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•	A is the death benefit plus any proceeds from any benefit rider on the Insured's life;

•	B is any loan indebtedness;

•	C if the Insured's death occurs during a grace period, is the lesser of any overdue monthly policy charges and, if applicable, the amount required to meet any Death Benefit Guarantee Premium Requirement.

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•	Each unscheduled partial surrender may not be less than $500. Each unscheduled partial surrender may not be greater than 90% of the net policy value (as of the effective date of the unscheduled partial surrender).

•	The policy value will be reduced by the amount of the unscheduled partial surrender plus any transaction fee.

•	A transaction fee of the lesser of $25 or 2% of the amount surrendered is imposed on each unscheduled partial surrender after the second unscheduled partial surrender in a policy year.

•	The total face amount may be reduced by the amount of each unscheduled partial surrender.

•	Partial surrenders may be scheduled on a monthly, quarterly, semiannual, or annual basis.

•	Each scheduled partial surrender may not be greater than 90% of the net policy value (as of the effective date of the scheduled partial surrender).

•	The total face amount may be reduced by the amount of each scheduled partial surrender.

•	The policy value will be reduced by the amount of any scheduled partial surrender.

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(1)	The Sales Charge varies over time and also varies with the existence of the supplemental benefit rider, as described in CHARGES AND DEDUCTIONS - Premium Expense Charge.

(2)	Premium paid up to target premium. The maximum sales charge on premium paid in excess of target premium is 3.00%.

(3)	In addition to the fees shown, additional transfer fees or restrictions may be imposed by federal regulators, state regulators and/ or sponsors of the underlying mutual funds. See GENERAL DESCRIPTION OF THE POLICY.

(4)	For more information regarding the guideline premium/cash value corridor test and the cash value accumulation test, see DEATH BENEFITS AND POLICY VALUES - IRS Definition of Life Insurance.

(5)

Current charges reflect the charges in effect as of the date of this prospectus for a Representative Insured, which is a 45 year-old male in with a risk classification of preferred non-tobacco for policy year one. This charge varies based on individual characteristics, within the minimum and maximum shown. As a result, the current charge shown in the table may not be representative of the charge that you will pay. To obtain more information about the charge that would apply to you, contact your registered representative or call 1-800-247-9988 and request personalized illustrations.

(6)	The difference between the interest charged on the loan indebtedness and the interest credited to the loan account.

(7)	This charge decreases after policy year ten.

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Example:	If the policy date is September 5, 2020, the first monthly date is October 5, 2020.

•	the death benefit (as described in the Policy) at the beginning of the policy month, divided by the death benefit discount rate shown on the data pages; minus

•	the policy value at the beginning of the policy month calculated as if the monthly policy charge was zero.

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Example:	The monthly date is May 5, 2020; the first policy month ends on June 4, 2020.

Example:	If the policy date is September 5, 2020, the first policy year ends on September 4, 2021. The first policy anniversary falls on September 5, 2021.

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•	transfer assets in any division to another division or to the fixed account;

•	add, combine or eliminate divisions; or

•	substitute the shares of a division for shares in another division:

•	if shares of a division are no longer available for investment; or

•	if in our judgment, investment in a division becomes inappropriate considering the purposes of the division.

NOTE:	Because there is no required minimum number of votes a small number of votes can have a disproportionate effect.

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(1)	When the Supplemental Benefit Rider is elected, the year 2 target premium and applicable sales charge is calculated based upon the following three-tiered structure as follows (current sales charge noted):

•	6.50% is charged up to the target premium that is proportionately lower with Supplemental Benefit Rider (SBR target) compared to a policy without this rider (full base)

•	3.00% is charged between SBR target and the applicable full base policy target premium.

•	0.50% is charged on the excess above the full base policy target premium.

(2)	When the Supplemental Benefit Rider is elected, the year 2 target premium and applicable sales charge is calculated based upon a three-tiered structure as follows (maximum sales charge noted):

•	6.50% maximum is charged up to the target premium that is proportionately lower with Supplemental Benefit Rider (SBR target) compared to a policy without this rider (full base)

•	3.00% maximum is charged between SBR target and the applicable full base policy target premium.

•	3.00% maximum is charged on the excess above the full base policy target premium.

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•	a charge for the cost of insurance;

•	a monthly policy issue charge;

•	an asset based charge (applied against the divisions);

•	any charge for an optional insurance benefit added by rider(s); and

•	any additional charges shown on the data pages.

