Ameriprise life insurance review 2024

Founded in 1894, Ameriprise offers both term and permanent life insurance policies through RiverSource Life Insurance Company. Ameriprise may be a good fit if you like working with local advisors and want to consolidate your financial planning needs in one place. Ameriprise serves all 50 states and Washington, D.C., so no matter where you live, Ameriprise may be an option.

Ameriprise sells its coverage through local agents and financial advisors, so you’ll need to contact an agent in your area to discuss your situation, decide how much life insurance you need and get a quote.

Here is a breakdown of the types of life insurance that Ameriprise offers:

• Term: Term life insurance lasts for a set period. Ameriprise offers 10-, 15-, 20- or 30-year terms. Term policies are generally much cheaper than permanent policies, but they do not come with a cash value account. Term policies may be a good choice if you are a young family or need coverage for a certain time, such as while you pay off debt. Remember that term policies typically get more expensive as you age, so for older customers, they may not be the best option.
• Permanent: Ameriprise, through its RiverSource brand, offers several permanent life insurance options designed to provide lifelong coverage with added benefits such as cash value growth and flexible premium payments. These policies can be a good choice for those seeking long-term financial security and the potential to borrow from their policy. Here’s a brief overview of the options:
• RiverSource indexed universal life insurance: Offers protection against market downturns with index-based interest crediting, income tax-free death benefits and the potential for tax-free income through withdrawals or loans.
• RiverSource variable universal life 6 insurance: Provides a tax-free death benefit, over 85 investment subaccounts and options for tax-deferred cash growth. Includes no-lapse guarantees and flexibility with a range of investment options.
• RiverSource variable universal life 6 insurance – New York: Similar to the standard Variable Universal Life 6, tailored for New York residents with specific compliance features.
• RiverSource survivorship variable universal life insurance: Covers two lives, with the benefit paying out after the second death. It offers tax-deferred cash growth and various investment options.
• RiverSource survivorship variable universal life insurance – New York: Tailored for New York residents, offering protection on two lives and various cash growth options.

Each permanent policy includes no-lapse guarantees, which can help keep the policy active as long as minimum premiums are paid and provide the flexibility to access cash value through loans or withdrawals. For more detailed information, it is recommended that you consult with a licensed insurance agent to explore all available options.

If you have medical conditions that could otherwise prevent you from getting a life insurance policy, you might be looking for guaranteed issue life insurance. Ameriprise doesn’t advertise a guaranteed life insurance option, so you may want to talk with a local licensed life insurance agent about your choices.

However, Ameriprise does offer a long-term care rider for those who would like coverage for expenses prior to their passing, such as assisted living or home care services. To learn more about Ameriprise’s life insurance options you could contact a local advisor in your area to help determine your needs.

Pros and cons of Ameriprise life insurance

When you’re looking for the best life insurance company, you may want to consider several aspects of an insurer to decide if it is right for you. If you’re comparing life insurance quotes, remember that rates don’t typically vary as much between companies as they do for auto or home insurance. Shopping around may be less about the cost of life insurance and more about finding policy options and a company that fits your needs.

If you’re looking for the best life insurance, you might want to get quotes from more than one carrier. Life insurance rates don’t typically vary as much between companies, which may be important to remember if you're shopping for the cheapest rates. However, most insurance professionals recommend shopping around to see what options are available. If you’re considering Ameriprise, you may also want to think about these insurers:

Ameriprise vs. State Farm

State Farm is the 2024 Bankrate Awards winner for Best Term Life Insurer thanks in part to its excellent customer satisfaction score, near-nationwide availability and high financial strength rating. The company also offers life insurance for children as a rider on your term policy. State Farm might also be a good option if you want to keep all your insurance products, including your auto and home insurance, with one company. However, State Farm doesn’t publish the extensive market research that Ameriprise does, so if you’re interested in staying on top of economic trends, Ameriprise may be a better option.

