ERNST & YOUNG LLP                     Suite 3400             Phone: 515 243 2727
                                      801 Grand Avenue
                                      Des Moines, Iowa 50309-2764





                         Consent of Independent Auditors



We  consent  to the  reference  to our  firm  under  the  captions  "Independent
Auditors" and to the use of our reports  dated  February 9, 2001 with respect to
Principal Life Insurance  Company  Separate  Account B and February 2, 2001 with
respect to Principal  Life  Insurance  Company,  in the  Registration  Statement
(Post-Effective  Amendment  No.  2  to  Form  N-4  No.  333-63401)  and  related
Prospectus of Principal  Life  Insurance  Company  Separate  Account B Principal
FreedomSM Variable Annuity Contract.



Des Moines, Iowa
April 24, 2001




Ernst & Young LLP is a member of Ernst & Young International, Ltd.