Ameriprise Life Insurance Review

For the most part, life insurance companies base your rates on factors like your age, health, and high-risk activities. Maintaining a healthy lifestyle while abstaining from smoking might help keep your insurance costs lower.

According to Ameriprise Life Insurance, you can obtain a unique price for term life insurance by just filling out a short online form.

What affects my rate with Ameriprise?

Here’s an example of what a 20-year term coverage with a $1,000,000 payout may cost for someone in excellent health who lives in New York and pays the premiums monthly:

Ameriprise Life Insurance Review - Ameriprise Insurance Logo

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

If you want to learn more about Ameriprise’s universal, variable, or survivorship life insurance, speak with a financial advisor.

How to get a quote from Ameriprise life insurance

Online enrollment is not possible with RiverSource. Ameriprise financial advisors must be contacted or met in person to complete the registration process.

It is more probable that the financial advisor will want to look at your overall financial picture rather than just one product, such as life insurance.

Follow these procedures on ameriprise.com to locate an advisor:

  1. Go to “What We Do” and click on Finding an Investment Advisor.
  2. Click Get Started under “Take the next step now” at the bottom of the page to get started.
  3. Please complete the short form by providing your name, email address, and any special interests you may have.
  4. Click on the Submit button when you’ve selected three times that work with your schedule.

If you’re interested in life insurance or other financial products from Ameriprise, one of their financial advisors will contact you shortly.

What types of life insurance coverage does Ameriprise offer?

RiverSource, a division of Ameriprise Financial, offers life insurance products. When you work with an Ameriprise financial adviser, you’ll have access to all of the company’s services and products.

Term Plans

These policies have a predetermined commencement and termination date; you only get a payout in the event of your death prior to the period expiring.

  • RiverSource Term. Choose from periods of 10, 15, 20, or 30 years. The cost of the insurance is fixed for the duration of the policy’s life, and the ultimate payout is free of federal and state income taxes.

Universal Life Insurance

In addition to providing lifelong coverage, universal life insurance policies also allow policyholders to earn interest on their premium payments. Life insurance with a cash value is a term that’s thrown about.

  • RiverSource Foundations Protector. Death benefits are tax-free and coverage is assured as long as monthly payments are made. This plan is for people who are nearing or have reached retirement age.
  • RiverSource Indexed Universal Life Insurance Suite. Stock market downturns are minimized by using this wealth management investing choice. Life insurance can be purchased in a variety of ways: as single-index, survivorship, or indexed policies.
  • RiverSource Succession Protector Life Insurance. This insurance covers two people at the same time and was created with married couples in mind. After the second death, the death benefit is completely tax-free.

There is no guaranteed minimum cash value on universal life policies, no whole life guaranteed minimum cash value on riders, and no guaranteed levels of death benefit. Take note of this.

Variable Life Insurance

When you get variable life insurance, you maintain it as long as you pay your payments. 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. Permanent insurance that protects your assets while also providing a tax-free death payout in the event of your death. A fixed account with a guaranteed minimum interest rate and two interest-receiving accounts tied to a “well-known” index are all part of the plan. Over 80 asset classes are supported by the subaccounts.
  • RiverSource Succession Select variable life insurance. It is a two-part life insurance policy from RiverSource called Succession Select. With over 70 distinct investment alternatives and a tax-free death benefit, this plan is primarily used to transfer money.

In New York, RiverSource has a distinct license and sells its national products under a different name to people in the Empire State. To learn more, speak with a financial counselor at Ameriprise.

What riders can I add to my policy?

Riders on your RiverSource life insurance policy can provide additional coverage for unanticipated events, letting you buy extra life insurance. There are several possibilities, including:

  • Accelerated death benefit rider. If you’ve been diagnosed with a terminal disease and have fewer than 12 months to live, you may be eligible for an early death benefit (6 months in Arizona, Arkansas, Connecticut, Delaware, Montana, North Dakota and South Dakota). Additionally, if a chronic condition is found to be the cause of your disability, you may be eligible for payments.
  • Accidental death benefit rider. If the death was caused by an accident, the ultimate benefit is higher.
  • Automatic increase benefits riders. After each insurance anniversary, the final payout amount increases by a certain percentage.
  • Child rider. A term policy can be extended to include coverage for eligible children.
  • Lapse protection rider. In return for making regular monthly payments, you’ll be covered for 10 years or until you turn 75, whichever comes first.
  • Waiver-of-premium rider. If you’re fully handicapped, you won’t have to worry about monthly deductibles. If you’re jobless for up to a year due to no fault of your own, you can use this rider to avoid paying deductions.

Ameriprise life insurance reviews and complaints

According to the Better Business Bureau, Ameriprise has a B+ rating, however as of October 2020, all consumer complaints have been resolved or addressed. Customers’ service problems and the claims settlement procedure accounted for the majority of the grievances.

Ameriprise has a customer satisfaction rating of 1 out of 5 on the consumer affairs website.

Compare life insurance companies

Take a look at these Americo Life Insurance Review for other service providers if you want to compare other possibilities.

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Levi Jorgensen
Levi Jorgensen is a life-long explorer. When he's not writing about life insurance, he works as an appraiser of antiques. He's based in Columbus, Ohio with his wife and 2 children.
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