RiverSource Life Insurance Review

With over a century of expertise, RiverSource Life Insurance has solidified its position as a leader in the industry. Unique in the business, the firm offers a wide range of universal policy choices and riders that cater to consumers at all stages of life, from young professionals to retirees.

However, if you’re looking for a straightforward whole-life insurance coverage, search elsewhere. If you need to locate a financial advisor as part of the application procedure, it will take longer.

Pros and Cons

RiverSource Life Insurance Review - RiverSource Insurance Logo

Pros

  • There are several alternatives and riders to choose from.
  • Instantaneous internet pricing estimates.
  • Ratings for financial strength are excellent.
  • An expert in the insurance industry.
  • Turns temporary insurance into long-term coverage.

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

While term life insurance is less expensive than whole life insurance, the costs of these plans vary depending on a variety of criteria, such as:

  • 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

The company’s life insurance policies may be purchased through a financial advisor. If you don’t already have one, you may use the website’s adviser search feature to locate an Ameriprise financial advisor.

The procedure of signing up should go somewhat like this:

  1. Schedule an appointment with your financial advisor by calling or filling out the form on this page.
  2. Examine your options for life insurance and see if RiverSource is a good fit.
  3. Fill out all of the paperwork that’s been sent to you. Include details about your personal and medical history, such as your height, weight, occupation, and whether or not you smoke.
  4. Decide on the level of protection you require, as well as any additional riders.
  5. Get everything signed and ready to pay.

What types of life insurance coverage does RiverSource offer?

RiverSource specializes in both term and universal life insurance, so you’ll have options for both the short term and the long term.

  • Term life. Permanent life insurance plans can be converted from term life insurance at a later date and give a tax-free death payout.
  • Universal life. These insurance plans allow you to adjust your benefit levels at any time and provide a tax-deferred cash asset on the premium investment part. Investing with RiverSource ensures a minimum return of at least ten percent.
    • Indexed universal. If you’re looking for a high-yield investment or a worldwide investment, RiverSource has a variety of possibilities for you. It provides coverage for survivorship that pays out if both policyholders die.
    • Foundations protector. To help people who are nearing or in retirement, this insurance offers flat rates, a lifetime guarantee against premium escalation, and optional riders that provide an expedited benefit payment schedule.
    • Succession protector. This joint-and-survivorship insurance coverage covers two persons. It’s intended to help you transmit even more riches to your heirs and beneficiaries.
    • TrioSource. Long-term care coverage is included as well as a guaranteed refund of premiums if you decide to terminate your universal life insurance policy.
  • Variable universal. With 80 different investment possibilities, this plan provides you complete control over your money. However, you run the risk of losing money if the market turns against you. It also allows for benefit changes and the usage of accrued cash growth. The insurance offers a 10-year or 75-year guarantee against lapse.

What riders can I add to my policy?

There are a variety of riders available for various types of life insurance policies.

  • Accelerated death benefits riders. If you’ve been diagnosed with a terminal or long-term disease, apply for benefits as soon as possible.
  • Accidental death benefit rider. If you die as a result of an accident, you should include an additional death benefit in your policy.
  • Riders who are under the age of 18. Each child is insured by the same amount of level term life insurance.
  • Disabled worker’s compensation insurance supplement. A monthly payment is paid out in the event of disability, which prevents you from working.
  • Rider for long-term care. This rider can assist you with long-term medical bills if you have a chronic or fatal illness. The payments you make to your beneficiaries may reduce your overall death benefit.
  • Rider with a lap time limit. In some cases, even if the cash value of your insurance dries up, you can keep it. If you don’t pay your premiums, the insurance will expire.
  • Rider with a spouse. You, your spouse, or another individual mentioned on the insurance may be covered under one policy.
  • Rider waiving the right to a higher price. These exemptions allow you to preserve your coverage even if you lose your job or become totally disabled and are unable to work again.

RiverSource life insurance reviews and complaints

There aren’t many RiverSource customer evaluations or ratings dedicated to the firm itself. In October 2020, the Better Business Bureau gave Ameriprise’s parent firm, Ameriprise, an A+.

The ranking is based on a government resolution from February of this year. It was determined that Ameriprise had sold consumers on higher-cost retirement mutual fund shares while failing to inform them of lower-cost alternatives. Aside from that, Ameriprise has dealt with two client issues.

You may check out our Prudential Life Insurance Review.

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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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