RiverSource Life Insurance Review

RiverSource has been in business for more than a century and has established itself as a market leader. All consumers, from young professionals to retirees, are catered to by the company’s vast selection of universal insurance options and riders.

A simple whole-life insurance policy isn’t what you’re searching for here. The application process will take longer if you need to find a financial advisor.

Pros and Cons

Pros

RiverSource Life Insurance Review - RiverSource Life Insurance Logo
  • There are a slew of options and riders available.
  • Internet-based price estimations that are available immediately.
  • The financial strength ratings are outstanding.
  • An authority in insurance matters.
  • This method extends the life of your temporary insurance.

Cons

  • There are no policies in place that apply for the rest of your life.
  • Business analysts give it a mixed review.
  • There is no way to purchase insurance coverage via the internet.

What affects my rate with RiverSource

According to a variety of factors, the cost of term life insurance is lower than that of whole life insurance.

  • Age
  • Overall health
  • Job
  • Risky hobbies
  • Term length or type of permanent policy
  • Extra features or riders

How to get a quote from RiverSource life insurance

A financial advisor can help you buy the company’s life insurance plans. If you don’t currently have an Ameriprise financial advisor, you may utilize the website’s adviser search option to find one.

Following these steps, you’ll be ready to join:

  1. Contact your financial advisor by phone or fill out the form on this page to set up an appointment with him or her.
  2. Look at your life insurance options and discover whether RiverSource is a suitable fit for your situation.
  3. All documents supplied to you must be completed. Don’t forget to include any relevant information about you or your family’s medical history as well.
  4. Decide how much security you need, as well as how many passengers you’ll be carrying.
  5. Make sure everything is signed and paid for before you begin.

What types of life insurance coverage does RiverSource offer?

In addition to term and universal life insurance, RiverSource specializes in both, so you’ll have options for both short and long-term coverage.

  • Term life. It’s possible to convert term life insurance to permanent life insurance and get a tax-free death benefit later on.
  • Universal life. It is possible to change your benefit levels at any time and get a tax-deferred cash asset on the premium investment portion of these plans. With RiverSource, investors are guaranteed at least a 10% return on their investment.
    • Indexed universal. You may choose from a wide range of investment options at RiverSource, including high-yielding investments and global investments. A survivor benefit is provided that pays out if both policyholders are killed at the same time.
    • Foundations protector. Flat rates, a lifetime guarantee against premium escalation, and optional riders that expedite benefit payments are all included in this insurance to aid those who are nearing or already in retirement.
    • Succession protector. Two people are covered by this joint-and-survivorship insurance policy. To assist you pass on even more wealth to your heirs and beneficiaries, it’s designed to benefit you.
    • TrioSource. If you decide to cancel your universal life insurance policy, you will receive a guaranteed premium return as well as long-term care insurance.If you decide to cancel your universal life insurance policy, you will receive a guaranteed premium return as well as long-term care insurance.
  • Variable universal. This plan gives you total control over your money, with 80 distinct investment options. However, if the market goes against you, you might find yourself in the red. Benefits can be changed and collected cash growth can be used. A 10-year or 75-year lapse guarantee is offered by the insurance company.

What riders can I add to my policy?

Life insurance contracts come with a wide range of options for riders.

  • Accelerated death benefits riders. If you’ve been told you have a terminal or long-term illness, don’t wait to file for benefits.
  • Rider for accidental death insurance. Your insurance coverage should contain an additional death benefit in the event that you die in an accident.
  • Riders under the age of 18 are not permitted. There is a level term life insurance policy for each of the children.
  • Workers’ compensation insurance for injured workers. When you’re unable to work as a result of illness or injury, you receive a monthly benefit.
  • Long-term care rider. If you suffer a long-term or terminal disease, this rider can help you with your medical expenses. Your death benefit may be reduced if you make payments to your beneficiaries.
  • A rider having a time constraint on their laps. Even if your insurance policy’s cash value runs out, you may be able to keep it. In the event that you fail to pay your insurance premiums, the policy will lapse.
  • A rider with a loved one. There may be one insurance policy that covers you, your spouse, or another person on the policy.
  • Rider agreed to a lower price. Even if you lose your job or become fully handicapped and unable to work again, these exclusions allow you to maintain your coverage.

RiverSource life insurance reviews and complaints

No RiverSource customer reviews or ratings are available for the company. Ameriprise’s main company, Ameriprise, received an A + rating from the Better Business Bureau in October 2020.

An official government resolution from February of this year has influenced the rankings. Ameriprise was found to have marketed customers on higher-cost retirement mutual fund shares while omitting to tell them about lower-cost alternatives. The company also had to deal with two situations involving different clients.

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