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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:08/13/2024

      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.
      Ongoing attempts to get my retirement pension.

      Business Response

      Date: 08/13/2024

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

    • Initial Complaint

      Date:08/13/2024

      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.
      I have been a life insurance customer of *************************** since 2016. I have paid my premiums on time and even in advance the whole time. I had ****** on myself, ****** on my husband and ****** on each of my children. In May I must have missed the bill in the mail and I received a letter on July 5th stating my life insurance was cancelled on May 31st 2024. I immediately called the customer service line at - *************************. I first spoke with ***** and explained I have not missed a payment and this must be a mistake. She informed me that I had missed the payment and my policy was cancelled. I was devastated as my husband has been diagnosed with early onset Alzheimer's. I begged to have the policy re-instated. I then got transferred to ******* the supervisor. I spoke with her and desperately tried to get re instated but she was very direct and said no. I am reaching out to hope someone can help me. I am sorry missed one payment in over 10 years but please is there an exception that can be made.

      Business Response

      Date: 08/15/2024

      Thank you for your inquiry.  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.  

    • Initial Complaint

      Date:08/06/2024

      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 am trying to get my 401K money from principal and they are making it impossible. I tried to deposit the money into my *** with another establishment and they wont accept my check. I called principal to set up an *** and they refused to help me.

      Business Response

      Date: 08/07/2024

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

    • Initial Complaint

      Date:07/24/2024

      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 rolled over a 401K *** and *************** out of Principal Financial into another Financial Institution based upon a 100% Vested Statement received 06-30-2024. Principal claims I was not fully vested and held an amount of $2,394.38 as a Forfeited amount. They admit that the statement says it was 100% vested, but yet claim that the amount will not be transferred to my other institution. I would never have tranferred prior to the vested timeframe had their statement not clearly indicated I was vested. All indications published on their website prior to 12-31-2023 said 100% vested at 12/31/2023. See all statements prior to this, then after this which indicated 100% when transferred to other insititution.

      Business Response

      Date: 07/24/2024

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

      Customer Answer

      Date: 07/24/2024

       
      Complaint: 22032852

      I am rejecting this response because:

      Principal indicated online for multiple months prior to 12/31/2023 that the vested date would be 12/31/2023.  Statements leading up to this indicated less than 100%, then the last three statements all indicated 100% vested, including the 06/30/2024 statement just prior to the requested rollover.  Principal says I should have read the plan rules.  As administrator of the employer plan, Principal has an obligation to ensure that the statements and what is provided on their website is accurate.  My retiring from the employer was based upon being 100% vested in the retirement plan.  All indications (until the actual rollover) were that I was at 100%.

      I will not accept any other resolution but to be fully compensated for the forfeited amount of $2,394.38 of which prior to rollover was considered VESTED.



      Sincerely,

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

      Business Response

      Date: 07/25/2024

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

    • Initial Complaint

      Date:07/23/2024

      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.
      Principal Financial was custodian of the 401K at my previous employer. I ended employment on May 15, 2024 and had to elect what to do with the funds associated with that account. My employer notified Principal of my separation and Principal followed up by notifying me of options for my investments. On May 30 I called via telephone to initiate a rollover of my account. I was told that I could not do the transaction over the phone and needed to fill out 2 forms. I completed the forms and placed them in the mail ****** on June 3. On June 12, Principal shows a distribution request in my account history and I can see transactions liquidating all my investments to cash. Principal did process part of my distribution request properly by mailing a check for $8882.45 to my new brokerage. The portion of my account held in a PCRA was not processed to completion per my instructions. On June 27, all the shares in my PCRA (totaling over $135000) were journaled to my directed **** This is where Principal has failed. $0.11 of accrued interest was left in the ***** Additionally, $179.77 of dividends paid on June 27 was left in the account. The dividends were allowed to reinvest until July 9 and therefore lost value. On July 9 the investments were liquidated to cash. I have contacted Principal numerous times via their secure message system. Each time, the reply is less and less helpful. I have been told that they had no record of my employment separation. I have been told to complete the forms (that I already completed). I have been told they cannot process my transaction due to the small balance (that they caused). I have been told they cannot accept emailed forms. In fact, I spoke to a person on the phone on June 30 who provided me specific guidance to email the forms! Not once has even one of the emailed replies addressed my questions directly of how to get my money back. Lastly, on July 17, Principal made a transfer and investment of $42.58 into a new fund without my permission.

      Business Response

      Date: 07/24/2024

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

    • Initial Complaint

      Date:07/22/2024

      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.
      Principal took money out of my paycheck that I didn't authorize for 401k that I'm not enrolled in.

