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Principal Financial Group Long-Term Disability Policies Are A Consumer Nightmare And A Rip-Off!
Posted by Scounselor on 06/15/2009
IOWA -- I purchased and paid on a group coverage employee benefit long-term disability policy through Principal Financial Services for years. When PFG first approached my company to offer their financial services products, my employer really leaned on all the employees to take out this company's LTD policy coverage because the company needed at least 15 employees to enroll in the plan in order to have PFG LTD coverage in the first place; and, the more employees who elected to buy LTD policies from PFG, the lower the monthly premium costs would be for each individual employee enrolled.

I was one of the first employees to elect to take this coverage. Having been a single parent for years, I was always worried about what would happen if I became disabled and couldn't work. Then the worst happened in 2007 and I became totally disabled. I had my short term disability policy through Aflac. When I applied for these benefits, they paid me promptly. I then applied for, and received, my social security disability benefits. They were very quick to approve me within 4 months of my initial application online. But I have yet to collect one dime on my Principal Financial Group LTD policy! No one tells you when you sign up and pay for this type of coverage that all group insurance benefit policies are governed under the federal ERISA laws. Group policies are not regulated by the insurance laws in your individual states which would offer the consumer more protection.

The ERISA laws were originally drafted to protect the consumer and to compel the insurance companies to process claims quickly, in 90 days or less. Sounds good; but, in reality, the ERISA laws have so many loopholes in them that protect the insurance companies, not the consumer, that insurance companies can drag out paying on a group coverage claim for a very long time. There are no provisions in the ERISA laws for a consumer to get punative damages from the insurance company if they willfully keep denying a claim for the most ridiculous of reasons; and, you can't get any interest on the money they owe you if they withhold paying you for years and years. The ERISA laws actually work to the insurance companies Advantage if they drag out paying their LTD claims for as long as they possibly can.

Even with an attorney to fight for you, the insurance companies know that they can play this game for a good long time. There is nothing anyone can do about it unless and until you go to court to collect. And ERISA attorneys will take 30% to 50% of your back benefits when you do eventually collect. Remember that! An attorney has every motivation to drag out an ERISA claim for as long as they possibly can also! Dragging out the processing of your ERISA claim just increases the percentage of their contingency fee! So now whose really looking out for the consumer's interest? Nobody! I am almost 2 years down the road trying to collect on my LTD policy from PFG. My attorney tells me they will make me a lump sum settlement offer after all the claims and appeals processes are over and right before we are due to go to court.

Meanwhile, expect to be followed around by a PFG paid private investigator who will attempt to gather photographic "evidence" to dispute your claim. What ever "evidence" they do manage to collect on you will be used against you later to intimidate you into taking a small "settlement offer". Of course the settlement offer is only a fraction of what you would collect if PFG were to actually pay you the promised monthly disability benefits (until age 66, which is all your covered for under their policies). At age 66 you fall back on SSA benefits only and PFG will cease to pay. A disability policy is not the same as a retirement policy, keep that in mind.

Did I mention PFG also makes you assign all your monthly SSA checks over to them until age 66 IF you are so lucky as to actually collect a monthly benefit check from them? Reduce the monthly benefit amount showing on your policy by the amount of SSA benefits you would or do receive. That's the actual dollar amount PFG would pay you, if you ever get paid anything at all. If you take the settlement offer, which most people do after all this grief, they'll make you sign a gag order so that the length of time it took for PFG to settle your LTD claim will never be a matter of public record. That way, when consumers try to determine PFG's track record on their claims, and the time it took to actually process and pay on PFG claims, the public record will look like all PFG claims were processed and paid within the 90 days allowed by ERISA law.

Pretty sharp, huh? They have some great attorneys working for them. And, from what I see on the internet, PFG spends the most lobbying dollars of any insurance company you could choose out there with similar products to ensure that our lawmakers never close up the loopholes in the existing ERISA laws. Beware Principal Financial Group LTD policies. In my opinion they are not worth the paper they're written on.

