Ameriprise insurance review 2023
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Customers looking for a local financial advisor to help them with numerous financial planning products, including life insurance, may want to consider Ameriprise. Unfortunately, the company doesn’t offer online quotes or a guaranteed-issue option for life insurance.
Offers several financial products including annuities, investments, banking, loans and credit cards
Local agents and financial advisors available
Digital tools include a mobile app, online portal and digital calculators
No online quotes for life insurance
Life insurance products are not rated by J.D. Power
No guaranteed issue life insurance option advertised
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. 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.
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
No online quotes
Not all life insurance products and offerings are advertised online
No J.D. Power customer satisfaction rating
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.
Ameriprise life tools and benefits
Ameriprise offers several financial tools on its website, but doesn’t seem to offer a life insurance calculator, which may help you determine how much coverage you need. However, the other available tools and calculators might add value outside of life insurance coverage.
Ameriprise also offers numerous other financial products including annuities, retirement plans and investments. Speaking with a financial advisor about your goals might help you decide which of these products may be a good fit for you.
Ameriprise customer satisfaction
Third-party customer satisfaction ratings may help you decide if you’ll receive the service that you need from a company. Strong customer satisfaction ratings may ensure 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. 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 index of 0.10, which is well below the baseline 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.
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.
How to file a claim with Ameriprise
If you are the beneficiary to an Ameriprise life insurance policy and need to file a claim, the most effective strategy is likely to contact your local financial advisor. You might be able to call 1-800-862-7919, which is the general service number for Ameriprise, but your local agent is likely the best point of contact to walk you through the claim process. You may need to provide proof of the policyholder’s death via a death certificate or other paperwork.
Through RiverSource, Ameriprise sells life insurance in all 50 states and Washington, D.C.
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.
- 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 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 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 met the requirements to secure their account and personal information as outlined on the company website.
Ameriprise corporate sustainability
Ameriprise’s 2022 Responsible Business Report has an entire section dedicated to community impact. As Ameriprise is a global company, its community efforts span the globe. Ameriprise supports over 7,600 nonprofit organizations. In the United States, Ameriprise awarded 224 grants in 2021 alone, focusing on issues such as hunger, homelessness and community support.
Not sure if Ameriprise is right for you?
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.46years of industry expertise122carriers reviewed20.7KZIP codes examined1.2Mquotes analyzedOn This Page