•	the same as allocation percentages for premium payments;

•	determined on a prorated basis; or

•	determined by any other allocation method upon which we agree.

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•	Year 1-5:     0.35% of net policy value per year

•	Year 6-15:     0.30% of net policy value per year

•	Year 16+:     0.25% of net policy value per year

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•	the death proceeds are paid;

•	the maturity proceeds are paid;

•	the Policy is surrendered; or

•	the grace period ends without our receiving the payment required to keep the Policy in force.

•	sending a written request to us;

•	calling us at 1-800-247-9988 (if telephone privileges apply);

•	faxing us at 1-866-885-0390;

•	visiting www.principal.com (if internet privileges apply).

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•	In each calendar year, the transfers may not exceed:

•	your fixed account value as of December 31 of the prior year (if $5,000 or less);

•	$5,000 (if your fixed account value as of December 31 of the prior year is greater than $5,000 but less than $20,000); or

•	25% of your fixed account value as of December 31 of the prior year (if the fixed account value is greater than $20,000).

•	We must receive your notice during the 30-day period.

•	You must specify the dollar amount or percentage to be transferred.

•	The value of your fixed account must be $20,000 or more when your scheduled transfers begin.

•	You must elect participation in the program by furnishing us with notice. The election may be made at any time following the end of the examination offer period. Once made, this election is irrevocable.

•	Transfers to the divisions will be made in the proportions used for allocation of premium payments.

•	If your premium payments included an allocation to the fixed account, your notice must include new premium payment allocations to the division(s) only.

•	During the transfer period, you may not: make unscheduled transfers out of the fixed account; or make transfers and premium payments to the fixed account.

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•	The first transfer will be 25% of the fixed account value;

•	12 months from the first transfer (or next business day if the transfer day is not a business day), 33% of the fixed account value;

•	24 months from the first transfer (or next business day if the transfer day is not a business day), 50% of the fixed account value; and

•	36 months from the first transfer (or next business day if the transfer day is not a business day), the balance of the fixed account value.

Example:	The example does not reflect payment of interest on the value in the fixed account. It also assumes that monthly policy charges are not taken from the fixed account and that you make no partial surrenders or policy loans from the fixed account.

Example:

You may choose to rebalance so that 50% of your policy values are in the money market division and 50% in the SmallCap Value I division. At the end of the specified period, market changes may have caused 60% of your value to be in the money market division and 40% in the SmallCap Value I division. By rebalancing, units from the money market division are sold and the proceeds are used to purchase units in the SmallCap Value I division so that 50% of the policy values are once again invested in each division.

•	do not begin until the expiration of the examination offer period;

•	are done without charge;

•	may be done on the specified frequency (monthly, quarterly, semiannual, or annual) on a policy year or calendar year basis;

•	may be done by:

•	calling us at 1-800-247-9988 (if telephone privileges apply);

•	mailing your written request to us;

•	faxing us at 1-866-885-0390; or

•	visiting www.principal.com (if internet privileges apply).

•	are made at the end of the next valuation period after we receive your instruction;

•	are not available if you have scheduled transfers from the same divisions; and

•	are not available for any values in the fixed account.

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•	the Policy is not a Modified Endowment Contract on the policy date;

•	no current or future distribution will be required to maintain qualification as life insurance under Section 7702 of the Internal Revenue Code, as amended;

•	the loan indebtedness must be at least the following percentages of the surrender value:

•	92% current (92% guaranteed) for the guideline premium test; or

•	90% current (86% guaranteed) for the cash value accumulation test.

•	there is sufficient net surrender value to cover the one-time rider charge;

•	the Policy must have been in force for at least 15 policy years;

•	insured is attained age 75; and

•	total partial surrenders must equal or exceed total premiums paid.

•	The total face amount is reduced to equal the policy value after the rider charge multiplied by 105%.

•	All values in the divisions are immediately transferred to the fixed account where they will earn interest.

•	No further monthly policy charges are deducted for the remaining paid-up death benefit.

•	No new premium payments, face amount adjustments, or partial surrenders are allowed.

•	If death benefit option 2 or 3 is in effect, your death benefit option will change to death benefit option 1 and you may no longer change the death benefit option.

•	Your loan indebtedness remains and interest will continue to accrue on the loan indebtedness. However, loan payments can be submitted.

•	All optional riders will automatically be terminated.

