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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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Principal Financial Group has 46 locations, listed below.

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    Customer Complaints Summary

    • 316 total complaints in the last 3 years.
    • 89 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:07/26/2023

      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 found a request for a hardship withdrawal to pay for my tuition for a college on July 18, ****. Ive called multiple times spoke with multiple representatives and the only thing that they kept telling me is it is in process its been over a week and I have not heard anything about my hardship withdrawal which I need to pay for my college tuition I have sent in documents for please install yet it is same process, I need this resolved ASAP

      Business Response

      Date: 07/27/2023

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

    • Initial Complaint

      Date:07/25/2023

      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 401k through my employer with Principal Financial Services, Inc.I reached out to Principal Financial, when I tried to go online and make changes to how aggressive my investments were. But options were not the same as before. My complaint was there were no high risk investments, only low risk, which minimize my return.The representative on phone, told me I needed to go online and look. I requested to speak with investment professional? Representative on phone would not connect me to one. I requested on four different occasions, when I called in. To no prevail, not transferred to investment professional.Principal Financial representative, was more concerned with telling me about what they dont have to do, and what they are not legally obligated to do. *** It is unfair for my hard earned money to be managed childishly and cheaply. I completed contact form, requesting speak with investment professional. I have not received any reply or contact. I completed 4 contact forms, requesting speak with investment professional.I have reached out to my employers human resource team; explaining to them my dilemma and concerns with Principal Financial. My employers human resource told me they have nothing to do with Principal Financial customer support. Essentially, there was nothing they could help with.After no prevail, and multiple attempts speak with investment professional at Principal Financial Services; I feel someones tactic is to discourage me from investing in my employers 401K. I will like the most return, and not be limited due to my race, appearance, or gender.I am at a stone wall, and am not getting the answers. Please help.

      Business Response

      Date: 07/27/2023

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

    • Initial Complaint

      Date:07/24/2023

      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.
      Left my old job two years ago and contacted principal on June 20 to disburse funds from 401 k - I was told seven days to receive funds- it is now 30 days later and after numerous phone calls to them and emails no one can give me an answer and still havent received funds - this is alot of money and they are holding it in a stock account so I could lose funds if this continues to drag on

      Business Response

      Date: 07/26/2023

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

      Business Response

      Date: 07/26/2023

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

      Business Response

      Date: 07/26/2023

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

    • Initial Complaint

      Date:07/24/2023

      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.
      7/18/2023:I spoke to Principal Financial Group about a hardship withdrawal two weeks ago. They didn't process it correctly to give me all of my available funds. They continue to repeat the same cycle and not give me the money that belongs to me at the end of the day. I need someone higher ** in Principal to make sure the job is done correctly. This is about the fifth or sixth hardship in the last two or so years and I run into this same issue every time. Principal Hardship Withdrawal - Uninsured Medical or Dental Expense - Request *******

      Business Response

      Date: 07/25/2023

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

      Customer Answer

      Date: 07/25/2023

       
      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:07/17/2023

      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.
      1/5/2023 and 2/11/2023 $14,289.28 and $3,122.47 *** transfer from previously employer to Principal Principal deposited and accepted the funds from my old employer and my old employment *** ******* was closed; ******************** then did not deposit the funds as I moved to a new employer and issued a check. The checks issued to my old employer *** cannot be deposited. Principal is unwilling to issue new checks on the back-end even though the checks they issued are not deposited Rollover check number: **********

      Business Response

      Date: 07/17/2023

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

    • Initial Complaint

      Date:07/17/2023

      Type:Customer Service 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 am trying to with drawl a hardship from my 401k for my sons tuition. They have all the documents and will not release my money. They gave me the run around for three weeks. My tuition bill is late and they are past their time frame going on 17 days and they will not release the money they keep putting me off I demand my funds be released

      Business Response

      Date: 07/17/2023

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

    • Initial Complaint

      Date:07/14/2023

      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 sent in a hardship request trying to keep from getting evicted. Im on disability at this time and they took 2 weeks to process the notice and now want me to get additional information because the notice is outdated. I told them that I couldnt and my only solution was get evicted, go to court and then provide us with the information. I hate them. Im so angry. My mental health is already in jeopardy and now this.