     
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Posted by MSCANTBEWRONG on 2009-06-15:
Have you contacted the insurance commission in your state?
Posted by Aerodown on 2009-07-06:
Beware!!!!! Principal Financial Group LTD policies are for SH*T!!! Urge your employer to find any other LTD company to handle your LTD benefits!!!! PFG LTD WILL DENY YOU!!! No matter how bad off you are PFG LTD WILL DEY you coverage!! Take it from me!!! Here's my story, I have severe CTS in both hands. I had CTS surgery of the right hand and went out of my employer's (Citizens Fist Bank of The Villages Florida) Workman's Comp Company FFVA since I already a run in with them when I was hurt on the job by catching a 350lbs UPS (Battery Backup) when two of my employees lost their grip on it and I caught it to stop the UPS from falling and crushing their feet, and then wrenched my back horribly... and get this one, my back was already injured from coming back from a "WORKING" lunch in December 2006 and was rear-ended at a stop sign from a Village resident (over 80) who didn't see my car. Minimal damage to my car, damn near totaled their's (mine was a Honda CRV). Anyway, I come back to work at Citizens First Bank of The Villages, Florida (I had two witnesses in my car) and told my supervisor who NEVER reported it to HR!!!!! Now, back to my work injury last May 2008, ALTHOUGH I made the bank's "Incident Report" out an accident report through my employer's (Citizens First Bank of The Villages, Florida) the day after the incident. Citizens First Bank of The Villages, Florida DID NOT FILE the injury to their Comp insurance company, FFVA for over a month when Florida Law states they have seven days to do so (Did Someone NOT do what they were supposed to??? Citizens First Bank of The Villages, Florida???) The bank harassed me throughout the summer and WAITED until I got them through two Audits, one being the FDIC audit (which I got them a #1 rating in IT), ONE THE VERY SAME DAY the last audit was completed, the bank places me on 180 day probation for NOT completing two employee evals over the summer while the auditors were there. Sound like bullsh*t to you?!?!? I even stated in my probation meeting my hands were killing me and they stated (my supervisor and head of HR) I was "Just" making excuses!!!! I was with Citizens First Bank of The Villages, Florida for almost TEN YEARS!!! I was the guy who built their IT department up from an 85 million to over a billion in customer assets!!! I mostly designed their Operations Center on Rolling Acres Road, and they fired me since I went through my own insurance (instead of some damn Comp butcher with a knife)!!!!! My hands were soo bad my family physician IMMEDIATLY disables me when getting back the results of my Nerve Conduction Study, and reading Citizens First Bank of The Villages, Florida probation letter (which I'll be glad to share with a VERY good attorney willing to sue them for harassment and wrongful termination). Anyway, Citizens First Bank of The Villages, Florida fires me last Christmas (Merry Christmas you 10 year employee) and I made out Principal Financial Group LTD claim form which was provided to me as a "BANK OFFICER". Well, FFVA denied both my back claim and my CTS claims (the back WAY beyond the 90 days allowed) in November, this gave Citizens First Bank of The Villages, Florida (352-753-9515) the EXCUSE to terminate me! No job, in soo deep a depression my psychiatrist even wrote a FMLA request for me, and here comes Principal Financial Group LTD, which took over 4 months to start paying me benefits and strung me along until this June then DENIED my claim in totality!! Now, this is with DOCUMENTED Deep Depression, Anxiety, Diagnosed with CNS Hypersomnia (disabling within itself), a bad back, which a neurologist (someone finally takes their head out a**) and does an MRI of my C-Spine and finds a Herniated Disk (he attributes to whiplash from the original Car wreck coming back to work) and I've got arthritis growing with a bone spur heading toward my nerve root!! I was diagnosed with three kidney stones in my left kidney in May (1.3cm, .6cm, .3cm) my kidneys shutdown in June over the stones and medications (Lyrica) which caused a cardiac event!! My right hand hasn't completely healed, my left is right now numb as SH*T, I'm racked with pain, and then kicked in the teeth by PFG LTD's denial of my ENTIRE claim, even though I also have DOCUMENTED upper and lower respiratory disease that has just started coming to a head five years ago, and now diagnosed as Chronic Sinusitis and now my lungs are failing (probably from exposure to toxic levels of Beryllium while working in the USAF on the Lockheed C-5 as a “Crew Chief”). Thanks for your service to your country from Citizens First Bank of The Villages Florida, FFVA, and of course PFG LTD!!! Any ONE disease disabling!! I'm a mess and wondering what I'm going to do to help my family survive!! Ten years of service to Citizens First Bank of The Villages Florida, and an empty LTD promise from PFG!!!! Congress NEEDS to address the failings in LTD like PFG!!! Or may God help us when disabled!! HOW can a Claims Adjuster make such a determination!?!?!? And by the way, any of you Villages residents who have money in Citizens First Bank, I'd advise you to request a “2008 Annual Report” from the bank if I had money in that bank!!! How does a bank that is Deposit Rich, but deposit poor make money?!?!? Some say invest their customer's deposits by moving their money around... How CATISTRPHIC would it have been if Congress didn't step in and Save Fannie Mae and Freddie Mac!?!??!?!? Bank's that floated their customer's deposits into such institutions would be deemed.... well insolvent!! So here I am, and going to get an attorney(s) and take up the fight for change in both the antiquated Workman's Comp Laws and ERISA, which the Supreme Court did make a “landmark” decision in METROPOLITAN LIFE INSURANCE COMPANY,
et al., PETITIONERS v. WANDA GLENN overturning the sixth district's court's ruling!!! PFG, FFVA and all you other BLOOD SUXING insurance companies out there... Your day is coming!!!!