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•	trading on the NYSE is restricted as determined by the SEC or when the NYSE is closed for other than weekends and holidays, or

•	an emergency exists, as determined by the SEC, as a result of which:

•	disposal by a fund of securities owned by it is not reasonably practicable;

•	it is not reasonably practicable for a fund to fairly determine the value of its net assets; or

•	the SEC permits suspension for the protection of security holders.

•	If you have established an annual, semiannual, or quarterly planned payment schedule, by sending payment in the reply envelope enclosed in the premium reminder notice;

•	By mailing your payment according to the instructions below; or

•	By wire transfer according to the instructions below.

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•	As much description as possible in the 68 characters allowed.

•	Contract number(s), business group or Insured’s name, special instructions - such as “init prem”, “loan repay”, etc.

•	Direct it to: ATTN: Individual Billing and Collection

(a)	is the sum of premiums paid less any partial surrenders and any loan indebtedness; and

(b)	is the sum of the death benefit guarantee monthly premiums since the policy date to the most recent monthly date.

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•	sending a written request to us;

•	calling us at 1-800-247-9988 (if telephone privileges apply);

•	faxing us at 1-866-885-0390; or

•	visiting www.principal.com (if internet privileges apply).

•	the number of units you have in the division

•	multiplied by the value of a unit in the division.

•	your initial premium payment (less premium expense charges);

•	plus subsequent premium payments (less premium expense charges);

•	plus transfers from another division or the fixed account

•	for partial surrenders from the division;

•	as part of a transfer to another division, the fixed account or the loan account; and

•	to pay monthly policy charges and any transaction fees.

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•	net premiums allocated to the fixed account

•	plus transfers from the division(s) and the loan account (as a result of a loan repayment)

•	plus interest credited to the fixed account

•	minus surrenders, transaction fees, and monthly policy charges

•	minus transfers to the loan account

•	minus transfers to the division(s)

•	A is the death benefit plus any proceeds from any benefit rider on the Insured's life;

•	B is any loan indebtedness; and

•	C, if the Insured's death occurs during a grace period, is the lesser of any overdue monthly policy charges and, if applicable, the Death Benefit Guarantee Premium Requirement.

•	Death Benefit Option 1 – the death benefit equals the greater of:

•	the total face amount; or

•	the amount found by multiplying the surrender value by the applicable percentage*.

•	Death Benefit Option 2 – the death benefit equals the greater of:

•	the total face amount plus the policy value; or

•	the amount found by multiplying the surrender value by the applicable percentage*.

•	Death Benefit Option 3 – the death benefit equals the greater of:

•	the total face amount plus the greater of a) premiums paid less partial surrenders and b) zero; or

•	the amount found by multiplying the surrender value by the applicable percentage*.

*	The applicable percentage tables are in Appendix B and are based on our interpretation of Section 7702 of the Internal Revenue Code as set forth below. The table which applies to your Policy is determined by your choice of either the guideline premium/cash value corridor test or the cash value accumulation test.

Example:	The following assumptions are made to demonstrate the use of the Tables found in Appendix B.

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•	smaller applicable percentages

•	lower minimum death benefit

•	lower cost of insurance charges

•	better policy value growth.

•	The insured is a male with an attained age of 45 at the time the Policy was issued. He dies at the beginning of the sixth policy year (attained age 50)

•	Total Face amount is $100,000

•	Death Benefit Option 1

•	Surrender value at the date of death is $25,000

•	The minimum death benefit under the guideline premium/cash value corridor test is $46,250 (assuming an applicable percentage of 185% x surrender value)

•	The minimum death benefit under the cash value accumulation test is $80,494 (assuming an applicable percentage of 321.976%)

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•	$138,750 for the guideline premium/cash value corridor test

•	$214,482 for the cash value accumulation test.

•	the attained age of the insured does not exceed the maximum age limit that applies to the Policy on a new issue basis; and

•	the amount of the face amount increase is at least the minimum face amount Increase shown on the data pages; and

•	you supply evidence which satisfies us that the insured is alive and insurable under our underwriting guidelines then in effect; and

•	the death proceeds less the policy value does not exceed our maximum limits as defined under our underwriting guidelines then in effect; and

•	your policy is not in a grace period; and

•	the face amount after adjustment is not less than the minimum face amount shown on the data pages; and

•	your monthly policy charges or premiums are not being waived under any rider.