Learn more: State Farm Insurance review

Ameriprise vs. MassMutual

MassMutual is the 2024 Bankrate Awards winner for Best Whole Life Insurer in part due to its numerous riders, high coverage capacity and superior financial strength score. The company also offers a life insurance calculator, which may be helpful if you’re wondering how much life insurance you need. If you’re interested in a whole life policy, you may want to speak to an insurance agent about MassMutual. MassMutual and Ameriprise both offer a range of financial products, but Ameriprise does offer the benefit of auto and home insurance from CONNECT by American Family.

Learn more: MassMutual Insurance review

Ameriprise vs. Nationwide

Nationwide offers plentiful life insurance riders, several accessibility options and a high J.D. Power score for customer satisfaction. Nationwide may be a competitive option if you’re looking to personalize your life insurance policy to your specific needs. Nationwide also offers far more insurance products than Ameriprise. Ameriprise has more calculators and tools than Nationwide, though, which some shoppers may find appealing.

Learn more: Nationwide Insurance review

Ameriprise might be a good company if you are looking for local financial advisors, helpful online tools and numerous financial products. However, Ameriprise doesn’t underwrite its own life insurance products, which means you may work more with RiverSource than Ameriprise if you choose a life insurance policy. Ameriprise also doesn’t provide any online life insurance quotes, which means you’ll have to work with a local agent to get a quote.

What are real-life customers saying about Ameriprise?

To provide more insight into the Ameriprise customer experience, we searched popular forums like Reddit and Quora. While there were reviews, they tended to focus more on Ameriprise's other financial products rather than life insurance specifically. We kept searching and stumbled upon Yelp, which offered some insight into customer experiences with Ameriprise/RiverSource's life insurance products.

Overall, the reviews on Yelp present a mixed picture. Some customers expressed frustration with policy management and customer service, highlighting issues like policy cancellation and offshore support. On the other hand, others shared positive experiences, especially regarding RiverSource's long-term care policies, praising their efficient claims process and helpful customer service. This range of experiences indicates that while some customers face significant challenges, others find the service reliable and supportive.

*The quotes and citations included on this page have been verified by our editorial team and are accurate as of the posting date. Outlinked content may contain views and opinions that do not reflect the views and opinions of Bankrate.

Ameriprise company details

If you need to contact Ameriprise or research the company’s products, here are some ways to do so:

• Customer service: 1-800-862-7919
• General correspondence: 70100 Ameriprise Financial Center, Minneapolis, MN 55474
• Payments: 70200 Ameriprise Financial Center, Minneapolis, MN 55474
• Website: https://www.ameriprise.com/

State availability

Ameriprise products are available in all 50 states as well as Washington, D.C.

Ameriprise tools and benefits

Ameriprise life insurance comes with several perks that may be attractive to potential policyholders. You may want to consider the following benefits.

• Auto and home insurance: Ameriprise partners with CONNECT by American Family to offer auto and home insurance. CONNECT might be a good option if you are looking for a company that offers several endorsements and discounts for both auto and home insurance.
• Local financial advisors: Ameriprise has a network of local financial advisors who could work with you to establish financial goals and a plan to reach them.
• Numerous financial products: If you’re hoping to purchase multiple financial products, Ameriprise may be a great fit. The company offers annuities, banking, investments and more.
• Market research center and proprietary research studies: Ameriprise publishes financial research such as guides to life insurance and other financial products on its website.
• Financial calculators: The company offers several calculators including a variable annuity calculator, net worth calculator and refinance interest savings calculator. Those looking for life insurance after 50 may also be interested in using the company’s retirement calculator.
• Financial online security guarantee: If an unauthorized person removes funds from your Ameriprise accounts, Ameriprise Financial guarantees that it will replace 100 percent of the funds as long as the policyholder meets the requirements to secure their account and personal information as outlined on the company website.

Frequently asked questions about Ameriprise