Ameriprise Life Insurance Review

For the most part, life insurance companies set your premiums based on things like your age, health, and behaviors that put you at risk. Tobacco cessation combined with a healthy lifestyle can help keep your insurance premiums low.

According to Ameriprise, completing a brief online form will provide you a specific term life insurance quote.

What affects my rate with Ameriprise?

Ameriprise Life Insurance Review - Ameriprise Logo

If you reside in New York and are in good health, the following is an example of how much a 20-year term insurance policy with a $1,000,000 payment may cost you:

Nonsmoker

  • Age 25. Female $43.31, Male $53.81
  • Age 35. Female $54.69, Male $63.44
  • Age 45. Female $109.81, Male $142.19

Smoker

  • Age 25. Female $53.81, Male $140.44
  • Age 35. Female $63.44, Male $203.44
  • Age 45. Female $142.19, Male $496.56

Speak with a financial advisor at Ameriprise to discover more about the company’s universal, variable, or survivorship life insurance.

How to get a quote from Ameriprise life insurance

RiverSource does not allow for online enrollment. To complete the registration procedure, clients must call or meet with an Ameriprise financial advisor.

Instead of focusing on a single product like life insurance, the financial counselor is more likely to look at your entire financial picture.

To locate a financial advisor at ameriprise.com, follow these steps:

  1. Find an investment advisor by going to “What We Do” and clicking on that link.
  2. To get started, go to the bottom of the page and click Get Started under “Take the next step now”.
  3. Please fill out the short form below with your name, email address, and any further information you’d want to share.
  4. Click on the Submit button once you’ve picked three times that fit with your schedule to complete the submission process.

You will be contacted by an Ameriprise financial advisor if you are interested in life insurance or other financial products.

What types of life insurance coverage does Ameriprise offer?

Ameriprise Financial’s RiverSource business sells life insurance. Through your financial advisor, you’ll have access to all of Ameriprise’s services and offerings.

Term Plans

Only if you die before the time expires will the policy pay out. These plans begin and end on preset dates.

  • RiverSource Term. Options include 10, 15, 20, or 30 years. Because the cost of the insurance is fixed for the term of the policy’s life, there are no federal or state income taxes on the payment when it is received.

Universal Life Insurance

Life insurance plans that provide coverage for the whole policyholder’s lifetime also allow the policyholder to earn interest on the premiums they pay. The phrase “life insurance with a monetary value” is frequently heard.

  • RiverSource Foundations Protector. As long as monthly payments are paid, death benefits are free of tax. This is a retirement plan for those who are either close to or have reached that milestone in their lives.
  • RiverSource Indexed Universal Life Insurance Suite. Using this wealth management investment strategy reduces your exposure to stock market declines. It’s possible to obtain life insurance in a number of different forms, including single-index, survivorship, or index plans.
  • RiverSource Succession Protector Life Insurance. This policy provides coverage for both you and your spouse at the same time. The second death results in a tax-free death benefit.

With regard to universal life insurance policies, there is no minimum cash value guarantee, no whole life minimum cash value guarantee on riders, and no minimum death benefit guarantee. Pay attention to this.

Variable Life Insurance

As long as you make your premium payments on time, you’ll have variable life insurance, which is renewable. Due to the fact that payments are being invested at the same time, the cash worth of this sort of insurance might rise in value as you pay.

  • RiverSource Variable Universal Life 6. You may have both asset protection and a tax-free death benefit with permanent life insurance. The plan includes a fixed account with a minimum guaranteed interest rate, as well as two interest-bearing accounts linked to a “well-known” index. The subaccounts accommodate more than 80 asset kinds.
  • RiverSource Succession Select variable life insurance. RiverSource’s Succession Select is a two-part life insurance policy that includes both accidental death and whole life coverage. For the most part, this plan is utilized to transfer money since it offers over 70 different investment options and a tax-free death benefit.

RiverSource offers its national products under a different brand name in New York to residents of the Empire State. For additional information, get in touch with an Ameriprise financial advisor.

What riders can I add to my policy?

RiverSource life insurance riders allow you to get additional life insurance in case of unforeseen circumstances. The following are some possibilities:

  • Accelerated death benefits riders. A terminal illness with a prognosis of less than 12 months may qualify you for an early death benefit (6 months in Arizona, Arkansas, Connecticut, Delaware, Montana, North Dakota and South Dakota). You may also be eligible for benefits if your handicap is caused by a chronic ailment.
  • Accidental death benefit rider. The eventual benefit is greater if the death was caused by an accident.
  • Automatic increase benefits riders. A specific proportion of the ultimate compensation is increased after each insurance anniversary.
  • Child rider. The coverage for qualified children can be added to a term insurance.
  • Lapse protection rider. You will be protected for 10 years or until the age of 75 if you make regular monthly payments.
  • Waiver-of-premium rider. No monthly deductibles apply if you are totally disabled. This rider lets you avoid deductions if you’re out of work for up to a year for no reason of your own.

Ameriprise life insurance reviews and complaints

Ameriprise has a B+ rating with the Better Business Bureau, however all customer complaints have been fixed or addressed as of October 2020. The bulk of complaints were related to customer service issues and the claims settlement process.

The consumer affairs website gives Ameriprise a dismal 1 out of 5 stars for customer satisfaction.

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