Group Life and Accidental Death and Dismemberment Plan

Basic Life Insurance
Principal Life Insurance Company
(Effective 6/1/06)


200% Basic Annual Compensation

Retiree under 65 (1)


Retiree 65 and over

  24 hour-a-day coverage

Accidental Death Benefit


Equals the insured's life insurance benefit.

Retiree under 65


Retiree 65 and over



24 hour-a-day coverage

Accidental Dismemberment Benefit

100% of life benefit for loss of both hands,

feet, or eyes; or for loss of combination of

hands, feet, or eyes.

AD&D Features

Seatbelt and Airbag, Education and

Repatriation Benefits; 365-day Event Period

Conversion Privilege

Insurability not required if converted within 31 days.

Accelerated Benefit

If terminally ill and life expectance is 12

months or less, may request a portion of life

insurance benefit.

Age Reduction Schedule
(Employees Only)

Coverage is 65% of pre-age 65 amount at

age 65, 50% at age 70, and 35% at age 75.

Voluntary Life Insurance


Up to $500,000 (Excluding Basic Life Insurance)


Up to $100,000


Up to $10,000

Rates based on employee's age. Underwriting required for amounts over $400,000 for employee and $50,000 for spouse. All amounts elected can be ported to age 75.

University News
March 28, 2017
The Judith A. Lindquist Scholarship for Women MBAs covers up to half the cost of tuition for current and incoming Drake M.B.A. students who are unable to participate in a tuition reimbursement program through their employer.