Terry T Furlow,
(former) ITO
Citizens First Bank of The Villages Florida...
Posted by Aerodown on 2009-07-06:
Beware!!!!! Principal Financial Group LTD policies are for SH*T!!! Urge your employer to find any other LTD company to handle your LTD benefits!!!! PFG LTD WILL DENY YOU!!! No matter how bad off you are PFG LTD WILL DEY you coverage!! Take it from me!!! Here's my story, I have severe CTS in both hands. I had CTS surgery of the right hand and went out of my employer's (Citizens Fist Bank of The Villages Florida) Workman's Comp Company FFVA since I already a run in with them when I was hurt on the job by catching a 350lbs UPS (Battery Backup) when two of my employees lost their grip on it and I caught it to stop the UPS from falling and crushing their feet, and then wrenched my back horribly... and get this one, my back was already injured from coming back from a "WORKING" lunch in December 2006 and was rear-ended at a stop sign from a Village resident (over 80) who didn't see my car. Minimal damage to my car, damn near totaled their's (mine was a Honda CRV). Anyway, I come back to work at Citizens First Bank of The Villages, Florida (I had two witnesses in my car) and told my supervisor who NEVER reported it to HR!!!!! Now, back to my work injury last May 2008, ALTHOUGH I made the bank's "Incident Report" out an accident report through my employer's (Citizens First Bank of The Villages, Florida) the day after the incident. Citizens First Bank of The Villages, Florida DID NOT FILE the injury to their Comp insurance company, FFVA for over a month when Florida Law states they have seven days to do so (Did Someone NOT do what they were supposed to??? Citizens First Bank of The Villages, Florida???) The bank harassed me throughout the summer and WAITED until I got them through two Audits, one being the FDIC audit (which I got them a #1 rating in IT), ONE THE VERY SAME DAY the last audit was completed, the bank places me on 180 day probation for NOT completing two employee evals over the summer while the auditors were there. Sound like bullsh*t to you?!?!? I even stated in my probation meeting my hands were killing me and they stated (my supervisor and head of HR) I was "Just" making excuses!!!! I was with Citizens First Bank of The Villages, Florida for almost TEN YEARS!!! I was the guy who built their IT department up from an 85 million to over a billion in customer assets!!! I mostly designed their Operations Center on Rolling Acres Road, and they fired me since I went through my own insurance (instead of some damn Comp butcher with a knife)!!!!! My hands were soo bad my family physician IMMEDIATLY disables me when getting back the results of my Nerve Conduction Study, and reading Citizens First Bank of The Villages, Florida probation letter (which I'll be glad to share with a VERY good attorney willing to sue them for harassment and wrongful termination). Anyway, Citizens First Bank of The Villages, Florida fires me last Christmas (Merry Christmas you 10 year employee) and I made out Principal Financial Group LTD claim form which was provided to me as a "BANK OFFICER". Well, FFVA denied both my back claim and my CTS claims (the back WAY beyond the 90 days allowed) in November, this gave Citizens First Bank of The Villages, Florida (352-753-9515) the EXCUSE to terminate me! No job, in soo deep a depression my psychiatrist even wrote a FMLA request for me, and here comes Principal Financial Group LTD, which took over 4 months to start paying me benefits and strung me along until this June then DENIED my claim in totality!! Now, this is with DOCUMENTED Deep Depression, Anxiety, Diagnosed with CNS Hypersomnia (disabling within itself), a bad back, which a neurologist (someone finally takes their head out a**) and does an MRI of my C-Spine and finds a Herniated Disk (he attributes to whiplash from the original Car wreck coming back to work) and I've got arthritis growing with a bone spur heading toward my nerve root!! I was diagnosed with three kidney stones in my left kidney in May (1.3cm, .6cm, .3cm) my kidneys shutdown in June over the stones and medications (Lyrica) which caused a cardiac event!! My right hand hasn't completely healed, my left is right now numb as SH*T, I'm racked with pain, and then kicked in the teeth by PFG LTD's denial of my ENTIRE claim, even though I also have DOCUMENTED upper and lower respiratory disease that has just started coming to a head five years ago, and now diagnosed as Chronic Sinusitis and now my lungs are failing (probably from exposure to toxic levels of Beryllium while working in the USAF on the Lockheed C-5 as a “Crew Chief”). Thanks for your service to your country from Citizens First Bank of The Villages Florida, FFVA, and of course PFG LTD!!! Any ONE disease disabling!! I'm a mess and wondering what I'm going to do to help my family survive!! Ten years of service to Citizens First Bank of The Villages Florida, and an empty LTD promise from PFG!!!! Congress NEEDS to address the failings in LTD like PFG!!! Or may God help us when disabled!! HOW can a Claims Adjuster make such a determination!?!?!? And by the way, any of you Villages residents who have money in Citizens First Bank, I'd advise you to request a “2008 Annual Report” from the bank if I had money in that bank!!! How does a bank that is Deposit Rich, but deposit poor make money?!?!? Some say invest their customer's deposits by moving their money around... How CATISTRPHIC would it have been if Congress didn't step in and Save Fannie Mae and Freddie Mac!?!??!?!? Bank's that floated their customer's deposits into such institutions would be deemed.... well insolvent!! So here I am, and going to get an attorney(s) and take up the fight for change in both the antiquated Workman's Comp Laws and ERISA, which the Supreme Court did make a “landmark” decision in METROPOLITAN LIFE INSURANCE COMPANY,
et al., PETITIONERS v. WANDA GLENN overturning the sixth district's court's ruling!!! PFG, FFVA and all you other BLOOD SUXING insurance companies out there... Your day is coming!!!!

