Principal aligns with ARAG to enhance retirement products
Principal Financial Group of Des Moines recently joined with legal insurance provider ARAG to offer legal document support for retirement plan purchasers, representing an expansion from previous eligibility.
The augmented resource will be a departure from previous availability to group life insurance patrons and will enable participants to more directly implement decisions about their financial and risk planning.
According to Principal, a mere one-fourth of all Americans have an up-to-date will, with many uncertain of how to procure assistance with legal affairs. Based on industry data, lack of confidence ranks as the top reason for delay or avoidance, the company indicated.
“We’re constantly listening to our customer’s needs,” stated Principal’s VP of retirement Joleen Workman. “And when 75% said they would find legal documentation helpful in supporting their financial wellness, it was a no-brainer to help fill this gap.”
Hence, Principal and ARAG put together a package that includes education and links to related resources, along with administrative support.
“People who know more are more confident, and confident people make good decisions,” Workman said. “That’s why we work every day to help educate people and build their confidence around financial decision making.”
ARAG North America Inc. is based in Des Moines, Iowa.