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•	the request must be made on an adjustment application;

•	the application must be signed by the owner(s);

•	the decrease is at least the minimum amount as determined by our underwriting guidelines in place at the time of your request;

•	the decrease may not reduce the total face amount below $100,000; and

•	if there have been previous increases in the total face amount, the decrease of total face amount will be made on a last in, first out basis.

•	increases as premiums are applied and interest is credited;

•	decreases as policy loans, partial surrenders, and policy expenses are deducted; and

•	can increase or decrease as the investment experience of your chosen divisions fluctuates.

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If Death Benefit Option 1 is in effect and the death benefit equals the total face amount, the total face amount is reduced by the amount of the unscheduled partial surrender that is not deemed to be a preferred partial surrender. In situations where the death benefit is greater than the total face amount, the total face amount is reduced by the amount the unscheduled partial surrender exceeds the difference between the death benefit and total face amount.

(a)	is the amount of the unscheduled partial surrender;

(b)	is the amount of any preferred partial surrenders in the same policy year; and

(c)	is 10% of the net policy value at the end of the prior policy year.

•	If the Death Benefit Option 3 is in effect, the total face amount is reduced by the lesser of (a) or (b) where:

(a)	is the amount of the unscheduled partial surrender; and

(b)	is the greater of (i) the amount that total partial surrenders exceed total premiums paid; or (ii) zero.

•	You select the amount of the surrender and the surrender frequency (annually, semi-annually, quarterly or monthly (based on policy year)).

•	The surrender is deducted from your division(s) and/or fixed account according to your monthly policy charge allocation percentages.

•	Each scheduled partial surrender may not be greater than 90% of the net policy value (as of the date of the scheduled partial surrender).

•

Scheduled partial surrenders will continue until we receive your instructions to stop them or until surrenders equal premiums paid. Once surrenders equal premiums paid, if there is any remaining net policy value, scheduled policy loans will automatically begin, unless you instruct us otherwise, so as to provide you the same dollar amount at the same frequency as you had received under the scheduled partial surrenders.

•	A scheduled partial surrender may cause a reduction in total face amount:

•

If Death Benefit Option 1 is in effect and the death benefit equals the total face amount, the total face amount is reduced on the first monthly date a scheduled partial surrender is effective (and each subsequent policy anniversary). The amount of the reduction is the sum of the scheduled partial surrenders planned for that policy year that are not deemed to be a preferred partial surrender. If the amount of the scheduled partial surrender is increased, the total face amount is reduced on the monthly date the change is effective. If the amount of the scheduled partial surrender is decreased, the total face amount is not increased.

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•	If the Death Benefit Option 2 is in effect, there is no reduction in the total face amount upon a scheduled partial surrender.

•	If the Death Benefit Option 3 is in effect, the total face amount is reduced on the first monthly date a scheduled partial surrender is effective and on each subsequent policy anniversary. The total face amount may also be reduced on the monthly date any increase to a scheduled partial surrender is effective. The total face amount is reduced by the lesser of (a) or (b) where:

(a)	is the amount of the scheduled partial surrenders planned for that policy year; and

(b)	is the greater of (i) the amount that total partial surrenders exceed total premiums paid; or (ii) zero.

NOTE:	See GENERAL DESCRIPTION OF THE POLICY – Delay of Payments.

•	The maximum amount you may borrow is 90% of the loan value as of the date we process the policy loan.

•	If telephone privileges apply, you may request a policy loan of $100,000 or less by calling us at 1-800-247-9988. If you do not have telephone privileges or are requesting a policy loan of more than $100,000, the request must be made in writing.

•	Requests for policy loans from any joint owner are binding on all joint owners.

•	Policy loans may negatively affect your Death Benefit Guarantee rider, if applicable (see POLICY TERMINATION AND REINSTATEMENT – Policy Termination (Lapse)).

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•	death proceeds at the death of the insured;

•	surrender value upon full surrender or termination of a Policy; and

•	maturity proceeds paid.

•	policy loans may be repaid totally or in part;

•	repayments are allocated to the division(s) and/or the fixed account in the proportions used for allocation of premium payments;

•	payments that we receive that are not designated as premium payments are applied as loan repayments if there is any loan indebtedness;

•	the repayments are allocated as of the valuation period in which we receive the repayment; and

•	repayments are to be sent to our home office.

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•	when you make a full Policy surrender;

•	upon written request of the insured as of the date we receive notice of such request;

•	when death proceeds are paid; or

•	when the maturity proceeds are paid.

