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1.6 26 Reviews

Principal Financial Group Complaints Summary

4 Resolved
22 Unresolved
Our verdict: With Principal Financial Group's very poor resolution rate, careful consideration is needed. Research their service comprehensively, and read up on how they handle customer disputes. If you face issues, be prepared for potential challenges in obtaining resolutions and explore other service providers as backups.
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Principal Financial Group reviews & complaints 26

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8:18 am EDT
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Principal Financial Group life insurance

Hello-

I am writing today because I feel I was discriminated against by Principal Life Insurance (Policy #6785865) when I was declined for a life insurance policy. Initially, I was told by my agent that he had a letter from the underwriter that stated it was because of letter received by my Doctor that commented on Hep C and alcohol abuse, which has never been diagnosed or even mentioned in my records. When I pushed for that letter, I was then told by Principal and my doctor that it did not exist.
When I asked for the specific reason(s) then as to why I was denied, I was repeatedly told by Principal that they could not legally provide me with that information. After continued back and forth, I was finally told, that they were incorrect on that issue, as well, and sent me a document outlining their reason(s) for my denial, along with 350 pages of my medical records.
They stated the following denial reasons:

1) Fibrosis of the liver. I am unaware of any fibrosis of the liver. However, in reviewing my medical records, I found the test they referred to was taken before I was treated for HepC (2015) and was administered to determine treatment options for Hep C. The fibrosis was determined to be minimal. And, I was, in fact, treated at that time and I no longer have Hep C, so this finding is outdated and not even valid. In addition, there are repeated mentions in my records regarding alcohol audits and my score is always zero which means no likelihood of hazardous or harmful alcohol consumption.
2) COPD. The COPD is mild and treated with occasional use of an inhaler as noted in my medical records.
3) Smoking. I quit smoking in 2012, so this finding is also outdated and no longer valid. This is also noted in my medical records multiple times.
4) Depression. There is NO history of ever being diagnosed or treated for depression! The VA routinely asks all patients if they are suffering from depression, so as mentioned in my records, it was only a routine question. And, I was never referred for any mental health issues. In fact, my medical records state that I am not a risk for suicide or hurting others.
5) Abnormal urinalysis. I am also unaware of any abnormal urinalysis, prior or current, and was never treated for any such incident. I saw in my records, a mention of Oxycontin in my lab results which was a concern for the VA since they did not prescribe it. However, at that time, I was prescribed Oxycontin by my dentist for dental work. It seems the underwriter would rather assume I was a drug addict instead of inquiring about it. My doctor has never mentioned it.

All of the above reasons they gave for denial are either not diagnosed, baseless, or outdated. And, I should never have been subject to their fabricated and illegal company policies. Their underwriter jumped to incorrect conclusions based on inaccurate assumptions, misunderstanding lab results and making a determination based on no evidence. Thus, I feel that this insurance company discriminates against Veterans and the elder, healthy or not, assuming we are all drug addicts and alcoholics.

I would appreciate your investigation into my claim as the baseless denial has not only been a time-consuming, emotional roller coaster, but it has also affected my ability to obtain life insurance elsewhere.

Regards,

Edgeworth W Nader III
3065 SW 45th St
Ft Lauderdale, FL 33312
[protected]

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9:05 pm EDT
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Principal Financial Group Long term disability insurance

10/31/2014.
I purchased Long Term Disability Insurance from Principal Financial, from the years of 2006 to 2013, I was latter put on disability by my doctor in 2013 and extended to 2015. but my long term refused to even take a clam. they said the insurance was only valid if I was still employed by the company that sold it. How can that be? i was let go after 12 weeks of FMLA, the company argued that they legally will only give me 12 weeks. so how can they sell Long Term Disability if they will not grant you 12 weeks medical time off?

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8:48 pm EDT
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Principal Financial Group Retirement funds 401(k)

If negative stars were available I'd give them a NEGATIVE 5. I've been invested with several different investment companies but PFG is off the scale in high fees, miscellaneous charges and charging the client to hold his/her money. Any employer who contributes to a deferred compensation plan forcing employees to match or hold funds in this plan is unconscious.

PFG advertises that their fees and expenses are higher than the majority of other funds because PFG offers better service. They offer the worst service I've ever experienced. They have multiple excuses for holding the clients money with complete contempt for anyone who questions their business practices.

I wonder how PFG's own employees will feel when they retire and are treated with as much contempt as the current clients and retirees are treated.

AVOID dealing with this company. Their business practices should be illegal but aren't. Yet. I certainly plan on writing the FTC and several representatives who still represent people over corrupt corporations. If enough people speak up Principal may someday be an ethical Corp. Or better, out of business.

