Principal Financial Group® has teamed up with ARAG®, a leader in legal insurance, to roll out access to a legal document resource for retirement plan participants. This resource previously had only been available to group life insurance customers as part of the financial wellness resources Principal makes available to help people manage their financial future. With this new relationship, people now can take immediate action regarding their financial wellness and risk planning by preparing a will, healthcare power of attorney, and more.
Financial wellness continues to be an important topic for workers in the United States. Many people report struggling with risk and protection planning. Only 26% of Americans have a complete will that is up to date. Additionally, 71% don’t know where to turn or how to get started with legal matters.
“We’re constantly listening to our customer’s needs. 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,” said Joleen Workman, vice president of retirement at Principal®. “People who know more are more confident, and confident people make good decisions. That’s why we work every day to help educate people and build their confidence around financial decision making.”
For persons looking for a place to get started with risk planning, Principal, along with ARAG, provides education and resources to help people take action. After the forms are filled out in the system, individuals can follow easy steps to formalize their plan, often by taking their documents to a notary.
Research shows that a lack of confidence is the primary reason people don’t make financial decisions, not the income or education concerns they often cite. In addition, people who spend time learning about financial planning are 75% more likely to be confident in their financial future. That’s why Principal provides access to holistic financial wellness resources with education to help people achieve both short-term and long-term goals.
“We’ve always focused on financial wellness, and we know its importance only continues to grow. Principal will take the best of what has helped our customers in the past, combined with new solutions to help round out their financial picture,” added Ms. Workman. “It’s important for people to feel confident and prepared for whatever the future may bring. The more we can lower barriers to financial education and resources, the better prepared people will be to have enough, save enough, and protect enough for their future.”