RiverSource
Bottom line: While it doesn't sell whole life, RiverSource allows you to get quotes online and produces relatively few complaints, making it a good option for many buyers.- Fewer complaints than expected for life insurance for a company of its size.
- Preliminary term life insurance quotes available online.
- Variety of riders available to customize your policy.
- Doesn’t sell whole life insurance.
- No live chat or email for customer service.
- Can't buy a policy online.
Why trust NerdWallet
1,413 life insurance rates sets collected.
441 life insurers analyzed by our team of experts.
185 policies assessed.
Dive deeper: Ratings methodology for life insurance.
NerdWallet's life insurance content, including ratings and recommendations, is overseen by a team of writers and editors who specialize in life insurance. We follow strict editorial guidelines to ensure the content on our site is accurate and fair so you can make financial decisions with confidence and choose the products that work best for you.
About RiverSource life insurance
RiverSource earned 4 stars out of 5 for overall performance. RiverSource, an Ameriprise Financial brand, sells a mix of term, universal and variable universal life insurance. Its products are available via Ameriprise financial advisors.
Pros
- Fewer complaints than expected for life insurance for a company of its size.
- Preliminary term life insurance quotes available online.
- Variety of riders available to customize your policy.
Cons
- Doesn’t sell whole life insurance.
- No live chat or email for customer service.
- Can’t buy a policy online.
» MORE: Compare life insurance quotes
RiverSource life insurance policies
Term life insurance. RiverSource offers term life insurance lasting 10, 15, 20 or 30 years, with premiums that remain level. When that term expires, you can continue your coverage as annual renewable life insurance, although the premiums are likely to go up. There’s also an option to convert your coverage to one of the company’s permanent policies.
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 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. Pauses your premium payments if you become disabled for at least six months.
Accidental death benefit. Pays out an additional sum of money if you die from an accident.
Children’s insurance. Provides coverage for your children under your policy.
Accelerated death benefit. Allows you to access part of your death benefit if you become chronically or terminally ill.
Automatic increase rider, which increases your coverage amount each year until a specific point, such as your 65th birthday.
Accounting value increase rider, which reduces the fees associated with surrendering your cash value policy early.
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 data from the National Association of Insurance Commissioners.
» MORE: Best life insurance companies
How RiverSource compares to other insurers
RiverSource | Kemper | Mutual of Omaha | |
|---|---|---|---|
Star rating | |||
Financial strength | Exceptional. | Strong. | Exceptional. |
NAIC complaints | Fewer than expected. | Far more than expected. | Close to the expected number. |
J.D. Power ranking | N/A. | N/A. | #6 out of 21. |
Policy types offered | Term & permanent. | Term, permanent & no-exam. | Term, permanent & no-exam. |
Read full reviews |
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.
How to contact RiverSource
Riversource can be reached by:
Phone: Call 800-333-3437 on weekdays from 7 a.m. to 6 p.m. CT. If you’re in New York, call 800-504-0469 Monday through Thursday from 8 a.m. to 6 p.m. ET, or Fridays from 8 a.m. to 4:30 p.m. ET.
Email: No customer service email available.
Live chat: Not available.
- How we review life insurance companies
In our life insurance reviews, our editorial team considers the customer and the insurer. These are some of the factors we take into account:
Policies offered. There are many types of life insurance on the market, and they fall into three key categories:
Term life insurance offers temporary coverage and a guaranteed payout if the policyholder dies during the term.
Permanent life insurance typically lasts a lifetime and builds cash value that can be borrowed against in the future.
No-exam life insurance issues coverage without the need for a medical exam.
Financial strength. We use AM Best ratings to confirm an insurer’s long-term financial stability and ability to pay claims. For life insurance, NerdWallet typically recommends considering insurers with ratings of A- or higher. Here’s the breakdown:
Exceptional: A+, A++.
Strong: A-, A.
Moderate: B, B+.
Complaints. These ratings are based on complaints to state regulators relative to a company’s size, according to three years’ worth of data from the National Association of Insurance Commissioners. The best life insurance companies have fewer than the expected number of complaints.
Buy online. This indicates whether an insurer allows you to apply for and buy a policy completely online.
Dive deeper: Ratings methodology for life insurance
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 2021-2023. 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.
