Life Insurance

Riversource Life Insurance Review

By Peter Mondrose Peter Mondrose is the Head of Insurance Content at Bankovia. He received his degree in Economics in 1998 and a second degree in Journalism in 2004 from the University of Chicago. Most recently he served as Head of Content at QuoteYeti.com, and editor at BusinessPundit.com 5 minute read

RiverSource has established a reputation as an industry leader in the transportation and logistics sector for more than a century. From young workers to pensioners, the organization offers a broad selection of universal insurance policies and riders in a number of denominations and languages. For additional information heres our Riversource Life Insurance Review.

If you’re seeking a standard whole life insurance policy, you’ve come to the wrong place. If you are needed to consult with a financial consultant, the application procedure will be extended.

Pros and Cons

Riversource Life Insurance Review -Riversource Life Insurance Logo

Pros

  • There are several options and rides to choose from.
  • Internet-based pricing estimates are now accessible.
  • Financial strength scores are amazing.
  • The author is an insurance expert.
  • This technique enables you to prolong the duration of your temporary insurance coverage.

Cons

  • The policies that applied to the remainder of your years have expired.
  • When it comes to this, business professionals are torn.
  • At the moment, there is no option to purchase insurance online.

What affects my rate with RiverSource

Numerous reasons contribute to term life insurance‘s reduced cost when compared to full 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 consultant can assist you in purchasing life insurance policies on your organization’s behalf. If you do not already have an Ameriprise financial advisor, you can locate one using the company’s website’s adviser search tool.

After completing the procedures below, you will be ready to join the group:

  1. To schedule an appointment with your financial advisor, call them or complete the form on this page.
  2. Before making a choice, consider your life insurance alternatives and if RiverSource is a good fit for you.
  3. All items provided to you must be completed completely. If you or a member of your family has a medical history, please include any pertinent information.
  4. Determining the required level of security and the number of personnel is critical.
  5. Before you begin, verify that all necessary documents have been signed and paid for in full.

What types of life insurance coverage does RiverSource offer?

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

  • Term life. It is possible to convert term life insurance to permanent life insurance at a later period and get a tax-free death benefit.
  • Life on a far bigger scale than we are capable of comprehending. You can adjust your benefit amount at any time, and these plans’ premium investment component enables you to develop a tax-deferred cash asset. RiverSource guarantees investors a minimum return of 10% on their initial investment.
    • Indexed universal. At RiverSource, you may invest in a variety of different types of securities, including high-yielding securities and investments in other nations and currencies. If both policyholders die simultaneously, a survivor benefit is offered.
    • This entity guards the foundations. It is designed to assist those who are close to or have reached retirement age. It has flat-rate premiums, a lifetime guarantee against premium rises, and optional riders that expedite benefit payouts.
    • Protector of the succession line. This joint-and-survivorship insurance policy covers two persons concurrently. Its objective is to assist you in transferring more wealth to your heirs and beneficiaries, which benefits them in turn.
    • TrioSource. If you terminate your universal life insurance policy, you will receive a guaranteed premium refund in addition to long-term care insurance coverage if you qualify. If you terminate your universal life insurance policy, you will receive a guaranteed premium refund in addition to long-term care insurance coverage if you qualify.
  • Variable universal. This plan allows you complete control over your money, since it provides you with 80 distinct investment possibilities. If the market, on the other hand, moves against you, you risk going into the red. Benefits can be altered, and a person’s financial progress can be stifled. The insurance firm offers a 10-year or 75-year lapse guarantee.

What riders can I add to my policy?

Riders are offered to supplement the coverage on a wide variety of life insurance plans.

  • Riders who are compensated more swiftly in the event of death. If you’ve been diagnosed with a terminal or long-term disease, you should immediately make a claim for compensation.
  • Accidental death insurance is a supplemental policy. Your insurance coverage should contain an additional death benefit in the case of your death as a result of an accident or other reason.
  • Anyone under the age of eighteen is not authorized to ride. Each kid is insured against death by a level term life insurance policy.
    Injured employees are covered under workers’ compensation. If you are unable to work due to illness or an accident, you will be paid on a monthly basis.
  • A rider provides long-term care. If you have a chronic or terminal illness, this rider may be able to assist you in paying for medical expenses.
  • It is conceivable that if you make payments to your beneficiaries, your death benefit could be decreased.
  • A rider who is limited in the number of laps they may accomplish by a time constraint. If the cash value of your insurance policy has been depleted, depending on your state of residency, you may still be able to keep it. If you do not make timely payments on your insurance premiums, your coverage will be automatically cancelled.
  • Ride beside a partner who holds a special place in your heart. Under the same terms and circumstances, one insurance policy may cover you, your spouse, or another selected beneficiary.
  • The rider agreed to a reduced fare. This guarantees that you maintain coverage even if you lose your job or become permanently disabled due to these exclusions.

RiverSource life insurance reviews and complaints

RiverSource does not yet have any customer reviews or ratings. Ameriprise’s parent firm, Ameriprise Financial, obtained an A+ rating from the Better Business Bureau in October 2020.

The rankings were impacted by a February government decision. Ameriprise allegedly urged consumers to invest in high-cost retirement mutual fund shares while failing to inform them of lower-cost alternatives. Additionally, the organization was tasked with resolving two distinct consumer complaints concurrently.

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