      Business Response

      Date: 07/25/2023

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

       

    • Initial Complaint

      Date:07/14/2023

      Type:Sales and Advertising 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 requested that principal roll my 401k to ******. I had both **** and pretax money in the account. They sent ****** two checks and neither one equaled the **** amount. ****** put the entire amount in ****. I have been uninvested for two weeks because of principal error and waiting for corrections. Im losing thousands of dollars. How do I get made whole? Ruining my retirement!

      Business Response

      Date: 07/14/2023

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

      Customer Answer

      Date: 07/14/2023

       
      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:07/14/2023

      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.
      01/24/23 - mailed Cash Distribution form to withdraw what is in my pension **********/04/23 - faxed divorce decree per their requirement. Was not told I needed this until I called to check on the progress of my **********/24/23 - called again - told to call back 05/02 - still processing @05/02/23 - called again - no feedback - call again 05/16/23 or 05/17/23. No further documents needed from me.05/05/23 - called again - told not on delay - out for approval by team - will expedite if possible - call again in two weeks.05/31/23 - on 05/19/23 they did a new quote estimating my cash distribution @$12,000 - processing ASAP It is now 07/13/23, and I feel I am getting the run around here and they are stalling. When I originally checked on my cash value in August, 2022, the amount was between $16,000 and $17,000. Now it's down to @$12,000. I feel they requoted because of the soft market so they would not have to pay out a larger amount. I believe they need to requote it again since the market is better and send me my payout ASAP. Each time you call, you talk with a different representative. I just want what is rightfully owed to me from my vested pension account.

      Business Response

      Date: 07/25/2023

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

      Customer Answer

      Date: 07/28/2023

       
      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:07/13/2023

      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 enrolled in Principle dental insurance through my employer last year of September 2022. I have paid for PPO dental insurance that was taking out my paycheck bi-weekly at $13.09. I have had countless of dental appointments ranging from check-**** **rays, and annual exams On May 10th, my provider *****************************, recommended me get a bridge to replace a missing tooth. This option was a beneficial for my dental health and wellbeing. He verbalized the problem that is likely to happen All my teeth could possibly shift. He recommended to proceed with a bridge. He stated my insurance will cover a portion and I'll pay the remaining balance. I aggreged to pay my obligation by signing a dental procedure on May 10, 2023, at ****** Dental. The dentist also explained that they'll have to send over a pre -authorization to approve the claim. The office sent over **rays, with the claim for a missing tooth number 11 or 18 top left side. The dental office provided date when the tooth became missing and extraction date of service. All the important documents and details were electronically sent over to the claims department in order to process a claim. As I stated on May 10th, was the initial date that the claim was submitted. Also, May 18th, June 2nd, June 7th, June 22nd of 2023. I also called insurance company numerous times myself. I was told that they didn't receive the claim. They received the **ray report, but not the claim which both were sent together. The amount I paid into the business is two hundred and thirty-five and nine cents (******). I have my pay statements for verification. The insurance company deceived me, where I became distressed on the problem that occurred. I am requesting a refund for the amount I invested in. As of June 30, 2023, my benefits terminated. The company is a rip off, that have horrible reviews. If I had known any better, I've wouldn't make the decision to enroll in dental benefits. I am seeking a positive resolution for refund.Thanks

      Business Response

      Date: 07/24/2023

      Thank you for your initial inquiry and follow-up.  We apologize for the delay. Principal Life Insurance Company (Principal Life) is not a member of the BBB, and due to privacy concerns, we will respond directly to our member. Please let me know if you have any further questions.  

       

      ******************************* | Sr. ********* Analyst
      Workplace Benefits-Dental Claims
      Principal Life Insurance Company | **************** 750-3A24 | **********, **** *****
      P: 0 *********************** | F: ************ | Email: ********************************************************
      Connect with ** on ******* | ******** | www.principal.com

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