Terry T Furlow,
(former) ITO
Citizens First Bank of The Villages Florida...
Posted by Aerodown on 2009-07-06:
Beware!!!!! Principal Financial Group LTD policies are for SH*T!!! Urge your employer to find any other LTD company to handle your LTD benefits!!!! PFG LTD WILL DENY YOU!!! No matter how bad off you are PFG LTD WILL DEY you coverage!! Take it from me!!! Here's my story, I have severe CTS in both hands. I had CTS surgery of the right hand and went out of my employer's (Citizens Fist Bank of The Villages Florida) Workman's Comp Company FFVA since I already a run in with them when I was hurt on the job by catching a 350lbs UPS (Battery Backup) when two of my employees lost their grip on it and I caught it to stop the UPS from falling and crushing their feet, and then wrenched my back horribly... and get this one, my back was already injured from coming back from a "WORKING" lunch in December 2006 and was rear-ended at a stop sign from a Village resident (over 80) who didn't see my car. Minimal damage to my car, damn near totaled their's (mine was a Honda CRV). Anyway, I come back to work at Citizens First Bank of The Villages, Florida (I had two witnesses in my car) and told my supervisor who NEVER reported it to HR!!!!! Now, back to my work injury last May 2008, ALTHOUGH I made the bank's "Incident Report" out an accident report through my employer's (Citizens First Bank of The Villages, Florida) the day after the incident. Citizens First Bank of The Villages, Florida DID NOT FILE the injury to their Comp insurance company, FFVA for over a month when Florida Law states they have seven days to do so (Did Someone NOT do what they were supposed to??? Citizens First Bank of The Villages, Florida???) The bank harassed me throughout the summer and WAITED until I got them through two Audits, one being the FDIC audit (which I got them a #1 rating in IT), ONE THE VERY SAME DAY the last audit was completed, the bank places me on 180 day probation for NOT completing two employee evals over the summer while the auditors were there. Sound like bullsh*t to you?!?!? I even stated in my probation meeting my hands were killing me and they stated (my supervisor and head of HR) I was "Just" making excuses!!!! I was with Citizens First Bank of The Villages, Florida for almost TEN YEARS!!! I was the guy who built their IT department up from an 85 million to over a billion in customer assets!!! I mostly designed their Operations Center on Rolling Acres Road, and they fired me since I went through my own insurance (instead of some damn Comp butcher with a knife)!!!!! My hands were soo bad my family physician IMMEDIATLY disables me when getting back the results of my Nerve Conduction Study, and reading Citizens First Bank of The Villages, Florida probation letter (which I'll be glad to share with a VERY good attorney willing to sue them for harassment and wrongful termination). Anyway, Citizens First Bank of The Villages, Florida fires me last Christmas (Merry Christmas you 10 year employee) and I made out Principal Financial Group LTD claim form which was provided to me as a "BANK OFFICER". Well, FFVA denied both my back claim and my CTS claims (the back WAY beyond the 90 days allowed) in November, this gave Citizens First Bank of The Villages, Florida (352-753-9515) the EXCUSE to terminate me! No job, in soo deep a depression my psychiatrist even wrote a FMLA request for me, and here comes Principal Financial Group LTD, which took over 4 months to start paying me benefits and strung me along until this June then DENIED my claim in totality!! Now, this is with DOCUMENTED Deep Depression, Anxiety, Diagnosed with CNS Hypersomnia (disabling within itself), a bad back, which a neurologist (someone finally takes their head out a**) and does an MRI of my C-Spine and finds a Herniated Disk (he attributes to whiplash from the original Car wreck coming back to work) and I've got arthritis growing with a bone spur heading toward my nerve root!! I was diagnosed with three kidney stones in my left kidney in May (1.3cm, .6cm, .3cm) my kidneys shutdown in June over the stones and medications (Lyrica) which caused a cardiac event!! My right hand hasn't completely healed, my left is right now numb as SH*T, I'm racked with pain, and then kicked in the teeth by PFG LTD's denial of my ENTIRE claim, even though I also have DOCUMENTED upper and lower respiratory disease that has just started coming to a head five years ago, and now diagnosed as Chronic Sinusitis and now my lungs are failing (probably from exposure to toxic levels of Beryllium while working in the USAF on the Lockheed C-5 as a “Crew Chief”). Thanks for your service to your country from Citizens First Bank of The Villages Florida, FFVA, and of course PFG LTD!!! Any ONE disease disabling!! I'm a mess and wondering what I'm going to do to help my family survive!! Ten years of service to Citizens First Bank of The Villages Florida, and an empty LTD promise from PFG!!!! Congress NEEDS to address the failings in LTD like PFG!!! Or may God help us when disabled!! HOW can a Claims Adjuster make such a determination!?!?!? And by the way, any of you Villages residents who have money in Citizens First Bank, I'd advise you to request a “2008 Annual Report” from the bank if I had money in that bank!!! How does a bank that is Deposit Rich, but deposit poor make money?!?!? Some say invest their customer's deposits by moving their money around... How CATISTRPHIC would it have been if Congress didn't step in and Save Fannie Mae and Freddie Mac!?!??!?!? Bank's that floated their customer's deposits into such institutions would be deemed.... well insolvent!! So here I am, and going to get an attorney(s) and take up the fight for change in both the antiquated Workman's Comp Laws and ERISA, which the Supreme Court did make a “landmark” decision in METROPOLITAN LIFE INSURANCE COMPANY,
et al., PETITIONERS v. WANDA GLENN overturning the sixth district's court's ruling!!! PFG, FFVA and all you other BLOOD SUXING insurance companies out there... Your day is coming!!!!

