Principal Disability Insurance Review for Physicians (2026)
Principal’s Income Protector and DI Series 700, read from Principal’s own pages. Principal publishes feature headlines but little contract wording, so this review is as much about what to ask as what it offers.
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In this review
Key takeaways
- •Income Protector is Principal’s current policy in every state except California and New York, where it sells DI Series 700.
- •It offers “own occupation” and “true own occupation” options and a specialty own-occupation definition.
- •Principal publishes less contract detail than any other major carrier: no residual trigger, increase amounts, COLA, or mental health terms.
- •DI Series 700 publishes the most: issue limits up to $35,000 a month and discounts of up to 20% for multi-life cases.
- •AM Best rates Principal Life A+ (Superior), affirmed April 28, 2026.
Principal Life Insurance Company is the other name physicians usually hear alongside Guardian. It is a stock company, part of the publicly traded Principal Financial Group, and it sells individual disability insurance through financial professionals. This review is based on Principal’s own product pages, read September 23, 2026.
Those pages are thin. They name the features but not the terms behind them, and the detailed product guides sit behind links for financial professionals. An earlier version of this page filled that gap with rider names, premium tables, and claims that Principal was cheaper for women. We couldn’t trace any of it to Principal, so we removed it. What’s left is what Principal says, and a list of what to ask.
What Principal publishes
| Term | Principal’s published terms |
|---|---|
| Product | Income Protector (all states except California and New York); DI Series 700 in California and New York |
| Total disability | Two options: “own occupation” and “true own occupation,” with a specialty own-occupation definition. Principal’s page names the options but doesn’t publish the wording. |
| Pays if you work elsewhere | Under the true own-occupation option, per its name; the wording isn’t public. |
| Specialty language | Yes, a specialty own-occupation definition |
| Residual | An “enhanced residual disability definition”; the trigger isn’t published. |
| Future increases | Two future increase riders, annual and event-driven; amounts and ages not published. |
| Cost of living | Not published |
| Mental and nervous | A Mental/Nervous Substance Abuse rider earns up to a 10% discount on Series 700; the limit it imposes isn’t published. |
| Renewability | Benefit periods of 2 years, 5 years, or to 65, 67, or 70 (Series 700). Renewability terms not published. |
| Discounts | Series 700: 10% affiliation, 10% select occupation, 20% multi-life, 10% association; not all stack. |
| Residents | Not published |
| Financial strength | AM Best A+ (Superior), affirmed April 28, 2026. Stock company, publicly traded since 2001. |
- Principal’s published terms
- Income Protector (all states except California and New York); DI Series 700 in California and New York
- Principal’s published terms
- Two options: “own occupation” and “true own occupation,” with a specialty own-occupation definition. Principal’s page names the options but doesn’t publish the wording.
- Principal’s published terms
- Under the true own-occupation option, per its name; the wording isn’t public.
- Principal’s published terms
- Yes, a specialty own-occupation definition
- Principal’s published terms
- An “enhanced residual disability definition”; the trigger isn’t published.
- Principal’s published terms
- Two future increase riders, annual and event-driven; amounts and ages not published.
- Principal’s published terms
- Not published
- Principal’s published terms
- A Mental/Nervous Substance Abuse rider earns up to a 10% discount on Series 700; the limit it imposes isn’t published.
- Principal’s published terms
- Benefit periods of 2 years, 5 years, or to 65, 67, or 70 (Series 700). Renewability terms not published.
- Principal’s published terms
- Series 700: 10% affiliation, 10% select occupation, 20% multi-life, 10% association; not all stack.
- Principal’s published terms
- Not published
- Principal’s published terms
- AM Best A+ (Superior), affirmed April 28, 2026. Stock company, publicly traded since 2001.
From Principal’s own website and documents, read September 23, 2026. Rating from AM Best, via Business Wire, April 28, 2026. “Not published” means Principal’s public material is silent on the point.
State notes: Series 700 issue limit is up to $35,000 a month, $20,000 in California.
What stands out
Two own-occupation options
Principal’s Income Protector page lists two definitions of disability, “own occupation” and “true own occupation,” and a specialty own-occupation definition. The names suggest the familiar split: one that stops paying if you work in another occupation and one that doesn’t. Principal doesn’t publish the wording, so confirm which option is on your quote and ask to see the definition itself. Our own-occupation guide shows what to look for.
Enhanced residual and two increase riders
Principal advertises an “enhanced residual disability definition” and two future increase riders, one for annual increases and one for event-driven increases. None of the triggers, amounts, or age limits are public. The three carriers that do publish residual triggers use 15% or 20% income loss; ask Principal for its number.
Series 700: the numbers Principal does publish
For DI Series 700, sold in California and New York, Principal publishes issue ages of 18 to 60 (64 for multi-life), elimination periods of 30 to 365 days, and benefit periods of 2 years, 5 years, or to age 65, 67, or 70. The issue limit is up to $35,000 a month, or $20,000 in California. Discounts are 10% affiliation, 10% select occupation, 20% multi-life, and 10% association, not all stackable, and adding the Mental/Nervous Substance Abuse rider earns up to 10% off. That the rider carries a discount suggests it limits mental health benefits, but Principal doesn’t publish the limit.
