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Business Profile

Life Insurance

Principal Financial Group

Headquarters

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BBB Accredited BusinessA+Rated by BBB

Complaints

This profile includes complaints for Principal Financial Group's headquarters and its corporate-owned locations. To view all corporate locations, see

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    Customer Complaints Summary

    • 318 total complaints in the last 3 years.
    • 90 complaints closed in the last 12 months.

    If you've experienced an issue

    Submit a Complaint

    The complaint text that is displayed might not represent all complaints filed with BBB. Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business.

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    Complaint status

    Complaint type

    • Initial Complaint

      Date:04/25/2025

      Type:Service or Repair Issues
      Status:
      Resolved
      Resolved:
      The complainant verified the issue was resolved to their satisfaction.
      Unresolved:
      The business responded to the dispute but failed to make a good faith effort to resolve it.
      Answered:
      The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
      Unanswered:
      The business failed to respond to the dispute.
      Unpursuable:
      BBB is unable to locate the business.
      Principal has gone completely dark on me. As an employee who was laid off from a company closing its doors, I have been attempting to roll my Principal 401K to my new employers program. To date I have initiated 1 phone rollover request. 3 weeks later it was cancelled with no reason given. I then tried an online rollover, it then cancelled again with no reason given. I have now made 4 attempts in total over 3 months and have not been successful. I have reached out to them 7 times during this period by phone and each time I get promised a callback by a "back office specialist" which never comes. I received a few customer support emails from ********************** stating the "plan administrator is denying my request" I have a written and signed confirmation from the plan administrator stating that they have never received any request from Principal. I am not sure what to do next short of taking legal action against Principal. Their customer service is terrible.

      Business Response

      Date: 04/25/2025

      Thank you for forwarding. Principal will respond directly to the complainant.

      Customer Answer

      Date: 04/25/2025

       
      Complaint: 23247575

      I am rejecting this response because: They have promised to contact me repeatedly but consitantly fail to do so. 

      Sincerely,

      ******* Buckby

      Business Response

      Date: 04/28/2025

      Thank you for forwarding. Principal will respond directly to the complainant.

    • Initial Complaint

      Date:04/23/2025

      Type:Service or Repair Issues
      Status:
      Resolved
      Resolved:
      The complainant verified the issue was resolved to their satisfaction.
      Unresolved:
      The business responded to the dispute but failed to make a good faith effort to resolve it.
      Answered:
      The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
      Unanswered:
      The business failed to respond to the dispute.
      Unpursuable:
      BBB is unable to locate the business.
      I have been trying to gain online access for my *****'s account since September of last year. He is incarcerated, and I have Power of Attorney for him. I was able to get the Power of Attorney approved for one of his two accounts (ESOP) with ********************, and I am trying to get it approved for the second one (401k). I have been trying to get the second one approved since December. I have spoken to several different employees since then and every time I get the run around and they tell me they have no information to give and will not give me any information since I am not Power of Attorney on the 401k account. I have been told that they are waiting on the previous employer, but when I have spoken to the previous employer, they tell me they've received nothing from Principal. While I understand that they have rules/regulations to follow for security reasons, there is an ACTIVE ************* of Attorney on file so I do not understand why this is taking so long, and why I have not been able to gain online access. Both accounts were held with the same company and previous employer so I am really unsure why we are having issues. I was also told that there is no contact name or number of someone that the previous employer can get in touch with to help me on my end. My fianc is incarcerated and will be until 2028. He cannot call Principal to give them his permission or speak with them, which is why we got the Power of Attorney to begin with. We need to be able to withdraw what is in his 401k account to get us through the next few years. He paid into that account, and it should not be this difficult to gain access to his money. This has been an extremely frustrating experience and I am at a total loss on what to do. But no one from Principal seems to want to help me with this. I am sincerely asking that someone help us. I have attached the Power Of Attorney so that you can see this is a legitimate request.

      Business Response

      Date: 04/23/2025

      Thank you for forwarding.  Principal will respond directly to the complainant.

      Customer Answer

      Date: 04/23/2025

       
      Complaint: 23237924

      I am rejecting this response because:

      I have contacted Principal on SEVERAL occasions, and none of these conversations have resulted in a resolution. I have now also been in touch with the previous employer even further, and they have sent Principal correspondence in regards to this situation and Principal is doing nothing. The previous employer states they have reached out to their contacts at Principal as well, and have not heard back. I have an email chain between myself and the previous employer. They are trying their hardest to help me but with Principal turning me away every time I call, it's not getting resolved. This is unacceptable as again, I have been trying to get this resolved since DECEMBER. 