Terry T Furlow,
(former) ITO
Citizens First Bank of The Villages Florida...
Posted by Robert Foley on 2014-04-16:
Holy Toledo!!! I'm just starting this nightmare! I have been on Principal STD since 9/30/2013 and transitioned to Principal Long Term Disability on 3/13/14. My first monthly payment was suppose to be deposited 4/914. It didn't go into my checking account. Yesterday they called and denied me saying my condition was a pre-existing one. How could that be possible? I had an elective surgery and I caught a staph infection and the surgeon screwed up and misdiagnosed it and mistreated it. I had to get a new surgeon and new hospital and have another operation. This insurer is HORRIFIC! I will fight this all the way to the end! They have a license to steal!!!
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Principal Financial Improperly Denies Ins Coverage On Basis Of Covert Policy Termination Date
Posted by Jhefti on 07/24/2011
DES OINS, IOWA -- I retired March 31, 2010. My former employer kindly permitted me to continue existing health and dental insurance policies at my own expense until 9.1.11 when I will turn 65.

Dental insurance was through Principal Financial Group (P). P was fully advised of my retirement status. However, at no time did P inform either my former employer or me of its intention to terminate my insurance coverage on March 31, 2011 (or at any other time).

Here's my complaint. Having failed to disclose an (apparently covert and) impending termination of coverage, P knowingly delayed processing my request for payment predetermination of (clearly covered) dental procedures until it was able to deny coverage on the ground the policy had been terminated. In other words, P sought to escape paying its fair share of a clearly covered dental procedure by figuratively scratching its head and shuffling its feet for nearly 2 months before jumping up and shouting "GOTCHA."

Where I'm from that behavior is often described as lying in the weeds. It's not conduct one expects of a company that promotes itself as ethical and relies on the good will of its customers.

Here's what happened. February 8, 2011, my dentist's office submitted to P a full and complete predetermination request for replacement of failed abutment fixtures and crowns for 2 dental implants that were almost 15 years old. Principal waited almost a month, until March 4, before requesting extensive additional information. My dentist's office promptly supplied the additional information, while privately noting the request seemed a bit out of the ordinary.

My dentist's office advises that approximately a week later (this would have been toward the middle of March), Principal submitted yet ANOTHER request for further information. (By then shaking its collective head), my dentist's office supplied the further information requested. Principal says it received this information in April.

In late April I received from P a denial of coverage based upon an asserted policy termination date of March 31. Totally surprised, I asked my former employer whether it had been advised of the March 31 (or any other) policy termination date. It had not.

I immediately filed with P a written request for reconsideration based on the company’s delayed handling of my request and its failure to disclose its intention to terminate my policy.

No reply. I phoned the company perhaps 10 days later. A representative told me no one would respond to my inquiry “because the policy is terminated.” HUH??

I then filed a request for assistance and reconsideration through the Principal Financial Group website. Several weeks later, I received a reply letter.

The letter denied P had made a second request for information. It altogether failed to address the company’s failure to disclose its impending, seemingly covert policy termination date. It found “unfortunate that your predetermination wasn’t filed to allow ample time to receive any information necessary for review,” and asserted, “We strive to process all correspondence in an accurate and timely manner.” In other words, “Piss off.”

I don't know whether P had a legal obligation to disclose the policy termination date, but it certainly had an ethical obligation to do so. I don’t know whether, under the circumstances, seriatim requests for arguably unnecessary information over the course of more than 2 months constitutes unconscionable stalling, but even my mild mannered and eminently fair dentist found it disingenuous and more than a bit untoward.

Whether or not Principal Financial crossed any legal lines in this matter, to me one thing seems absolutely clear. A company that callously advances its financial interests over those of its own clients in matters of relative monetary insignificance such as this one is not a company I would ever trust to manage my current finances or the future security of my family. Simply a word, I should hope, to the wise.

     
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Posted by drugdoc121 on 2011-07-24:
If you had coverage at the time of the procedure, what grounds do they have to deny payment? The fact that your coverage was canceled after should have no bearing on this.
Posted by Skye on 2011-07-24:
Excellent point dd.
Posted by trmn8r on 2011-07-24:
I didn't see that the procedure was ever performed. Maybe I missed it. I assumed "predetermination" meant it was like a quote or something.

It's pretty obvious the company cares little about ethics or anything like that. As long as you feel this is "monetarily insignificant," it sounds like no harm no foul. It doesn't sound like you have any confidence that they did anything wrong legally.
Posted by Michael on 2014-01-20:
Principal Dental insurance company is going to be fired by me they are so bad. I would rather go without dental insurance. They paid only 192 dollars of a 1349 dollar root canal claim. leaving me with the rest. After hours on the phone with them after denying all claims this is the best they can do for something that was approved ahead of time.
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Request to move from U.S. Sep Account
Posted by Deanie on 05/28/2009
NEW JERSEY -- In September 2008, my husband requested Principal Financial Group to move all the money he has invested in U.S. Sep. Account into another investment account. They did not grant my husbands request. They told my husband there would be a delay in moving the money out of that account because they are currently not honoring his or anyone’s request for changes to this account. In the meantime, since January we lost over $15,000. We should be able to move our money from one account to another account. We did not sign a contract with them and we believe this is illegal.
     
