Principal® Pivot Series Variable Annuity

Principal^® Pivot Series Variable Annuity

It offers flexibility, tax-smart strategies, and options to create financial benefits for your family.

Investment flexibility for the future

We know life can change fast, and you need to change with it. That includes adapting your financial plan to accommodate different life circumstances. Principal^® Pivot Series Variable Annuity (��Pivot Series) can help you do that.

Choose your investment strategy

��Pivot Series is an investment-focused variable annuity with over 90 investment options to choose from. They’re managed by well-known investment managers and represent a variety of asset classes. The diversity of choices means you can design a portfolio that fits your goals – whether that’s pro growth, risk averse, or cost conscious.

Graphic showing 5 stars representing 24 investment options and 4 stars representing 40 investment options

Quality investments

Our investment options have a proven history in the market--71% have an overall Morningstar Rating^™ of 4 or 5 stars.^1, ^2, ³

You are free to choose your own investments, including a 100% equities strategy. We also offer guided strategies based on your comfort level with investment risk.

Lower cost

If fees are a concern, we offer many affordable options that allow you to keep investment costs down.

Flexibility

When your financial goals change, so can your investments. Move money between your subaccount investments at any time, with no penalties or taxes.

Benefits of ��Pivot Series

Tax-deferred growth.
No contribution limits on after-tax money.
Design a personal investment strategy, including 100% equities.
No taxes or penalties for moving money between subaccounts.
Can be used to create a financial legacy.

Some factors to consider about a variable annuity: There are potential surrender fees and penalties for early withdrawal, and fees are typically higher on variable annuities than on fixed annuities. Please discuss the pros and cons of a variable annuity with a financial professional to see if it's a right fit for your financial plans.

How ��Pivot Series works

��Pivot Series is a long-term investment that allows you to grow money tax-deferred, create a generational financial legacy, and even create a source of guaranteed income when you retire. Most importantly, it’s designed for flexibility and can help you adapt to changing financial goals.

A tax-smart way to invest

Line graph showing participation rate over 6 years.

��Pivot Series offers a variety of ways to create a tax-efficient financial strategy—now and in the future.

Your investment is tax-deferred, and you only pay taxes when you withdraw money.
By reinvesting potential tax-deferred earnings you experience compounding growth.
Withdraw money over time to spread out your tax obligation.
No contribution limits on investing with money you’ve already paid taxes on (nonqualified).

Planning for your family's future

��Pivot Series provides opportunities for you to leave a financial legacy for your loved ones, or for a favorite charity.

A standard death benefit is automatically issued with the contract. There are no monthly premiums and no underwriting is required.

You can also choose from two different enhanced death benefits at an extra cost.⁴

Proceeds will pass outside of probate, so your beneficiaries will get their inheritance quickly.⁵

Retire with guaranteed money

You have the option to use money in your variable annuity to create a source of guaranteed income at no extra cost. This feature, Flexible Pension Builder Rider, can be used for retirement income or to create an income bridge to Medicare, Social Security, or other short-term needs.⁶

This income stream is protected and not affected by market volatility.
Money not converted to guaranteed income remains invested for further potential growth.

Is Principal^® Pivot Series right for you?

This could be a good investment for you if you want:

To design a plan that’s right for your goals—whether that’s creating a low-cost plan, investing in highly rated funds, or even a plan that’s 100% equities.
The flexibility to a change your strategy when your goals change.
To keep your money growing tax-deferred.
To set up a financial legacy for your loved ones or for a cause you care about.
The option to create guaranteed lifetime income if needed.

See how we can help

Talk with your financial professional to learn more and decide if ��Pivot Series is right for you.

¹ Rated as of Dec. 31, 2022.

² Five investment options not rated.

³ Past performance is no guarantee of future results. Morningstar proprietary ratings reflect historical risk-adjusted performance for investment accounts with at least a 3-year performance history and are subject to change each month. Morningstar Ratings™ are calculated from an investment’s three-, five-, and ten-year average annual returns in excess of the 90-day U.S. Treasury bill returns, with appropriate fee adjustments, and a risk factor that reflects performance below the 90-day Treasury bill return. Within each asset class the top 10% of investment accounts receive 5 stars (Highest); the next 22.5% receive 4 stars (Above Average); the middle 35% earn 3 stars (Average); the next 22.5% receive 2 stars (Below Average); and the bottom 10% receive 1 star (Lowest). The Overall Morningstar Rating for an investment is derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating metrics.

⁴ If investing with qualified money, the election of one of the enhanced death benefits may be required by certain broker dealers.

⁵ Unless your estate is the beneficiary.

⁶ The rider is automatically issued if you meet the age requirements and you’re the sole owner/annuitant. The issue age is less than 67 for qualified contracts and less than 85 for nonqualified contracts.

Before you invest in a variable annuity, you should carefully consider its investment objectives, risks, charges and expenses, as well as the underlying investment options it offers. You can find this and other information in the free prospectus, and if available, the summary prospectus, which you can obtain from your local representative. We strongly encourage you to read the prospectus carefully before making an investment.

There are risks involved with investing, including the possible loss of your principal. We don’t guarantee that the strategies described will achieve their goals.

© 2022 Morningstar, Inc. All rights reserved. Part of the investment data contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

Annuities aren’t insured by the FDIC, aren’t guaranteed by any other financial institution, and involve risk. The risk includes potentially losing your premium invested if the issuing insurance company isn’t able to meet its obligation.

All guarantees and benefits of the insurance policy are backed by the claims-paying ability of the issuing insurance company. All guarantees and benefits of the insurance policy are backed by the claims-paying ability of the issuing insurance company. Policy guarantees and benefits are not obligations of, nor backed by, the broker/dealer and/or insurance agency selling the policy, nor by any of their affiliates, and none of them makes any representations or guarantees regarding the claims-paying ability of the issuing insurance company.

This is not a recommendation and is not intended to be taken as a recommendation. This material was prepared for general distribution and is not directed to a specific individual.

The subject matter in this communication is provided with the understanding that Principal^® is not rendering legal, accounting or tax advice. You should consult with appropriate counsel or other advisors on all matters pertaining to legal, tax, or accounting obligations and requirements.

Contract rider descriptions are not intended to cover all restrictions, conditions, or limitations. Refer to rider for full details. Riders subject to state availability and may be subject to an additional charge.

��Pivot Series Variable Annuity is issued by ��Life Insurance Company. Securities offered through ��Securities, Inc., member SIPC and/or independent broker/dealers. Referenced companies are members of the ��Financial Group^®, Des Moines, Iowa 50392.

��Life Insurance Company, Des Moines, Iowa 50392-0001, principal.com

Principal^®, ��Financial Group^®, and ��and the logomark design are registered trademarks of ��Financial Services, Inc., a ��Financial Group company, in the United States and are trademarks and service marks of ��Financial Services, Inc., in various countries around the world.

© 2023 ��Financial Services, Inc.

Contract SF 948/ICC14 SF 948

Riders SF 983/ICC18 SF 983/SF 951/ICC14 SF 951/SF 952/ICC14 SF 952/SF 955/ICC14 SF 955

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