Ameriprise is well known for its financial products, which include investments, banking products, life insurance and disability insurance.
|Offers several financial products such as annuities, investments, banking, loans and credit cards||No online quotes for life insurance|
|Local agents and financial advisors available to help set goals and reach them||Life insurance products are unrated by J.D. Power|
|Top-notch digital tools, including a mobile app, online portal and digital calculators||No guaranteed issue option available|
Founded in 1894, Ameriprise offers both term and permanent life insurance policies, similar to most of its competitors. 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 to help you decide if you should get a quote. The company serves all 50 states and Washington, D.C., so no matter where you live, Ameriprise can write you a policy.
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 much cheaper than permanent policies, but they do not come with a cash value account, like permanent life insurance policies.
- 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 accounts, and sometimes have other living benefits.
The company offers a long-term care rider for those who would like coverage for expenses prior to their passing, such as assisted living, home care services or nursing home facilities. 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 services
Ameriprise offers annuities, auto and homeowners insurance through CONNECT by American Family Insurance, IRAs and retirement plans, mutual funds, stocks, bonds and individual fixed income securities, college savings plans, real estate and alternative investments, unit investment trusts, home loans, credit cards, brokerage sweep accounts and more. Speaking with a financial advisor about your goals could help you decide which of these products might be a good fit for you.
Other Ameriprise perks worth considering
Ameriprise life insurance comes with several perks that may be attractive to potential policyholders. You may want to consider the following benefits.
- Local financial advisors: Ameriprise has a network of local financial advisors that 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 and guides to life insurance and other financial products on its website.
- Financial calculators: The company offers several calculators including a retirement planner, variable annuity calculator, net worth calculator and refinance interest savings calculator. Those looking for life insurance after 50 may 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% of the funds.
- Digital tools: Ameriprise’s online portal allows policyholders to track their financial progress, collaborate with their financial advisor, share and access documents and use e-Signature. The company also offers a mobile app.
Ameriprise life insurance customer and claims satisfaction
Ameriprise life insurance received financial strength ratings of A- (Strong) from AM Best and A- (Strong) from Standard & Poors (S&P). The company is unrated by J.D. Power in the 2021 U.S. Individual Life Insurance Study. However, the company did score highly on J.D. Power’s 2021 U.S. Financial Advisor Satisfaction Study. If you’re hoping to work with a financial advisor, Ameriprise may be a competitive choice. The company’s mobile app received a rating of 4.1 out of 5 stars on Google Play, and 3.2 out of 5 stars on the App Store.
Ameriprise social responsibility
This Ameriprise life insurance review would not be complete without a discussion of the company’s social responsibility. Ameriprise received a rating of A from MSCI for its environmental social governance (ESG) progress in 2021. The company has also been recognized for being a military-friendly employer and one of the best places to work for disability inclusion. The company is a low greenhouse gas emitter, and incorporates responsible environmental practices, according to its 2022 Responsible Business Report.
Not sure if Ameriprise is right for you? Consider these alternatives
After reading this Ameriprise life insurance review, you may decide that the company isn’t the right fit. If you’re interested in finding another life insurance provider, you may want to get life insurance quotes from some of the best life insurance companies listed below.
- State Farm: State Farm won the Bankrate Award for best term life insurer, thanks 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. If you’re looking for an excellent term life insurance policy, you may want to look into State Farm.
- MassMutual: MassMutual won the Bankrate Award for best whole life insurer, thanks 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.
- Nationwide: Nationwide won a Bankrate Award for best universal life insurer for its plentiful riders, several accessibility options and high J.D. Power score for customer satisfaction. Nationwide may be a competitive option if you’re looking for a universal life policy.