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Posted by madconsumer on 2009-05-28:
so what is the reason there is a hold on the account?
Posted by Aerodown on 2009-07-06:
Beware!!!!! Principal Financial Group LTD policies are for SH*T!!! Urge your employer to find any other LTD company to handle your LTD benefits!!!! PFG LTD WILL DENY YOU!!! No matter how bad off you are PFG LTD WILL DEY you coverage!! Take it from me!!! Here's my story, I have severe CTS in both hands. I had CTS surgery of the right hand and went out of my employer's (Citizens Fist Bank of The Villages Florida) Workman's Comp Company FFVA since I already a run in with them when I was hurt on the job by catching a 350lbs UPS (Battery Backup) when two of my employees lost their grip on it and I caught it to stop the UPS from falling and crushing their feet, and then wrenched my back horribly... and get this one, my back was already injured from coming back from a "WORKING" lunch in December 2006 and was rear-ended at a stop sign from a Village resident (over 80) who didn't see my car. Minimal damage to my car, damn near totaled their's (mine was a Honda CRV). Anyway, I come back to work at Citizens First Bank of The Villages, Florida (I had two witnesses in my car) and told my supervisor who NEVER reported it to HR!!!!! Now, back to my work injury last May 2008, ALTHOUGH I made the bank's "Incident Report" out an accident report through my employer's (Citizens First Bank of The Villages, Florida) the day after the incident. Citizens First Bank of The Villages, Florida DID NOT FILE the injury to their Comp insurance company, FFVA for over a month when Florida Law states they have seven days to do so (Did Someone NOT do what they were supposed to??? Citizens First Bank of The Villages, Florida???) The bank harassed me throughout the summer and WAITED until I got them through two Audits, one being the FDIC audit (which I got them a #1 rating in IT), ONE THE VERY SAME DAY the last audit was completed, the bank places me on 180 day probation for NOT completing two employee evals over the summer while the auditors were there. Sound like bullsh*t to you?!?!? I even stated in my probation meeting my hands were killing me and they stated (my supervisor and head of HR) I was "Just" making excuses!!!! I was with Citizens First Bank of The Villages, Florida for almost TEN YEARS!!! I was the guy who built their IT department up from an 85 million to over a billion in customer assets!!! I mostly designed their Operations Center on Rolling Acres Road, and they fired me since I went through my own insurance (instead of some damn Comp butcher with a knife)!!!!! My hands were soo bad my family physician IMMEDIATLY disables me when getting back the results of my Nerve Conduction Study, and reading Citizens First Bank of The Villages, Florida probation letter (which I'll be glad to share with a VERY good attorney willing to sue them for harassment and wrongful termination). Anyway, Citizens First Bank of The Villages, Florida fires me last Christmas (Merry Christmas you 10 year employee) and I made out Principal Financial Group LTD claim form which was provided to me as a "BANK OFFICER". Well, FFVA denied both my back claim and my CTS claims (the back WAY beyond the 90 days allowed) in November, this gave Citizens First Bank of The Villages, Florida (352-753-9515) the EXCUSE to terminate me! No job, in soo deep a depression my psychiatrist even wrote a FMLA