RiverSource Life Insurance Review


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Edited byKathryn Schroeder
Edited byKathryn Schroeder

Updated: May 22, 2024

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MoneyGeek’s Take: Is RiverSource Right for You?

RiverSource offers various life insurance policy options, some with investment opportunities that may be ideal for those looking for cash value growth opportunities. With term and universal life policies, RiverSource may be a good fit for younger applicants with short-term coverage needs and those looking for a flexible short or long-term policy.

RiverSource does not have whole life insurance or senior life insurance, so applicants looking for end-of-life expense insurance may not find this provider to be a good fit. State Farm is a great alternative.

Read on to learn more about RiverSource’s life insurance policy options and benefits.

At a Glance: RiverSource Life Insurance

RiverSource

pros

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Online quote feature for term life insurance

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Lower than average complaints index

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Term policies are convertible to permanent

cons

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Does not offer whole life insurance

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Availability of some policy types varies by state

COMPANY HIGHLIGHTS

RiverSource offers term life insurance and permanent life insurance policies. It was established in 1894 as Investors Syndicate in Minneapolis, Minnesota. RiverSource is a brand name for life insurance products offered by Ameriprise Financial. With a National Association of Insurance Commissioners (NAIC) complaint index of 0.30, this provider receives fewer complaints than the average for a company of its size.

RiverSource’s life insurance portfolio includes term and permanent life insurance policies. Term life policies are available for 10, 15, 20 or 30 years, with a flexible coverage level based on underwriting factors and individual needs.

Permanent life insurance policies are available in the form of indexed universal life insurance and variable universal life insurance, with flexible coverage levels based on individual factors. The availability of these policies varies by state. Universal life insurance policies from RiverSource come with lifetime insurance protection, index-based investment opportunities and protection from market downturns.

Optional riders are available, including waiver of premium rider, children’s term rider and accidental death benefit rider.

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Key Takeaways

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RiverSource term life insurance has an income-tax-free death benefit and a fixed premium for the duration of the policy.

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Permanent life insurance is available in either an indexed universal policy or a variable universal policy.

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RiverSource universal life insurance policies allow you to borrow up to 90% of the accrued cash value.

RiverSource Policy Options Explained

A LIMRA (Life Insurance Marketing and Research Association) consumer report from 2022 indicates that individuals are more likely to feel secure with a life insurance policy than without. It is important to consider the various options available when choosing the best policy to safeguard your dependents when you are no longer there.

Term Life Insurance Options From RiverSource

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    RiverSource Term Life Insurance

    This policy is available for a term of 10, 15, 20 or 30 years with flexible coverage choices, depending on your needs and underwriting factors. It has an income-tax-free death benefit and a fixed premium that does not change for the duration of the policy.

    On the expiry of the policy term, you have the option to continue the policy with annual renewals. You can also convert the policy to permanent life insurance. This policy also allows you to customize your benefits with optional riders, including waiver of premium rider, children’s term rider and accidental death benefit rider. You can get a quote for this policy online.

Term life insurance from RiverSource is a good option for young, healthy individuals with short-term coverage needs. The company also offers flexibility for those who want a term policy that is convertible to permanent life insurance or renewable.

Universal Life Insurance Options From RiverSource

RiverSource offers indexed universal life insurance and variable life insurance.

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    RiverSource Multi-Index Universal Life Insurance

    This policy features an income-tax-free death benefit and offers fixed and indexed account options. You can withdraw or borrow against your policy. Your policy also has downside protection, ensuring your principal amount and accumulated cash value are protected against negative market returns. The coverage amount is flexible, and you also have the option to add riders to your policy for customized benefits.

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    RiverSource Survivorship Multi-Index Universal Life

    This policy offers coverage for two lives and includes a tax-free death benefit and growth potential through various indexed account options. You have the option to withdraw from your policy or borrow against it, up to 90% of the accumulated cash value. Riders to protect yourself in case of illness or disability are also available to help customize your benefits.

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    RiverSource Indexed Universal Life 2 Insurance

    This policy features a simple design with one well-known index and two crediting options. It offers a tax-free death benefit and growth potential through various indexed account options. Additionally, there is a no-lapse guarantee up to the age of 90 or 20 years if later.

    With this policy, you can borrow against the cash value accrued or opt to withdraw your contributions. Optional riders are available with this policy to help you meet your individual coverage needs.

