied to the business that qualifies your local office for the Elite or Platinum level of the Privileged Partner Program. The annualized premium used to calculate the bonus per coverage per case is the same as the group benefits bonus.