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Ameriprise life insurance review 2023

Updated Sep 19, 2023

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Bankrate's take

Policyholders who prefer to do their life insurance and other financial business with a local advisor rather than digitally may want to consider Ameriprise as their company of choice.

Life insurance options as well as a diverse lineup of other financial products may make Ameriprise a good option for those who want to consolidate their financial business with one company. The company offers annuities, IRAs, mutual funds and more in addition to a robust selection of insurance products.

Ameriprise life insurance

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 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: Permanent policies, such as whole life and universal life, are designed to stay in place until you pass away, as long as the policy terms are met. They may be a good option for those who want lifelong coverage, or those who want the ability to borrow from their policies if necessary. Permanent policies may come with extra features, like cash value accounts, and sometimes have other living benefits. Ameriprise offers permanent life insurance but doesn’t advertise what types of policies are available. You may be able to talk with a licensed insurance agent to find out what coverage options are open to you. 

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 financial advisor 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.

Pros
  • Local agents available to help you choose the right product for your needs

  • Policies can be managed digitally through the Ameriprise app or online portal

  • Offers numerous other financial products

Cons
  • No online quotes

  • Not all life insurance products and offerings are advertised online

  • No J.D. Power customer satisfaction rating

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Ameriprise life insurance endorsements

Besides its long-term care endorsement, Ameriprise doesn’t advertise any life insurance riders. This doesn’t necessarily mean that no endorsements are offered, but you might need to contact a local agent to discuss which options may be available.

Compare Ameriprise with other insurers

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 won the Bankrate Award 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 won the Bankrate Award 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 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

Is Ameriprise a good insurance company?

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.

Ameriprise customer satisfaction

Third-party customer satisfaction ratings may help you decide if you’ll receive the service that you need from a company. Ameriprise Insurance reviews may indicate that your insurer is proactive in handling your policy needs and may reduce hassle for your beneficiary after your passing. Several third-party ratings might be helpful, including customer satisfaction scores from J.D. Power, financial strength ratings from AM Best and complaint indexes from the National Association of Insurance Commissioners (NAIC).

Both Ameriprise and its life insurance underwriting partner RiverSource have a financial strength rating of A+ (Superior) from AM Best. This means that the companies are financially stable and have been historically able to pay claims.

If you want to handle your policies with Ameriprise digitally, you may also want to consider the company’s mobile app ratings. Ameriprise’s mobile app received a rating of 4.1 out of 5.0 stars on Google Play and 3.2 out of 5.0 stars on the App Store.

Study or Rating Agency Ameriprise Industry average
2022 J.D. Power Individual Life Insurance Study Not scored 774/1,000
2022 J.D. Power Group Life Insurance Study Not scored 797/1,000
AM Best rating A+ (Superior) N/A

Ameriprise life complaints

When it comes to customer satisfaction, neither Ameriprise nor RiverSource were rated in the 2022 J.D. Power U.S. Individual Life Insurance Study, but for individual life insurance, RiverSource has an NAIC complaint index of 0.30 from the National Association of Insurance Commissioners (NAIC), which is well below the baseline industry average of 1.00. This means that the NAIC received far fewer complaints about RiverSource than expected for a company of its size, which could indicate a high level of service.

Other 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

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Written by
Mary Van Keuren
Contributor, Insurance

Mary Van Keuren has written for insurance domains such as Bankrate, Coverage.com, and The Simple Dollar for the past five years, specializing in home and auto insurance. She has also written extensively for consumer websites including Reviews.com and Slumber Yard. Prior to that, she worked as a writer in academia for several decades.

Edited by Editor, Insurance