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9:01 pm EDT
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Principal Financial Group 401K

I removed myself from all mutual fund accounts on 5-5-11 and put my account into a money market / cash account . They said I put my account into a re-balance account in Dec 2011 online . I changed my account to a money market/ cash account on May 5th 2011. I have lost $ 4, 000.00 dollars since they re-balancned my account . They did not send me a e-amil or regular mail that they put my cash account back into mutaul funds . She saidand her name is Jenny that is my responesability to follow my account .

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Disturbed sis
, US
Mar 22, 2017 3:37 pm EDT

My brother is DECEASED & the Company is refusing to release the 401K benefits for my brother. Company refuses to provide any information. Horrible company to work with. I have been dealing with this company for several months here are the dates 12/9/16, 1/12/17, 1/24/17, 2/17/17, 2/19/17, 2/24/17, & 3/22/17. All employees were extremely rude, never provide assistance. My brother passed away 4months ago and I have been trying to finish all of his pending business. My brother used to work for Hawthorne Cat in San Diego and he accummalated a 401K plan. Principal is the company who runs the 401K plans for Hawthorne Cat. My brother did not have any beneficiaries such as a wife or kids. I am the only one left that can claim beneficiary to his 401K plan. This company refuses to provide any kind of information regarding his plan or how to obtain a beneficiary packet. They are bouncing me back and forth like a ping pong ball between my brother's ex-employer and Principal. They actually told me that my brother needed to call them in order for them to do any transactions. So what am I suppose to do ...Go to the cemetary and put the phone against his tomb? This company fails at communicate efficiently with all who does business with them. Every time I contact them, I have to relive my brother's death. It is mind boggling on how they treat someone. It is like they do not want to pay out my brother's 401K plan and they want to keep it for themselves like if they are the ones who worked for it and invested in it. I dealt with other companies on behalf of my brother they did not give me any grief. I am tired of reliving my brother's death by dealing with Principal. I just want the benefits released so I can pay part of his funeral services that are still owed.

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9:55 am EST
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Principal Financial Group dental claim payment

i recently resubmitted a claim for dental services. attached to the FRONT of the claim was a letter, special form, and the HCFA. within 1 week the claim was denied for duplicate. i called the company and they had no record of the the letter and form that was attached to the FRONT of the claim. they would not sent me another claim or take my word that this form was attached OR that the reason for the resubmitted claim was due to a medical condition of diabetes and a heart condition. this is not a condition that i would make up in order to get a claim of $150.00 paid! my husbands employer spents a lot of money on insurance, and i think that this situation was handled inproperly. NO effort was made to resolve this for me. debbie obrien @ [protected]@yahoo.com

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9:28 am EDT
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Principal Financial Group Do not invest in them

In the 3rd Quarter 2008, Principal arbitrarily decided to block any transfers out of its Real Estate fund, which was losing money, and has consistently lost money ever since. And there's no light at the end of the tunnel when they will allow investors to transfer their savings. Principal advised investors of the block at approximately 9:00pm on the night they implemented it at midnight -- 3 hours notice under cover of darkness, obviously to not allow investors enough time to protect themselves.

Principal continues its advertisements that it works in the best interest of investors -- that certainly couldn't be further from the truth with my experience.

Read full review of Principal Financial Group and 31 comments
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system is broken
sterling, US
Apr 22, 2023 3:38 pm EDT

I called principal a week before and setup 401k allocation and then followed up the day before and they still incorrectly setup costing me $2000. Do not trust this company. In addition, they have glitching software that indicates wrong account balances... Worst 401k provider in my lifetime.

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Cthom52
Little Rock, US
Nov 22, 2022 10:10 pm EST

I Submitted a distribution request two weeks ago. My Request is still pending with no explanation. Have spoken to several Supervisors. I even paid $25 to have my check sent overnight. At this time it’s still PROCESSING. Can someone tell me why I haven’t received my funds from my account as requested.

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LGyrl
, US
Apr 27, 2019 6:29 pm EDT

Requested distribution from account in writing including all information for direct deposit with copy of voided check. The copy was lost by them. Requested a distribution from Principal aprox three wks ago. After not hearing from them I contacted them by phone and was told the proof of account including the copy of the voided check was not included. It was included and principal bank does not want to admit they lost it. The rep Todd was rude and unconcerned actually made me feel as if I was lying. I have gotten so many different answers to questions from their customer service reps they make your head spin. The employees company never know what is going on. They lie and are lazy so don't do proper research to fulfill their job responsibilities. The people that work for this company seem to lack competency. No one knows what is going on. I got attitude and run around. They try to be as unaccommodating as possible. I hate my employer invested with principal. I can't wait to get my money out of this place!