request for me, and here comes Principal Financial Group LTD, which took over 4 months to start paying me benefits and strung me along until this June then DENIED my claim in totality!! Now, this is with DOCUMENTED Deep Depression, Anxiety, Diagnosed with CNS Hypersomnia (disabling within itself), a bad back, which a neurologist (someone finally takes their head out a**) and does an MRI of my C-Spine and finds a Herniated Disk (he attributes to whiplash from the original Car wreck coming back to work) and I've got arthritis growing with a bone spur heading toward my nerve root!! I was diagnosed with three kidney stones in my left kidney in May (1.3cm, .6cm, .3cm) my kidneys shutdown in June over the stones and medications (Lyrica) which caused a cardiac event!! My right hand hasn't completely healed, my left is right now numb as SH*T, I'm racked with pain, and then kicked in the teeth by PFG LTD's denial of my ENTIRE claim, even though I also have DOCUMENTED upper and lower respiratory disease that has just started coming to a head five years ago, and now diagnosed as Chronic Sinusitis and now my lungs are failing (probably from exposure to toxic levels of Beryllium while working in the USAF on the Lockheed C-5 as a “Crew Chief”). Thanks for your service to your country from Citizens First Bank of The Villages Florida, FFVA, and of course PFG LTD!!! Any ONE disease disabling!! I'm a mess and wondering what I'm going to do to help my family survive!! Ten years of service to Citizens First Bank of The Villages Florida, and an empty LTD promise from PFG!!!! Congress NEEDS to address the failings in LTD like PFG!!! Or may God help us when disabled!! HOW can a Claims Adjuster make such a determination!?!?!? And by the way, any of you Villages residents who have money in Citizens First Bank, I'd advise you to request a “2008 Annual Report” from the bank if I had money in that bank!!! How does a bank that is Deposit Rich, but deposit poor make money?!?!? Some say invest their customer's deposits by moving their money around... How CATISTRPHIC would it have been if Congress didn't step in and Save Fannie Mae and Freddie Mac!?!??!?!? Bank's that floated their customer's deposits into such institutions would be deemed.... well insolvent!! So here I am, and going to get an attorney(s) and take up the fight for change in both the antiquated Workman's Comp Laws and ERISA, which the Supreme Court did make a “landmark” decision in METROPOLITAN LIFE INSURANCE COMPANY,
et al., PETITIONERS v. WANDA GLENN overturning the sixth district's court's ruling!!! PFG, FFVA and all you other BLOOD SUXING insurance companies out there... Your day is coming!!!!
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Very Bad Customer Service
Posted by Bad401kcustomer service on 08/09/2007
Recently I decided to enroll in a 401k program through my current employer.I was trying to enroll online to the 401k program which was unsuccessful then called customer service a guy with the name of Spencer came on the phone line . I explained to him that I couldn't login he proceeded to ask for my name, social security number I gave him my information . Then he asked me for my contract number which I didn't have . He came back with a very sarcastic voice telling me "If you don't have a contract number I can't help You " I asked to speak with his manager because I felt he was being rude to me . He told the managers name was Spencer that he was the manager.

