Pricing Supplement Dated	 	 6/9/2008 	 	 Filed pursuant to [X] Rule 424(b)(2) [ ] Rule 424(b)(5) 	
 (To Prospectus dated November 21, 2007, and  	 	Registration Statement No.	 	 333-147181 and 	
 Prospectus Supplement dated November 21, 2007) 	 	 	 	 333-147181-01 	
 	 	 	 	 	 	 	
 	 	 	 	CUSIP:  74254PXK3	

 Principal Life Insurance Company
 Principal® Life (Callable) (That are also Asset-Backed Securities) Issued Through and Obligations of
 Principal Life Income 2008-48 (the "Trust" and "Issuing Entity")
 The description of this pricing supplement of the particular terms of the Principal® Life offered hereby, and the Funding Agreement (specified below) issued by Principal Life Insurance Company (“Principal Life”) to the Trust, the payment obligations of which are fully and unconditionally guaranteed by the Guarantee (specified below) issued by Principal Financial Group, Inc. to the Trust, supplements the description of the general terms and provisions of the notes, the funding agreements and the guarantees set forth in the accompanying prospectus and prospectus supplement, to which reference is hereby made..
1. The Notes

 	 	 	 	 	 	 	 	 	 	 	
Principal Amount:	 	 	 TBD 	 	 	Purchasing Agent Discount:	 	 0.625% 	 	 	
 	 	 	 	 	 	 	 	 	 	 	
Issue Price:	 	 	 100.0% 	 	 	Original Issue Date:	 	 6/18/2008 	
 	 	 	 	 	 	 	 	 	 	 	
Net Proceeds to the Trust:	 	 	 TBD 	 	 	Stated Maturity Date:	 	 6/15/2011 	

 	 	 	 	 	 	 	 	 	 	 	
Interest Payment Dates:	 	 The 15th day of every sixth month commencing on 12/15/2008 	
 	 	 	 	 	 	 	 	 	 	 	
Initial Interest Payment Date:	 	 12/15/2008 	
 	 	 	 	 	 	 	 	 	 	 	
Regular Record Date:	 	 15 calendar days prior to the Interest Payment Date 	
 	 	 	 	 	 	 	 	 	 	 	
Type of Interest Rate:	 	 [X] Fixed Rate 	 	 [ ] Floating Rate 	 	 	
 	 	 	 	 	 	 	 	 	 	 	
Interest Rate:	 	 4.75% 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	
Discount Note:	 	 [ ]Yes      	 	 [X] No 	 	 	
 	 	 	 	 	 	 	 	 	 	 	
Terms of Survivor’s Option:	 	 	 	 	 	 	
Annual Put Limitation:	 	 	 	 [X] $2,000,000 or 2%; or 	 	 	 	 	
 	 	 	 	 [ ] $_______ or __% 	 	 	 	 	
Individual Put Limitation:	 	 	 	 [X] $250,000; or 	 	 	 	 	
 	 	 	 	 [ ] $______ 	 	 	 	 	
Trust Put Limitation:	 	 	 	 [X] 2%; or
 $______	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	
Redemption Provisions:	 	 [X]Yes  	 	 [ ] No.     	 	If Yes,	 	 	 	 	
Initial Redemption Date:	 	 6/15/2009 	 	 	 	 	
Redemption:	 	 [X] In whole only and not in part  	 	 	 	 	 	 	
 	 	 [ ] May be in whole or in part 	 	 	 	 	 	 	
Additional Other Terms:	 	 Any redemption date will be an Interest Payment Date falling on or after the Initial Redemption Date 	
 	 	 	 	 	 	 	 	 	 	 	
Repayment:	 	 [ ]Yes      	 	 [X] No 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	
Authorized Denominations:	 	 $1,000 	 	 	 	 	

“Principal ® ” is a registered service mark of Principal Financial Services, Inc. and is used under license.
“ registered service mark of Merrill Lynch & Co.