      Sincerely,

      ******* ******

      Business Response

      Date: 04/24/2025

      Thank you for forwarding.  Principal will respond directly to the complainant

    • Initial Complaint

      Date:04/21/2025

      Type:Product Issues
      Status:
      Resolved
      Resolved:
      The complainant verified the issue was resolved to their satisfaction.
      Unresolved:
      The business responded to the dispute but failed to make a good faith effort to resolve it.
      Answered:
      The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
      Unanswered:
      The business failed to respond to the dispute.
      Unpursuable:
      BBB is unable to locate the business.
      OK, back in August we filed for 401(k) hardship loan withdrawal due to how our house was in foreclosure. We were asked to submit proof of everything ofthe foreclosure we sent multiple times paperwork of the court dates. The amount with the bank told us requesting and still, nothing was resolved. They kept asking for more info which the banks stated we were receiving everything that they normally would send out for a hardship loan and thenI went to the court office multiple times and received the same paperwork and paid for this paperwork multiple times, but principal said it was not Enough. They needed more info so it was on the sale day of our house and I finally cracked and I called them asking if I would have somebody bail us out on our bare minimum would we still be able to receive a hardship loan the gentleman Italked to stated yes, because our sale date and everything else was proved that everything was going on well, we did receive help at the very last and when I went to go back and asked for why we have not got a hardship loan. It was stated that we got bailed out, which I respondedthe person that said that if we received help, we would still be able to get a hardship loan. Well they refused to give it to us so now I have no way of this person back.And then again when they went back and reviewed the tapes, they receipt and paperwork they said that they dropped the ball. They said that wejust basically got screwed and nothing they can do now Im beyond angry. I know this happened in August and now I feel like Im giving peanuts to this person back and they need the money urgently and I cant do it and Ive broken their trust. Principal broke my trust and my family trust cause a bunch ofheartache. Im just beyond angry with them. Theyre the worst company ever I do not recommend them.

      Business Response

      Date: 04/22/2025

      Thank you for forwarding.  Principal will respond directly to the complainant.

    • Initial Complaint

      Date:04/11/2025

      Type:Product Issues
      Status:
      Resolved
      Resolved:
      The complainant verified the issue was resolved to their satisfaction.
      Unresolved:
      The business responded to the dispute but failed to make a good faith effort to resolve it.
      Answered:
      The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
      Unanswered:
      The business failed to respond to the dispute.
      Unpursuable:
      BBB is unable to locate the business.
      I have been trying to liquidae my deceased fathers 401k for 12 months. I have been told 2 separate times it would be liquidated withing 5-7 business days which did not happen. now im told theres errors with paper work i have resent several times. Everytime i call i get transferred multiple times and asked the same questions only to be told someone will call back and they never do. We have had to extend the probate through the courts due to the negligence of this company refusing to pay out my deceased fathers 401k. This is now costing us money out of our pockets through the court. If this isnt resolved in the next 30 days we have no option but to take legal action and hire a lawyer.

      Business Response

      Date: 04/15/2025

      Thank you for forwarding.Principal will respond directly to the complainant.

    • Initial Complaint

      Date:04/11/2025

      Type:Product Issues
      Status:
      Resolved
      Resolved:
      The complainant verified the issue was resolved to their satisfaction.
      Unresolved:
      The business responded to the dispute but failed to make a good faith effort to resolve it.
      Answered:
      The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
      Unanswered:
      The business failed to respond to the dispute.
      Unpursuable:
      BBB is unable to locate the business.
      On 4-2-2025 I notified principal of a overpayment of a loan repaymentThe app or internet (not sure which one) had a glitch in it I never received a confirmation number for the first loan payment payoff so I was prompted to enter my info again which resulted in overpayment of my loan payoff I have contacted your company five times through email and 3 secure messages with no response back the only time I received a response was through phone calls after speaking to several representatives and 2 supervisors I was told I would be called the next business day and the email stated ***** hrs I would be contacted and not even one response through secured messages my overpayment was $911 and the only response Im receiving after the loan cleared they would discuss repayment the I received a confirmation email on 4/3 saying the loan payment payoff was accepted still no response about my overpayment I spoke with a supervisor Monday and was told Id receive a call Tuesday which I never received and that the would send a check in the mail after that phone call I keep getting told my repayment is under a ongoing investigation they have already given me a date to apply for another loan but still no resolution to my overpayment and the supervisor only responded that I would be contacted on the 15th with their teams resolution Im not being taken seriously about my hard earned money and feel like Im being told anything to just get off the phone I would like my problem resolved and I feel like a overpayment over a week ago should of been resolved by now times are hard and money is hard to come by.

      Business Response

      Date: 04/11/2025

      Thank you for forwarding. Principal will respond directly to the complainant.

      Customer Answer

      Date: 04/11/2025

       
      Better Business Bureau:

      I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me.

