Riversource Life Insurance (Ameriprise Financial’s life insurance affiliate) is one of many life insurance companies in the marketplace. At TermLife2Go, we work with dozens of different carriers, including the top ten best life insurance companies, offering both exam and no exam life insurance. If you are in need of coverage, give us a call today to see what we can do for you!
Please note, we are not Riversource. You can reach the company by visiting it online at www.riversource.com or by phone at 1-800-862-7919 and 1-800-504-0469 in NY.
Riversource Life Insurance Company Review
You’ve reached that point in life where taking steps to prepare for your death is important. Sure, you may not be ready to die tomorrow, but in a world of unknowns, you’ve realized the valuable truth of the old saying, “Better safe than sorry.” You want your loved ones to be taken care of after you’re gone, which is why you need the best life insurance policy possible. In your search for the perfect life insurance policy, someone may have recommended RiverSource as a possible life insurance company. Now you want to know more. We at TermLife2Go are dedicated to helping individuals like you to find their perfect life insurance policy. In our effort to do so, below you’ll find some basic information about RiverSource and the different types of life insurance policies it offers.
RiverSource Life Insurance, an affiliate of Ameriprise Financial, has been in the business for quite a while. With more than 120 years of experience, it has helped many generations of life insurance policy holders get the kind of coverage they need. The company started with a young, but ambitious businessman, John Tappan. At 24 years old, Tappan founded the company in Minnesota, then known as Investors Syndicate. In 1984, the company (then called IDS), was acquired by American Express, and in 2005, it became a publically traded company. Today, John Woerner is the company’s president, stating on the company’s website, “My team and I make the strength and soundness of our company a top priority.”
RiverSource’s Financial Ratings
RiverSource insurance has great ratings across the board. All of the top rating agencies have granted RiverSource Life with top tier ratings and have given it a stable outlook for the future.
RiverSource Life Insurance ratings by rating agency:
- Moody’s: Aa3 (Excellent)
- A.M. Best: A+ (Superior)
- Standard & Poor’s: AA- (Very Strong)
RiverSource Life Insurance Products
As is the case with many life insurance companies, RiverSource has two main categories of life insurance for sale: term life and permanent life insurance.
Term Life Insurance: Riversource offers 10 year, 15 year, 20 year and 30 year term life insurance policies. If you are looking for a life insurance policy that provides supplementary income for a set time period, then term life insurance may be the way to go. RiverSource term life policies are flexible, so if you later determine that you need permanent coverage, you can convert the term life into permanent coverage, such as universal life insurance.
Universal Life Insurance: If you are sure you want life insurance coverage that will last until you die, no matter what age that happens at, then a better bet is to start with universal life insurance. The best thing about RiverSource’s universal policies is the flexibility. If you start out thinking you need a lot of coverage, but later decide less is more, then you can adjust your policy benefits. Universal policies are tax-free and have a guaranteed minimum fixed interest rate.
Indexed Universal Life: This policy varies slightly from state to state, however, the main concept is that you can tie your return to the stock market to get better returns.
In some states, you can also get a survivorship life insurance policy, which basically means that the policy covers two persons. This kind of coverage is often really good for couples or business owners looking to provide cash to an estate or business, such as key person insurance.
Variable Universal Life Insurance: The difference with this policy is that you are responsible to take on the risk that comes with an investment. The value of your policy will fluctuate with the market and the investments, and you will have to accept the responsibility. If the market is doing great (going up), then you’ll be the one reaping the benefits that come with a variable universal life insurance policy.
Overview of RiverSource
Now that you know a little about RiverSource and the life insurance policies they offer, you’re ready for the real answers: how are they as a life insurance company? To be honest, RiverSource is a great life insurance company. There aren’t that many negative things we could say about it as a company, but there are a lot of positive things we could say. After 120 years in the business, RiverSource has had scores of happy customers. Rating agencies agree and even say its outlook for the future is promising—an important thing when looking for a product that won’t come to fruition for decades.
The real question isn’t whether or not RiverSource is a good life insurance company—it is—but whether or not it is the best life insurance company for you.
How do you figure out if a life insurance company is right for you?
Each life insurance company will calculate and determine risk in a different manner. Some will consider hereditary diseases that you don’t have yet to be a big penalty whereas others may not. Other life insurance companies may think that obesity should be punished, whereas others will think it’s okay so long as your blood pressure is under control. Because life insurance companies rate each individual factor differently, it’s a sum of all factors that determines what kind of policy they will underwrite and at what price. It really varies from person to person.
So is RiverSource the best for you? We can’t really know without knowing you. We do not underwrite policies for RiverSource, so the best way for you to find out is to contact them directly. But, in order to know if they’re the best for you, you’ll need something to compare it against. That’s where TermLife2Go comes in the picture. We will find out all about the life details that are important to insurance companies. Then, we will use our knowledge of dozens of the top life insurance companies in the US to make a custom recommendation in order to help you find the best life insurance rates by age.
In some scenarios, RiverSource is sure to be the best life insurance company for an individual. However, in others it may not be. Don’t you want to know before you make such a crucial decision like which life insurance company to use for a policy? We thought so.
Call TermLife2Go today and find out what we can do for you!
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