Thanks to customer service representatives companies like principal has lost customers like me because I decided to maybe discontinue my 401k program with them.

     
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Posted by Sparticus on 2007-08-09:
I'm trying to roll-over a 401k from Principal to my Fidelity account. They are making it as slow of a process as they can. They claim the form to do the roll-over is only available via snail-mail... and it may take a few weeks to get it to me. This is 2007 and they don't have the form available online or via email? No electronic version of it exists? Common guys.
Posted by jktshff1 on 2007-08-09:
Seems as if you should have your contract number from your employer to enroll
Posted by Anonymous on 2007-08-10:
BS, they got his SS# and they should give him his money and they are trying to rip off Sparticus as well!
Here is what they say about it and at the bottom you will find an address to this and the forum to fill out.

Reporting Unethical or Fraudulent Activity
As a leader in the financial services industry, we take seriously our obligation to customers and our global communities to conduct business in a legal and ethical manner. This ranges from protecting our customers from increased costs associated with fraudulent activities to conducting ourselves in a manner that enhances public trust and confidence in the Principal Financial Group® and the financial services industry.
No company is immune from the risk of unethical conduct or fraudulent activity. In accordance with state and federal laws and regulations, it is our responsibility to take appropriate action when these situations are suspected or may occur. Our company does not tolerate, and takes aggressive action against, unethical conduct or fraud whether perpetrated by employees, customers, vendors, those who sell our products or others.
If you are aware of a situation of suspected fraud, criminal activity, ethical concerns or questionable business practices affecting you or any of the companies of the Principal Financial Group, complete our report form (below), or call us at 1.866.858.4433. Please provide as much information as you feel comfortable sharing or you can remain anonymous.
http://www.principal.com/reportfraud.htm
Posted by voiceoff on 2012-10-04:
Seems any problem one can have, one has. They already have the money and keep it hostage, like it belongs to them, not you.
I suspect there is a lot that goes on that is not readily understood and they can play games with your money that you do not even know about, but what to do?
I have a problem now with them. They are trying to give me less than I should get for my share of the pension, following a divorce stipulation that I get half. My attorney is legal aid and he got them to this point where I am at least getting a portion, but it is not 50%. What can I do? The lawyer seems to be getting a take it or leave it message from Principal.
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