      Sincerely,

      ******* *****

    • Initial Complaint

      Date:04/10/2025

      Type:Billing Issues
      Status:
      Resolved
      Resolved:
      The complainant verified the issue was resolved to their satisfaction.
      Unresolved:
      The business responded to the dispute but failed to make a good faith effort to resolve it.
      Answered:
      The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
      Unanswered:
      The business failed to respond to the dispute.
      Unpursuable:
      BBB is unable to locate the business.
      My husband had insurance thru his employer and when I call they can locate his file under ****** ******* soc sec *********. Dob ********** and they can locate a account but won't give be me any info about the account or why it was closed and my husband is deceased

      Business Response

      Date: 04/22/2025

      Written correspondence was sent to the complainant today as a follow up to our phone conversation with her on April 11, 2025.

    • Initial Complaint

      Date:04/07/2025

      Type:Billing Issues
      Status:
      Resolved
      Resolved:
      The complainant verified the issue was resolved to their satisfaction.
      Unresolved:
      The business responded to the dispute but failed to make a good faith effort to resolve it.
      Answered:
      The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
      Unanswered:
      The business failed to respond to the dispute.
      Unpursuable:
      BBB is unable to locate the business.
      Dear *** or madam:My legal name is **** Hwaseong Park ****.On-line it displays as FIRST NAME, MIDDLE INITIAL, LAST, therefore it should be **** H. ****, but Principal persists in writing it out as **** P. ****.I have been trying for about the last 24 months to have the Principal Group revise the name in my investment account to what is shown ******** this end, I have sent numerous correspondence, sent legal proof of my legal name, only to have them keep it as **** P ****.I now request the BBB to intervene so that my name as **** Hwaseong Park **** when written in full, and **** H. **** when it is abbreviated.Otherwise this will pose difficulties in the case of passage of these assets to next of kin.

      Business Response

      Date: 04/08/2025

      Thank you for forwarding.  Principal will respond directly to the complainant.

    • Initial Complaint

      Date:04/04/2025

      Type:Product Issues
      Status:
      Resolved
      Resolved:
      The complainant verified the issue was resolved to their satisfaction.
      Unresolved:
      The business responded to the dispute but failed to make a good faith effort to resolve it.
      Answered:
      The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
      Unanswered:
      The business failed to respond to the dispute.
      Unpursuable:
      BBB is unable to locate the business.
      I worked at ************************ in **********, ***********, which closed after I retired. I worked at **************** for 20 years, and **** checks for a number of years Principal is a new company that has handled ***** Foods' retirement, for the last few years. Principal did mail retierment checks 4 days before the 1st of the month. I have not got my check for April yet, and need it. My account number is *************- Please speak with someone at Principal and ask them when my check will be here, or should I take further actioon against them

      Business Response

      Date: 04/07/2025

      Thank you for forwarding.  We will respond directly to the complainant

    • Initial Complaint

      Date:03/14/2025

      Type:Product Issues
      Status:
      Resolved
      Resolved:
      The complainant verified the issue was resolved to their satisfaction.
      Unresolved:
      The business responded to the dispute but failed to make a good faith effort to resolve it.
      Answered:
      The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
      Unanswered:
      The business failed to respond to the dispute.
      Unpursuable:
      BBB is unable to locate the business.
      This is Highly Inefficient and Unethical on Principal I requested to transfer partial amount of my 401k to a different firm .Instead they emptied my account and sent the whole 401k balance yo new firm .I realized it and called them to notify their mistake and they launched a investigation on it.They said its their mistake but the check was already sent despite me requesting stop payment *********** got the payment and they deposited my payment.After so many follows up from my new company and long calls with Principal They said to refund the rest of the amount back for which my new company requested a letter from principal Its been 4 weeks and still this issue is not resolved

      Business Response

      Date: 03/14/2025

      Thank you for forwarding.  Principal will respond directly to the complainant.

    • Initial Complaint

      Date:03/12/2025

      Type:Service or Repair Issues
      Status:
      Answered
      Resolved:
      The complainant verified the issue was resolved to their satisfaction.
      Unresolved:
      The business responded to the dispute but failed to make a good faith effort to resolve it.
      Answered:
      The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
      Unanswered:
      The business failed to respond to the dispute.
      Unpursuable:
      BBB is unable to locate the business.
      I use principal financial group for my 401k through my job. I took out a hardship on 12/20/24 clear for deposit on 1/7/25. The issue is they sent the deposit to somebody elses not my account. Never reconfirmed my account info after me giving it to him. So my deposit of $11,420 is just missing. I talked to the bank they said they received a letter of intent & recovered what they could. Sent it back to principal which was $18.45. I still have yet to receive the hardship. They did try to give me the $18.45 but I refused it.

      Business Response

      Date: 03/12/2025

      Thank you for forwarding. Principal will respond directly to the complainant.

      Customer Answer

      Date: 03/12/2025

       
      Complaint: 23054294

      I am rejecting this response because:
      They showed a lot of negligence towards my hardship withdrawl. 
      Sincerely,

      ****** ******

      Business Response

      Date: 03/13/2025

      Thank you for forwarding. Principal will respond directly to the complainant.

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