RiverSource Life Insurance Company Review

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No one likes to think about a time when they will not be around for their family's future. Purchasing life insurance can give you peace of mind in knowing that your family's future is financially secure. For a decision as important as your family's future, you want a company that is financially stable and offers a life insurance product you can trust.

RiverSource Life Insurance is one such company. It is the 18th largest life insurance company in the nation. RiverSource Life Insurance has been in business for more than 100 years and is a fully owned subsidiary of Ameriprise Financial Inc. Ameriprise Financial was founded in 1894 by John Tappan and is headquartered in Minneapolis, Minnesota. Earlier names for the company include Investors Syndicate Life Insurance and Annuity Company and IDS Life Insurance Company. American Express Co. purchased IDS in 1984. The company offers a full line of investment and financial services, including wealth management, annuities, retirement planning, and insurance services.

Ameriprise Financial became a publicly-traded company in 2005 and is one of the largest financial planning institutions in the U.S. Ameriprise was ranked number 248 in the 2012 Fortune 500 list of largest U.S. corporations according to revenue. The parent company uses three brand names for its products including Ameriprise Financial, Columbia Management, and RiverSource.

RiverSource Life Insurance sells and services the company's life insurance, annuities, and disability income insurance products.

Financial Stability and Better Business Bureau Rating

RiverSource Life Insurance Company has received high ratings from financial rating services A.M. Best, Moody's Investor Service, and Standard & Poors.

Here's how these financial rating services have rated RiverSource Life Insurance:

  • A.M. Best—A+ (Superior) with a stable outlook
  • Moody's Investor Service—Aa3 (Excellent) with a stable outlook
  • Standard & Poor's (S&P)—AA– (Very Strong) with a stable outlook

Neither RiverSource Life Insurance Company nor its parent company, Ameriprise Financial, is Better Business Bureau accredited. Even though the company has not sought a BBB accreditation, the company's BBB ranking is A+. Over a three-year period, there were a total of 29 complaints listed in the areas of products or service, billing, and sales issues. All of these complaints were resolved and are now closed.

Life Insurance Products

At RiverSource Life Insurance Company, you can purchase three major types of life insurance policies:

  • Term life insurance. The term life insurance products provide an income-tax-free death benefit. The policy covers one person and is available in a 10-, 15-, or 20-year policy term. With the term life policy, the premium is guaranteed over the term of the policy and you also have the option at the end of the policy period to convert to a permanent life insurance policy.
  • Universal life insurance. The universal policy is a permanent policy that covers an individual over their entire lifetime. The policy can accumulate a cash value, which you can borrow against income-tax-free. Some other features of the policy include income-tax-free death benefit to beneficiaries, an optional no-lapse guarantee, and a guaranteed minimum fixed interest rate.
  • Variable universal life insurance. A variable universal life insurance policy provides you with the benefits of permanent life insurance while also providing you an opportunity to invest in the market. The policy offers an income-tax-free death benefit, flexible death benefit and premium, tax-deferred growth, and in certain cases, income tax-free access to the policy's cash value.

Annuity Products

  • Variable Annuities. Variable annuities offer market growth potential. They can protect your retirement investment and provide a guaranteed lifetime income.
  • Fixed Index Annuities. Fixed index annuities earn interest, up to a cap, based on the market performance of indexes. Even if the market performs poorly, your credited interest never goes below zero.
  • Fixed Annuities. Provides a fixed rate of return while protecting your principal. You have guaranteed growth and a guaranteed interest rate regardless of the market conditions.
  • Immediate Annuities. With an immediate annuity, you can receive a specific amount of income for the rest of your life or for a specified amount of time.

Accumulation Protector Benefit (APB)

The Accumulation Protector Benefit offered through Riversource is an annuity optional rider that can be added which allows you to protect your principal investment and accumulate interest income for up to 10 years. No matter if you earn or lose money in investments, your original investment is guaranteed. Another plus is that APB will automatically lock in 90% of the highest anniversary rate of value. There is a 10-year waiting period before withdrawals are available.

Getting a Quote

From the RiverSource Life Insurance Company website, you can get a quick quote for term life insurance, TrioSource (RiverSource’s universal life insurance product) or long-term care insurance. For a life insurance quote, you’ll be asked some general personal questions such as date of birth, gender, state of residence, tobacco usage, health status, and the coverage amount you wish to purchase. With this quick quote option, you see results for 10-, 15-, and 20-year level term policies. To make the final purchase, you have to contact an Ameriprise financial advisor.

Pros and Cons


  • The company is financially stable with positive customer service reviews.
  • The website is user-friendly and help is readily available both online and over the telephone.
  • Through Ameriprise Financial Inc., you can take care of all your financial service needs at one company.


  • Cash value of the variable universal life insurance policy is not guaranteed.
  • There have been a few customer complaints in the areas of service and billing.
  • The variable universal life insurance policy is not available in all states.

Contact Information

You can find out more information about the life insurance products available through the RiverSource Life Insurance Company website, by using the agent locator on the website or by calling (800) 257-8740, 8 a.m. to 5 p.m., Central Standard Time, Monday through Friday.