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RiverSource (Ameriprise) Life Insurance Review 2018

Sept. 5, 2018
Insurance, Life Insurance
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at a glance

  • NerdWallet ranking: No. 6
  • Life insurance sold through Ameriprise Financial advisors
  • Preliminary term life quotes available online

Overview

RiverSource is a brand of Ameriprise Financial, which offers financial planning, investments and other financial products. RiverSource products include term life insurance and a broad selection of universal and variable universal life insurance, which are sold through Ameriprise advisors. The company does not offer whole life insurance.

» MORE: The best life insurance companies

Click below to learn about each factor that goes into our RiverSource review.

NerdWallet rank: 6th

RiverSource ranks sixth out of 20 large life insurance companies. NerdWallet’s ranking is based on a composite score that considers J.D. Power customer satisfaction scores, A.M. Best financial strength ratings, and the number of complaints against insurers to state regulators, adjusted for market share.

A.M. Best financial strength rating: A+ (superior)

RiverSource’s financial strength is “superior,” according to ratings firm A.M. Best. An insurer’s financial strength is important to check before buying a policy because it indicates the company’s ability to pay claims.

Consumer complaints: Better than the median

RiverSource drew significantly fewer than the median number of complaints about individual life insurance to regulators in 2017, compared with life insurance companies of similar size.

The National Association of Insurance Commissioners calculates a “complaint ratio score” for insurance companies, which is based on the number of complaints to state regulators, adjusted for market share. The median score is 1; a score less than 1 means fewer complaints than other companies with a similar market share. RiverSource Life Insurance Co. had a complaint ratio score of 0.04 for individual life insurance. Its subsidiary, RiverSource Life Insurance Co. of New York, which does business only in New York, had a complaint ratio score of zero.

J.D. Power ratings: Generally average

RiverSource’s parent company, Ameriprise Financial, scored seventh out of 24 companies evaluated for customer satisfaction in the J.D. Power 2017 Life Insurance Study. The company scored “about average” in most categories and “better than most” for interaction with customers.

Customer satisfaction category RiverSource's score
Overall satisfaction"About average"
Billing and payment"About average"
Price"About average"
Policy offerings"About average"
Interaction"Better than most"

More about RiverSource

Types of life insurance soldOther products and services
  • Term life
  • Universal life, including indexed universal life and policies that provide long-term care benefits
  • Variable universal life
  • Survivorship life
     
     
  • Annuities
  • Disability income insurance
  • RiverSource life insurance options

    Term life: Policies with 10-, 15-, 20- and 30-year terms are available. The annual price stays level throughout the term. You can convert RiverSource term life to one of the company’s permanent policies in the first five years of the term or at age 65, whichever comes first. Or when buying a policy you can pay extra for the option to convert until the end of the term or at age 65, whichever comes first.

    Universal life: A wide selection of universal life policies is available, including indexed universal life, which ties the policy’s cash value growth to an index, such as the S&P 500. The company also offers universal life that can provide monthly payouts for long-term care.

    Variable universal life: You choose how the policy’s cash value is invested. You can build a customized portfolio from a wide selection of investment options or choose from one of five professionally managed funds to match your goals and risk tolerance.

    Survivorship life: This type of permanent life insurance insures two people on one policy. The policy pays out after the second person dies. Both universal and variable universal life options are available.