How are Life benefit checks issued?
Our standard option is to issue benefits to an Interest Draft Account. This account is like a checking account, which earns interest. The beneficiary can write personal drafts from the account for $500 or more. The money earns interest until the draft clears and is fully guaranteed by Principal Life. The beneficiary can name a subsequent beneficiary to any benefits remaining in the account in the event of his/her death. The beneficiary also has the right to transfer the funds to other accounts or purchase other products available from the Principal Financial Group®. The beneficiary will receive a packet of information about the Interest Draft Account when the claim is paid. A Beneficiary Designation Form will be included in this packet.