What Principal leaves out
Nearly all contract terms: the definitions’ wording, the residual trigger, increase amounts, COLA, mental and nervous limits, and renewability. Principal publishes feature headlines only. Ask for the specimen policy and every rider page before you compare Principal with another carrier. A summary or illustration is not the contract.
Principal against the other major carriers
| Carrier | Own occupation | Residual trigger | Mental health limit | AM Best |
|---|---|---|---|---|
| Principal | Two own-occ options; wording not published | Enhanced; trigger not published | Rider with discount; terms not published | A+ (Superior) |
| Ameritas | Own occ for the full benefit period available | 15% income loss (Enhanced Plus rider) | Choice: 2 years or full benefit period | A (Excellent) |
| Guardian | Built for MD/DO: source-of-earnings test, then specialty duties | 15% income loss (rider) | Not published | A++ (Superior) |
| MassMutual | Rider needed to work elsewhere | 15% income loss (rider) | 24 months; removable for a fee | A++ (Superior) |
| The Standard | Rider needed to work elsewhere | 20% income loss (rider) | 24 months; mandatory for some classes | A (Excellent) |
- Own occupation
- Two own-occ options; wording not published
- Residual trigger
- Enhanced; trigger not published
- Mental health limit
- Rider with discount; terms not published
- AM Best
- A+ (Superior)
- Own occupation
- Own occ for the full benefit period available
- Residual trigger
- 15% income loss (Enhanced Plus rider)
- Mental health limit
- Choice: 2 years or full benefit period
- AM Best
- A (Excellent)
- Own occupation
- Built for MD/DO: source-of-earnings test, then specialty duties
- Residual trigger
- 15% income loss (rider)
- Mental health limit
- Not published
- AM Best
- A++ (Superior)
- Own occupation
- Rider needed to work elsewhere
- Residual trigger
- 15% income loss (rider)
- Mental health limit
- 24 months; removable for a fee
- AM Best
- A++ (Superior)
- Own occupation
- Rider needed to work elsewhere
- Residual trigger
- 20% income loss (rider)
- Mental health limit
- 24 months; mandatory for some classes
- AM Best
- A (Excellent)
Each carrier’s own published terms, read September 23, 2026. The full comparison is in our disability insurance review.
Who Principal fits
- •Physicians who get a strong Principal quote and are willing to review the specimen policy line by line before buying.
- •Groups and multi-life cases, where Principal publishes its largest discount.
- •California and New York physicians comparing Series 700, whose limits and discounts are public.
Look elsewhere, or compare carefully, if:
- •You want to compare contracts before you talk to an agent. Guardian, Ameritas, MassMutual, and The Standard all publish more of their terms.
- •Mental health coverage is your priority. Principal’s limit isn’t public; Ameritas publishes a full-benefit-period option.
No carrier publishes premiums for fully underwritten policies, so price can only be compared with real quotes. Get them from at least three carriers through an independent broker, with the same benefit, waiting period, and riders on each.
Frequently asked questions
Is Principal disability insurance good for physicians?
Principal sells a physician-oriented policy, Income Protector, with a specialty own-occupation definition, a true own-occupation option, an enhanced residual definition, and two future increase riders. It is rated A+ (Superior) by AM Best. What we can’t tell you from Principal’s own pages is the contract wording behind those features, so compare it on the specimen policy, not the feature list.
What is Principal Income Protector?
Principal’s current individual disability policy, approved in every state except California and New York. In those two states Principal sells DI Series 700. Both are issued by Principal Life Insurance Company.
Does Principal offer true own-occupation coverage?
Yes. Principal’s Income Protector page lists two definition options, “own occupation” and “true own occupation,” along with a specialty own-occupation definition. Principal doesn’t publish the wording of either option, so ask whether the one on your quote pays while you work in another occupation.
What discounts does Principal offer?
For DI Series 700, Principal publishes 10% affiliation, 10% select occupation, 20% multi-life, and 10% association discounts, noting that not all stack, plus up to 10% for adding the Mental/Nervous Substance Abuse rider. It doesn’t publish discounts for Income Protector.
How much coverage can I get from Principal?
For DI Series 700, Principal publishes an issue limit of up to $35,000 a month ($20,000 in California) and a participation limit of up to $35,000 a month including other disability coverage. Issue ages are 18 to 60, or 18 to 64 for multi-life cases. Income Protector limits aren’t on Principal’s public pages.
Is Principal cheaper than Guardian?
Neither company publishes premiums, so there is no reliable general answer. An earlier version of this page said Principal was 10% to 25% cheaper and especially favorable for women; we couldn’t source those figures and removed them. Get quotes from both with the same benefit, waiting period, and riders.
Sources
- •Principal: Income Protector
- •Principal: DI Series 700 and California
- •AM Best, via Business Wire, April 28, 2026
Read September 23, 2026. Documents marked for financial professionals are public on the carrier’s own site.
Publisher’s note: This review is for educational purposes and is not insurance or financial advice. Terms are Principal’s published terms as of September 23, 2026; provisions vary by state and change without notice, and the policy you are issued governs. Links go directly to Principal’s site. See our advertising disclosure.
Editorial Credibility
Joshua Dunigan, DO | Family Medicine Physician & Founder
I founded MedMoneyGuide to provide physicians with unbiased, specialty-specific financial guidance. My goal is to add transparency and credibility to your financial journey.