(a)	is any amount by which your net policy value is less than zero at the start of the grace period after the monthly policy charge is deducted;

(b)	is three monthly policy charges; and

(c)	is 1 minus the guaranteed maximum premium expense charge percentage. See CHARGES AND DEDUCTIONS – Premium Expense Charge (Sales Charge and Taxes).

•	such reinstatement is prior to the policy maturity date;

•	You have not surrendered your Policy;

•	not more than three years have elapsed since the policy terminated;

•	You supply evidence which satisfies us that the insured is alive and is insurable under our underwriting guidelines then in effect;

•	You either repay or reinstate any loan indebtedness existing at termination; and

•	You make the minimum required premium payment.

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(1)	is any amount by which your net policy value is less than zero at the end of the grace period after the monthly policy charge is deducted;

(2)	is three monthly policy charges; and

(3)	is 1 minus the guaranteed maximum premium expense charge percentage. See CHARGES AND DEDUCTIONS – Premium Expense Charge (Sales Charge and Taxes).

NOTE:

The minimum required premium during a grace period and the minimum required premium to reinstate a policy are calculated differently. The minimum required premium for reinstatement is calculated to collect monthly policy charges due and unpaid during the grace period and to provide us with enough policy value to pay three monthly policy charges after reinstatement of the Policy. As a result, the minimum required premium for reinstatement will be higher than the minimum required premium for grace period.

NOTE:	Due to the complexity of these rules and because they are affected by the facts and circumstances of each policy, you should consult with legal and tax counsel and other competent advisors regarding these matters.

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•	made after the owner attains age 59 1/2; or

•	attributable to the taxpayer becoming disabled (as defined in Section 72(m)(7)); or

•	part of a series of substantially equal periodic payments (made not less frequently than annually) made for the life or life expectancy of the taxpayer or the joint lives or joint life expectancy of the taxpayer and beneficiary.

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•	Disrupt the management of the underlying mutual funds by:

•	forcing the fund to hold short-term (liquid) assets rather than investing for long term growth, which results in lost investment opportunities for the fund; and

•	causing unplanned portfolio turnover;

•	Hurt the portfolio performance of the underlying mutual funds; and

•	Increase expenses of the underlying mutual fund and separate account due to:

•	increased broker-dealer commissions; and

•	increased recordkeeping and related costs.

•	Rejecting transfer instructions from a Policy owner or other person authorized by the owner to direct transfers;

•	Restricting submission of transfer requests by, for example, allowing transfer requests to be submitted by 1st class U.S. mail only and disallowing requests made via the internet, by facsimile, by overnight courier or by telephone;

•	Limiting the number of unscheduled transfers during a Policy year to no more than 12;

•	Requiring a holding period of a minimum of thirty days before permitting transfers among the Divisions where there is evidence of at least one round-trip transaction by the owner; and

•	Taking such other action as directed by the underlying mutual fund.

•	furnish satisfactory evidence of insurability of the insured; and

•	meet our insurance underwriting guidelines and suitability rules.

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•	employees, officers, directors, agents, and immediate family members of the group or sponsored arrangement; and

•	employees or agents of the Company and its subsidiaries.

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•	beginning and end dates of the current statement period;

•	the policy value at the beginning and end of the statement period;

•	the death benefit at the end of the statement period;

•	the surrender value, if any, at the end of the statement period;

•	all premiums paid during the statement period;

•	all charges deducted during the statement period;

•	the loan value;

•	any loan indebtedness at the end of the statement period;

•	any partial surrenders made during the statement period;

•	any investment gain or loss during the statement period;

•	the total value of each of your divisions and the fixed account as of the end of the statement period;

•	if applicable, a notice that the policy may terminate without value before the end of the next statement period unless additional premiums are paid (assuming guaranteed interest, mortality and expense loads, and premium charges); and

•	any other information required to be included in the statement by the New York State Department of Financial Services or under federal law.

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•	change in allocations of future premium payments;

•	change in allocation of the monthly policy charge;

•	change to your APR instructions;

•	change to your scheduled transfer instructions;

•	unscheduled transfers; and

•	request for a policy loan (of $100,000 or less).

•	may be given by calling us at 1-800-247-9988 between 8 a.m. and 5 p.m. Eastern Time on any day that the NYSE is open;

•	must be received by us before the close of the NYSE (generally 4:00 p.m. Eastern Time) to be effective the day they are given;

•	are effective the next business day if not received until after the close of the NYSE.

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