      Business Response

      Date: 07/23/2024

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

    • Initial Complaint

      Date:07/16/2024

      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.
      Requesting to file a formal complaint regarding my recent request for a hardship withdrawal due to my most recent loss and needs. I seem to be giving the wrong information multiple times. The customer service reps are extremely rude and very unprofessional. There is no empty or compassion for what we are dealing with here. Recently, I requested a hardship loan due to the recent disaster in our area (Hurricane *****) I spoke with a customer service rep. and was told I need to send a written letter of what happen and what are my needs. This was done and uploaded to my file on 07/12/2024. Today, I received a letter saying I now need a hotel receipt and receipt for groceries. I do not have a hotel receipts, i do not have any money for a hotel. Which is why I am requesting the hardship. The customer service rep said that the hotel can send me an invoice of estimate of charges. They are required to send these out to insurance. So, I can back and contacted 3 different hotels and each person, so they do not do this or not aware of this process. So now, I then call back into customer service. Someone then picks up the phone there is loud noises on the other end, baby noises the phone is being toss around multiple times after me saying hello. I asked if she was ok, an requested a member of management. (This was very clear the rep works from home ) She transferred to manager, I went through the entire story and explained the running around I am going thru with Principle only for to transfer me someone else. I will be reporting this type of treatment to my current employer. As we are currently dealing with alot out here due to this storm. We do not need this added stress. What we need is assistance to help us and I am trying to pull out a small amount of MY MONEY to care for my family during these hard times.

      Business Response

      Date: 07/17/2024

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

    • Initial Complaint

      Date:07/15/2024

      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 contacted Principal on 7/12/2024 for the 3rd time because I do not remember my password and I do not have the same phone number. My principal account was with an employer I had over 3 years ago and do not remember what the company's code is. I am trying to sign up with my new employer and no one wants to assist me for this process. I think this is absolutely ridiculous. So now for almost 3 months, I have not been able to enroll in my retirement. When I call, no one provides the same information, yet no one offers a solution. When I asked for a supervisor, I was not transferred to one. I would like someone to get involved now before I go to the media. I think it is just amazing that I have to contact the BBB because a retirement provider will not change my phone number on record for me to change the password. I mean this is not a complicated request

      Business Response

      Date: 07/15/2024

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

    • Initial Complaint

      Date:07/10/2024

      Type:Product 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.
      Due to a disability I put papers in to start receiving my own 401k monthly amounts as I'm over 55 and now unemployed. I was sent a document that said it would probably take 7 days. They acknowledged receipt on 6/27/24 and then over a week later asked for another form. I'm not sure why they didn't ask this earlier to speed up the process. We are now at 12 days later and I haven't worked in a year and need my OWN money and am not receiving a response from Principal as of now. I am so angry right now, they need to move the process along and respond when a customer is simply asking for timing of the deposit into my account which is supposed to start monthly of MY OWN MONEY.

      Business Response

      Date: 07/10/2024

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

      Customer Answer

      Date: 07/10/2024

       
      Complaint: 21964776

      I am rejecting this response because I can't get into this response file.  Plus, there is no reason why one of their people can't pick up the phone and call the processing deparrtment to get an estimated date or even ask if they can expedite. 

      Also, the secondary form was sent over 7 days after my initial submission.  Why couldn't they give me the form immediately and I would have it completed and it would have saved daysl  This is my money for heaven's sakes and I need it now.  I've been saving for over 20 years and this should not be treated as such.  They also didn't even respond yesterday and only today until I sent in this complaint.  I'll never recommend these guys to anyone.  

      Sincerely,

      ***** ******

    • Initial Complaint

      Date:07/09/2024

      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 been very difficult to work with and has refused to follow any process that will release my funds as I want to transfer the funds. Principal claims the wire transfers have been declined by my new provider but refuses to provide evidence and my new provider has no record of rejecting any wire transfers. Principal was included on a 3 way call with my new provider yet still is unable to wire the funds and claims it was rejected with no proof. At this point, they are withholding my funds to transfer and I don't understand how this is legal......Principal has wasted many hours of my time in an effort to deceive and frustrate me into keeping my former 401K with them. I can't imagine how many other people are affected by this unscrupulous company.

      Business Response

      Date: 07/09/2024

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

      Customer Answer

      Date: 07/13/2024

       
      Complaint: 21960358

      I am rejecting this response because: I still need action and for the requested transfer to my new provider to be completed.  Principal is still holding my *** and *************** with no signs of it being transferred to my new provider/account.  I am still not clear if the transfer has been initiated and can be completed correctly this time.  If not, why can't proof be provided??

      Sincerely,

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

      Business Response

      Date: 07/15/2024

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

    Principal Financial Group is BBB Accredited.

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