Your Desired Resolution:
The account was transferred and I have done a number of distributions from this same account and never had a problem identifying myself through the security protocol. Now the go to by principal is that I have to prove by affidavit I am who I am and have notarized and faxed! Most seniors DO NOT have fax machines! Makes no sense. There should be alternate ways of confirming identity especially when principal didn't require this previously. It's supposed to be the same company and should treat their customers the same. Also I never heard from them until 4/28/19 additional info was required after three weeks? They lost a potential lifelong customer. Fidelity here I come.

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Rose1921
, US
Jun 11, 2018 9:27 pm EDT

I have been dealing with them since February attempting to get a check from my mother’s annuity to pay for care. After numerous phone calls, and stall tactics, resubmitting forms, still no money and it is June. Please don’t invest your money with them.

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Bill Reilly
, US
Dec 30, 2018 9:42 am EST
Replying to comment of Rose1921

Principal shut my adviser down because a clash, notified me by snail mail, essentially freezing my assets while the markets tanked in October. Their behavior is unconscionable. Claimed that they had no fiduciary responsibility to my account in any way, even timely access. FINRA took 3 days to tell me they broke no rules. Stay away from a company that brazenly changes their policies without enabling the accounts to manage their risk and then skirts all accountability. Not a company to invest your retirement or assets with.

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Philip Ray Martin
, US
Sep 27, 2017 10:49 am EDT

I let them know early enough when I was due to retire and sent the paperwork that the required and have yet to see my first check. This company should be investigated as to why it takes so long to receive what is due to you. Also when notified about these things they tell you they will check and get back to you and never call back.

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Dennis Myhre, AIC
, US
Feb 03, 2017 7:00 pm EST

Principal stole billions of dollars of investor's retirement funds during 2008 and 2009 from the Principal U.S. Property Separate Account (PUSPSA). They used the money to purchase their own troubled assets and pay off defaulted loans from developers. Principal even used the PUSPSA to purchase loans made to their investment partners by banks during 2006 and 2007. Because they had operated the PUSPSA as a Ponzi Scheme for several years prior to the 2008 meltdown, they froze the account to prevent discovery of their crimes. I and my wife lost well over $200, 000 during that time frame in the account. I have a website, www.fiduciaryfactor.com, in which I have posted some of the results of my investigation for the public to review.
I have asked the Department of Labor to reopen their investigation file on Principal and to have the U.S. Justice Department prosecute Larry Zimpleman and Terrance Lillis for bank fraud. Hopefully those of you who have lost your retirement savings will recover at least a portion of your losses.

Dennis Myhre, AIC
www.fiduciaryfactor.com

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DBec
, US
Apr 13, 2016 12:25 pm EDT
Verified customer This comment was posted by a verified customer. Learn more

Principal Financial Group Are THIEVES not only dealing with 401K plans but Long Term Disability. I paid into a plan for over 20 years not planning on getting hurt but when I did become partially disabled they made me jump through hoops for 6 months with NO income and then denied the claim! I appealed and after another 3 months they denied that also. NOW you can't get a lawyer to take it on a percentage you must pay out of pocket in order to sue. They know I haven't got the money! Horrible People!

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kalyn73
, US
Feb 18, 2017 7:48 am EST
Replying to comment of DBec

They are pure evil!

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WesK
Lampasas, US
Nov 23, 2022 6:18 pm EST
Replying to comment of DBec

They are the worst company ever!

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Rodney McCullah
, US
Feb 14, 2016 10:24 am EST

They would not release my money till after my 5 years were up, A few month, s before my release date, I checked my account And my account was 8, 000+ dollars was taken, and now they tell me that i have to be taxed before released. feel like i have been ripped off Big.

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Peggy Reffel
Alamogordo, US
May 30, 2015 1:25 pm EDT

They froze my 401K. Would not let me switch accounts. By the time I turned 66 and they had to send my money I had lost $8, 000 dollars. Maybe it doesn't sound like much to some people, but to me it was enormous. I don't know how this is legal.

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Agent5280
Castle Rock, US
May 24, 2012 9:03 am EDT

Harassment started in August 2011 and continued until May 2012 from the Managing Director. Complaints are being filed with the EEOC and department of insurance. I would not recommend the Principal Financial Group in Denver. Poor management, lack of training, hostile working enviroment, and disrespect woman agents.

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