Form 497VPU Principal Life Insurance

August 18, 2025 2:21 PM EDT

Supplement dated August 18, 2025
to the Updating Summary Prospectus and Prospectus
dated May 1, 2025 for:

Principal® Freedom Variable Annuity

Issued by Principal Life Insurance Company through its Principal Life Insurance Company Separate Account B
This supplement updates information contained in the Updating Summary Prospectus and Prospectus referenced above. Please retain this supplement for future reference.
APPENDIX A: INVESTMENT OPTIONS AVAILABLE UNDER THE CONTRACT
The following changes are made to the list of Underlying Mutual Funds available under the Contract contained in the above-referenced appendix.
The existing row for the Franklin Templeton VIP Trust – Templeton Growth VIP Fund – Class 2 is replaced with the new row below to reflect the termination of the previous sub-advisor:

Type
Portfolio
Advisor/Sub-advisor
Current Expenses (Net)
Average Annual Total Returns
(as of 12/31/24)
1 year5 year10 year
Global Large-Stock Blend
Franklin Templeton VIP Trust – Templeton Growth VIP Fund (2)(3) – Class 2
Templeton Global Advisors Limited
1.12%5.40%4.60%4.08%

Classification: Company Confidential

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