RiverSource (Ameriprise) Life Insurance Review 2023

Katia Iervasi
By Katia Iervasi 
Edited by Lisa Green

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RiverSource

4.0

NerdWallet rating 
Bottom line: While it doesn't sell whole life, RiverSource allows you to get quotes online and attracts relatively few complaints, making it a good option for many buyers.
COMPARE QUOTES

on Policygenius

Financial strength rating

Exceptional

Online purchase

No

NAIC complaints

Fewer than expected

Policies offered

Term & permanent
insurance-product-card-logo
COMPARE QUOTES

on Policygenius

RiverSource

4.0

NerdWallet rating 
Bottom line: While it doesn't sell whole life, RiverSource allows you to get quotes online and attracts relatively few complaints, making it a good option for many buyers.

Financial strength rating

Exceptional

Online purchase

No

NAIC complaints

Fewer than expected

Policies offered

Term & permanent

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.

RiverSource, an Ameriprise Financial brand, sells a mix of term, universal and variable universal life insurance. Its products are available via Ameriprise financial advisors.

Why you can trust NerdWallet: Our writers and editors 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. Here is a list of our partners, and here’s how we make money.

RiverSource life insurance

4.0

NerdWallet 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.

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.

Available riders and add-ons

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 customer complaints and satisfaction

RiverSource had fewer than the expected number of complaints to state regulators for a company of its size for life insurance, according to three 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.

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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 2019-2021. To assess how insurers compare to 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.

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