Riversource Life Insurance Review

Here’s our Riversource Life Insurance Review for you. RiverSource has been in business for almost a century and has developed a reputation as an industry leader. The company’s extensive array of universal insurance plans and riders caters to clients of all ages, from young professionals to pensioners.

This is not the place to look for a straightforward whole-life insurance policy. If you need to locate a financial adviser, the application procedure will be extended.

Pros and Cons

Riversource Life Insurance Review - Riversource Life Insurance Logo

Pros

  • There are several alternatives and riders.
  • Instant access to internet-based pricing calculations.
  • Financial strength scores are exceptional.
  • An expert in insurance-related topics.
  • This technique prolongs the duration of your temporary insurance.

Cons

  • There are no policies that apply for the remainder of your years.
  • Business analysts have conflicting feelings about it.
  • There is no method to acquire insurance online.

What affects my rate with RiverSource

Term life insurance is less expensive than whole life insurance for a variety of reasons.

  • 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 assist you in purchasing your company’s life insurance policies. If you do not already have an Ameriprise financial advisor, you can locate one using the website’s adviser search feature.

You’ll be ready to join after completing the following steps:

  1. To schedule an appointment with your financial advisor, call or complete the form on this page.
  2. Consider your life insurance alternatives and determine whether RiverSource is a good fit for you.
  3. All materials sent to you must be completed in their entirety. Include any pertinent information about your or your family’s medical history.
  4. Determine the level of security required, as well as the number of passengers.
    Before you begin, ensure that everything is signed and paid for.

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 short and long-term coverage.

  • Term life. Converting term life insurance to permanent life insurance and receiving a tax-free death payout later is conceivable.
  • Life on a universal scale. You can adjust your benefit level at any time and get a tax-deferred cash asset on the premium investment element of these programs. RiverSource guarantees investors a minimum return of 10% on their investment.
    • Indexed universal. At RiverSource, you may pick from a variety of investment alternatives, including high-yielding investments and worldwide investments. A survivor payout is offered in the event that both policyholders are deceased simultaneously.
    • Protector of foundations. This insurance, designed to assist individuals approaching or already in retirement, includes flat rates, a lifetime guarantee against premium increase, and optional riders that accelerate benefit payments.
    • Protector of succession. This joint-and-survivorship insurance coverage covers two individuals. It is intended to help you by assisting you in passing on additional money to your heirs and beneficiaries.
    • TrioSource. If you want to terminate your universal life insurance policy, you will get a guaranteed premium refund in addition to long-term care coverage. If you want to terminate your universal life insurance policy, you will get a guaranteed premium refund in addition to long-term care coverage.
  • Variable universal. With 80 various investment possibilities, this plan provides you complete control over your money. However, if the market turns against you, you risk going into the red. Benefits might be altered and cash growth can be withdrawn. The insurance firm offers a 10-year or 75-year lapse guarantee.

What riders can I add to my policy?

Riders are available on a wide variety of life insurance plans.

  • Accelerated death benefits riders. If you’ve been diagnosed with a terminal or long-term disease, you should petition for benefits immediately.
  • Accidental death insurance rider. Your insurance policy should include an additional death benefit in the case of your death as a result of an accident.
  • Under the age of 18, riders are not authorized. Each child has a level term life insurance policy.
  • Insurance coverage for wounded workers. You receive a monthly payment if you are unable to work due to illness or injury.
  • Rider for long-term care. If you have a chronic or fatal illness, this rider may assist you with medical bills. If you make payments to your beneficiaries, your death benefit may be decreased.
  • A rider who is constrained by a time limit on their laps. Even if the cash value of your insurance coverage is depleted, you may still be eligible to keep it. If you do not pay your insurance premiums on time, your coverage will lapse.
  • A rider accompanied by a loved one. One insurance policy may cover you, your spouse, or another named beneficiary.
  • Rider agreed to a reduced fare. Even if you lose your job or become permanently disabled and unable to work, these exclusions ensure that you retain coverage.

RiverSource life insurance reviews and complaints

There are no customer reviews or ratings available for RiverSource. In October 2020, Ameriprise’s parent firm, Ameriprise, achieved an A + rating from the Better Business Bureau.

A February government resolution had an effect on the rankings. Ameriprise was found to have promoted high-cost retirement mutual fund shares to consumers while failing to inform them of lower-cost alternatives. Additionally, the organization had to cope with two distinct customer problems.

Visit our review of Quotacy Life Insurance Review for another insurance review.

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