RiverSource (Ameriprise) Life Insurance Review 2024
Many, or all, of the products featured on this page are from our advertising partners who compensate us when you take certain actions on our website or click to take an action on their website. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money.
RiverSource
on Nerdwallet
Financial strength rating
Online purchase
NAIC complaints
Policies offered
on Nerdwallet
RiverSource
Financial strength rating
Online purchase
NAIC complaints
Policies offered
RiverSource, an Ameriprise Financial brand, sells a mix of term, universal and variable universal life insurance. Its products are available via Ameriprise financial advisors.
» MORE: Compare life insurance quotes
RiverSource life insurance rating
RiverSource earned 4 stars out of 5 for overall performance. NerdWallet’s ratings are determined by our editorial team. The scoring formula takes into account consumer experience, complaint data from the National Association of Insurance Commissioners and financial strength ratings.
» MORE: Best life insurance companies
RiverSource life insurance policies
Term life insurance. RiverSource offers term life insurance lasting 10, 15, 20 or 30 years, with premiums that remain level. You can convert your coverage to one of the company’s permanent policies in the first five years of the term or at age 65, whichever comes first. For added flexibility, you can pay extra for the option to convert until the end of the term or at age 65, whichever comes first. You must do this when you buy the policy, however.
Universal life insurance. The company offers indexed universal life insurance, which ties the policy’s cash value growth to the performance of an index, such as the S&P 500.
Variable universal life insurance. With variable universal life insurance, you choose how the policy’s cash value is invested. You can build a customized portfolio from a wide selection of investment options to match your goals and risk tolerance.
RiverSource life insurance riders
Depending on your policy, you may be able to add these life insurance riders to your coverage for a fee:
Waiver of premium rider, which pauses your premium payments if you become disabled for at least six months.
Accidental death benefit, which pays out an additional sum of money if you die from an accident.
Children’s insurance, which provides coverage for your children under your policy.
Accelerated death benefit, which allows you to access part of your death benefit if you become chronically or terminally ill.
RiverSource life insurance rates
Below are monthly rates for a 20-year, $500,000 term life insurance policy from RiverSource. These are sample rates for a nonsmoking man and woman in excellent health — the final quote you’re offered will depend on factors like your age, health, lifestyle, occupation and driving record.
Age | Monthly rate - man | Monthly rate - woman |
|---|---|---|
20 | $23.19 | $21 |
30 | $23.63 | $21 |
40 | $32.38 | $28.44 |
50 | $76.13 | $59.06 |
60 | $248.50 | $163.63 |
Source: Insurer's site. Rates reflect the super preferred class and were generated on 10/25/24. | ||
RiverSource customer complaints and satisfaction
Over three years, RiverSource has drawn fewer than the expected number of complaints to state regulators for a company of its size for life insurance, according to four years’ worth of data from the National Association of Insurance Commissioners.
More about RiverSource
Besides life insurance, RiverSource also sells annuities and disability income insurance.
The RiverSource website lets you get a term life quote and includes details on specific policies, as well as videos that discuss general life insurance questions.
Life insurance buying guide
Before you start comparing companies, choose the type of life insurance you want, such as term or whole life. Decide which life insurance riders, if any, you want the policy to include. Calculate how much life insurance you need and how long you want the coverage to last. Check that the insurers you’re considering offer the coverage you’re looking for.
When comparing rates, be sure the quotes are for the same amount of coverage over the same period of time. It’s also important to make sure the policy’s medical requirements match your needs. For example, if you want to skip the life insurance medical exam but don’t mind answering health questions, confirm that the application process for each policy you're comparing aligns with that.
Price may not be the biggest driver behind your decision to buy. Look at the number of consumer complaints each company receives, as high numbers can be a red flag about the quality of service.
For more guidance, see our life insurance buying guide.
Life insurance ratings methodology
NerdWallet’s life insurance ratings are based on consumer experience, complaint index scores from the National Association of Insurance Commissioners for individual life insurance, and weighted averages of financial strength ratings, which indicate a company’s ability to pay future claims. Within the consumer experience category, we consider ease of communication and website transparency, which looks at the depth of policy details available online. To calculate each insurer’s rating, we adjusted the scores to a curved 5-point scale.
These ratings are a guide, but we encourage you to shop around and compare several insurance quotes to find the best rate for you. NerdWallet does not receive compensation for any reviews. Read our editorial guidelines.
Insurer complaints methodology
NerdWallet examined complaints received by state insurance regulators and reported to the National Association of Insurance Commissioners in 2020-2022. To assess how insurers compare with one another, the NAIC calculates a complaint index each year for each subsidiary, measuring its share of total complaints relative to its size, or share of total premiums in the industry. To evaluate a company’s complaint history, NerdWallet calculated a similar index for each insurer, weighted by market shares of each subsidiary, over the three-year period. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC. Ratios are determined separately for auto, home (including renters and condo) and life insurance.
DIVE EVEN DEEPER IN INSURANCE
Life Insurance Policies and Quotes for November 2024
7 Best Term Life Insurance Companies in November 2024