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    RiverSource Variable Universal Life 6 Insurance

    This policy offers an income-tax-free death benefit and growth opportunities with a fixed account, fixed indexed accounts and an array of asset classes from 80-plus subaccounts from renowned companies.

    It comes with a no-lapse guarantee to the later of age 75 or 10 years. You can access your cash value through loans or withdrawals. There are also various optional riders, including the automatic increase benefit rider, children's insurance rider and waiver of monthly deduction rider.

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    RiverSource Survivorship Variable Universal Life Insurance

    This policy offers coverage for two lives and offers a tax-free death benefit that is paid out on the death of the second insured. It comes with growth opportunities through 80-plus subaccounts from well-known companies, a fixed account and fixed indexed accounts.

    The RiverSource Survivorship Variable Universal Life has a no-lapse guarantee to the later of age 75 or 10 years. You have the option to withdraw or borrow against the accrued cash value, but this may impact the death benefit.

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    RiverSource Variable Universal Life 6 — New York Insurance

    This policy offers a tax-free death benefit and potential for growth via a fixed account offering a minimum interest rate of 2.0%, fixed indexed accounts and various subaccounts from established companies. It also features advice-embedded portfolio funds to manage your investment based on your risk tolerance.

    There is a no-lapse guarantee to the later of age 75 or 10 years, and policyholders can borrow against their cash value or withdraw their contributions.

Universal life insurance policies are ideal for those looking for permanent life insurance with investment options and the opportunity to grow their cash value.

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RiverSource’s Life Insurance Riders

Life insurance riders are optional benefits that you can add to your life insurance policy to get additional coverage or protection. Riders enable you to customize your policy to suit your particular needs.

Rider
Description

Children's Insurance Rider (CIR)

This rider provides level term coverage for each eligible child.

Waiver of Monthly Deduction Rider (WMD)

This rider waives the premium if you become totally disabled before age 60.

Waiver of Premium Rider (WP)

This rider waives part of your premium if you are disabled for more than six months.

Overloan Protection Benefit (OPB)

This rider allows you to elect to have your policy converted to a paid up policy,
which can protect you if your policy lapses due to extensive loans.

Accidental Death Benefit Rider

This rider increases the total death benefit if you die accidentally.

How to Get RiverSource Life Insurance

RiverSource offers various policies that can be purchased by contacting one of its agents or financial advisors. Policy options may vary by state, so check to see what products are available in your location. Below, we break down how to get life insurance from RiverSource and what to do if your application is denied.

How to Buy Life Insurance From RiverSource

1
Do Your Research

RiverSource outlines its life insurance products online so you can review the policy options to find the best. You can get an online quote for term life insurance or contact a financial advisor for help with your application.

2
Compare Quotes

Life insurance quotes can vary based on individual factors like age and health status, so it is best to compare quotes if you want to get the best rate for your profile. Take time to consider and compare your options based on your needs and financial goals.

3
Health Check

Life insurance policies may require medical underwriting for you to be approved. That means you may need to undergo a health check during the RiverSource application process. However, in some cases, there may be policy options that do not require exams, but these tend to be costly and have low coverage caps.

4
Approval

Once your policy is approved, you start making premium payments on it. Pay attention to exclusions and any clauses in your policy document to understand how your benefits work.

What to Do if RiverSource Insurance Denies You Coverage

Your life insurance application at RiverSource may be declined due to various factors, but this is no cause for alarm. There are various options for coverage that you can explore if you are declined. These steps will guide you on what to do.

1
Contact Your Broker

It is important to first establish the exact reason your application was declined. This will help you figure out what you need to do to increase your insurability through RiverSource or elsewhere.

2
Lifestyle Changes

In case your application was declined due to risky lifestyle choices like alcoholism or smoking, making lifestyle changes can help. These changes include quitting drinking or smoking or maintaining a healthy body weight.

3
Explore Other Options

When you are declined for standard life insurance, coverage options like final expense insurance are a suitable alternative. This type of policy will offer some protection for your loved ones, although costs may be high and coverage limited.

Frequently Asked Questions About RiverSource Life Insurance

MoneyGeek answered commonly asked questions to help you learn more about RiverSource life insurance.

Can you borrow from your RiverSource life insurance policy?
What’s the maximum amount of life insurance coverage available from RiverSource?
Do life insurance policies from RiverSource pay dividends?
Can you get life insurance from RiverSource if you have cancer?
Do life insurance policies from RiverSource cover death by drug overdose?
Do life insurance policies from RiverSource cover death by suicide?
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