 
Ratings:
     The Notes issued under the Program are rated AA by Standard & Poor’s (“S&P”).
     Principal Life expects the Notes to be rated Aa2 by Moody’s Investors Service, Inc. (“Moody’s”).

Purchasing Agent(s) Purchasing Notes as Principal:	 	 [X] Yes 	 	 [ ] No 	 	If Yes,	

 	 	 	 	 	
Purchasing Agent(s)

 	 	Principal Amount

Merrill Lynch	 	 	 TBD 	 	

 	
Total:	 	 	TBD 	 	

 

State of Organization of the Trust:	New York	 	 	 	 	 	 		
 	 	 	 	 	 	 	 	 		
Additional/Other Terms:	 None 	 	 	 	 	 	 		
 	 	 	 	 	 	 	 	 		
2. The Funding Agreement	 	 	 	 	 	 	 		
 	 	 	 	 	 	 	 	 		
Funding Agreement Issuer:	 Principal Life Insurance Company 		
 	 	 	 	 	 	 	 	 		
Funding Agreement No.:	 8-4800 	 	 	 	 	 	 		
 	 	 	 	 	 	 	 	 		
Deposit:	 	 $15.0 	 	 	 	 		
 	 	 	 	 	 	 	 	 		
Net Deposit:	 TBD 	 	 	 	 		
 	 	 	 	 	 	 	 	 		
Effective Date:	 6/18/2008 	 	 	 	 		
 	 	 	 	 	 	 	 	 		
Stated Maturity Date:	 6/15/2011 	 	 	 	 		
 	 	 	 	 	 	 	 	 		
Interest Payment Dates:	 	 The 15th day of every sixth month commencing on 12/15/2008 		
 	 	 	 	 	 	 	 	 		
Initial Interest Payment Date:	 	 12/15/2008 		
 	 	 	 	 	 	 	 	 		
Type of Interest Rate:	 	 [X] Fixed Rate 	 	 [ ] Floating Rate 	 	 		
 	 	 	 	 	 	 	 	 		
Interest Rate:	 	 4.75% 	 	 	 	 	 	 		
 	 	 	 	 	 	 	 	 		
Discount Funding Agreement:	 	 [ ]Yes       	 	 [X] No 	 	 	 	 		
 	 	 	 	 	 	 	 	 		
Terms of Survivor’s Option:	 	 	 	 	 	 	 	 		
Annual Put Limitation:	 	 	 	 [X] $2,000,000 or 2%; or 	 	 		
 	 	 	 	 [ ] $_______ or __% 	 	 		
Individual Put Limitation:	 	 	 	 [X] $250,000; or 	 	 		
 	 	 	 	 [ ] $______ 	 	 		
Trust Put Limitation:	 	 	 	 [X] 2%; or
 $______	 	 		
 	 	 	 	 	 	 	 	 		
Redemption:	 	 [X]Yes  	 	 [ ] No.     	 	If Yes,	 	 		
Initial Redemption Date:	 	 6/15/2009 	 	 		
Redemption:	 	 [X] In whole only and not in part   	 	 	 	 		
 	 	 [ ] May be in whole or in part 	 	 	 	 		
Additional Other Terms:	 	 Any redemption date will be an Interest Payment Date falling on or after the Initial Redemption Date 	
 	 	 	 	 	 	 	 	 	 	 	
Repayment:	 	 [ ]Yes      	 	 [X] No 	 	 	 	 	 	 	
Ratings:
 The Funding Agreement issued under the Program is rated AA by S&P. 
 Principal Life expects the Funding Agreement to be rated Aa2 by Moody's.

Additional/Other Terms:	 None 	 	
 	 	 	
3. The Guarantee	 	 	
 	 	 	
Guarantee Issuer:	 Principal Financial Group, Inc. 	
 	 	 	
Effective Date:	 6/18/2008 	
 	 	 	
Additional/Other Terms:	 None