Ameriprise is well known for its financial products, which include investments, banking products, life insurance and disability insurance. Part of the company was acquired in 2019, which allows Ameriprise to focus on its financial planning products and services. If you like working with local advisors and want to consolidate your financial planning needs in one place, Ameriprise insurance could be a good fit. Bankrate reviewed Ameriprise’s life insurance offerings, which is underwritten by RiverSource Life Insurance Company, to help you decide if you should get a quote.
- Date established:1894
- Insurance products offered: Term life and permanent life
- AM Best financial strength rating: A+ (Superior)
- Availability: All 50 states and Washington, D.C.
|Can consolidate life insurance with other types of financial planning products||No online quotes|
|Local agents||Life insurance products are not rated by J.D. Power|
|Mobile app is available||No guaranteed issue options available|
Ameriprise life insurance coverage types
Ameriprise life insurance is offered through RiverSource Life Insurance Company. Term and permanent policies are available. Because Ameriprise sells its coverage through local agents and financial advisors, you’ll need to contact someone in your area to discuss your options and to get a quote. Ameriprise offers two main types of life insurance:
- Term: Term life insurance lasts for a set period of time. Ameriprise offers 10-, 15-, 20- or 30-year terms. Term policies are generally more affordable than permanent policies, but they don’t offer some of the financial tools that come with permanent life insurance.
- Permanent: Permanent policies, such as whole life and universal life, are designed to stay in place until you pass away, as long as you pay the premiums. Permanent policies come with extra features, like cash value, and sometimes have other living benefits.
To learn more about Ameriprise’s life insurance options and put our Ameriprise life insurance review to use, you can contact a local advisor in your area to help determine your needs.
Ameriprise life insurance customer and claims satisfaction
Ameriprise was not rated in the 2020 J.D. Power U.S. Life Insurance Study, but the company as a whole did rank above average in the 2021 U.S. Full Service Investor Satisfaction Study, with a score of 746 out of 1,000.
RiverSource, the life insurance underwriting subsidiary of Ameriprise, has very few complaints with the National Association of Insurance Commissioners (NAIC). A complaint index score of 1.00 is considered the national baseline. RiverSource’s overall index is just 0.30, which means the NAIC receives fewer complaints than the baseline.
RiverSource also has an AM Best financial strength score of A+ (Superior). This means that, historically, RiverSource has been financially stable enough to handle paying out claims. Looking for a financially stable life insurance company could help give you peace of mind that your policy will benefit your beneficiary when you pass away.
Other insurance products
In addition to its reputation as a reliable permanent and term life insurance company, Ameriprise also offers long-term care insurance and disability income insurance. Just like with life insurance products, you’ll need to contact a local advisor for quotes.
Frequently asked questions
Does Ameriprise still offer home and auto insurance?
No. Ameriprise’s home and auto insurance business was acquired in 2019. Those seeking auto and home insurance policies may want to consider CONNECT’s insurance offerings. Ameriprise focuses on life insurance, long-term care insurance, disability income insurance and several investment and retirement products.
How much life insurance do I need?
To determine how much life insurance you need, you may want to think about your debts, your income level and how much you’d like to leave your beneficiary when you pass. Our life insurance calculator might help you determine how much coverage to purchase. Talking with an agent is also a good way to assess your situation.
Do younger people need life insurance?
They might. Life insurance is sometimes associated with people over 50, but younger people may also need a policy. If you have debts, children or want to leave a financial gift behind, you might want to consider life insurance. Talking to a financial advisor or life insurance agent might help you decide if you should get a quote and buy a policy.