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Principal – 2023 Broker Bonus Programs

Jan 30, 2023, 2 Minute Read

Increase your earning potential in 2023 with Principal’s Production Bonus, Persistency Bonus, and Privileged Partner Program. All three programs apply to voluntary and non-voluntary dental, STD, LTD, life, and vision coverage, voluntary accident, and voluntary critical illness.

Production Bonus

Earn rewards for placing new business with Principal. The more you sell, the higher the bonus factor. Whether you sell several smaller cases or just a few larger cases, you can qualify for a production bonus based on new sale credits for each of the qualifying coverages or services below.

Persistency Bonus

Earn rewards for placing and keeping business with Principal. The more premium you retain the higher the bonus factor.

Qualifying For The Production and Persistency Bonus Programs

There are more ways to qualify for Principal’s bonus programs than just selling group insurance products.

Earn one new sale credit for each of these qualifying coverages or services:

• Voluntary or non-voluntary dental, short-term disability (STD), long-term disability (LTD), life, or vision*.
• Voluntary accident or critical illness.
• Paid Family and Medical Leave (PFML).
  – Paid Family Leave (PFL) – half credit.
  – Paid Medical Leave (PML) – half credit.
• Employer-sponsored individual disability insurance (IDI).
• eBenefits Edge Total Management (Total Management) services sold.

Download the Principal Broker Bonus Programs flyer to learn more.

Broker Bonus Programs

*Self-funded dental, STD, and vision are not eligible.

Privileged Partner Program

With two levels of recognition: Elite and Platinum, the Privileged Partner Program 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, your rewards and status will grow.

Qualification Criteria

• Elite
  70 new coverages, 86% premium persistency, and $1 million inforce premium in the previous calendar year.
  OR
  60 new coverages, 86% premium persistency, and $3.5 million inforce premium in the previous calendar year.
• Platinum
  40 new coverages and 86% premium persistency, and $500,000 inforce premium in the previous calendar year.
  OR
  30 new coverages, 86% premium persistency, and $1.5 million inforce premium in the previous calendar year.

Additional Bonus

Elite and Platinum brokers can earn an additional bonus for placing and maintaining group benefits with Principal. New coverages must include at least five lives. Renewals are not included in this program.

Qualification Criteria and Bonus Formula:

• Elite or Platinum qualifier and 50-69 new coverages – 1% x annualized first-year premium.
• Elite or Platinum qualifier and 70+ new coverages – 2% x annualized first-year premium.

Coverages must be eligible under the group benefits bonus program.

Download the Principal Privileged Partner Program flyer to learn more.

Privileged Partner Program

Contact us today for a Principal quote and take advantage of the bonus programs. 

Get a Quote

Questions?
Contact The Answer Team at 800.696.4543 or info@claremontcompanies.com.

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