Insurance Life Insurance Life Insurance Reviews RiverSource Life Insurance Company Review By Janet Hunt Janet Hunt Twitter Janet Hunt is an expert in car insurance, homeowners insurance, and health insurance with over 20 years of experience covering trends, regulations, and writing company reviews. Her lengthy career in insurance includes stints in customer service and selling personal lines of insurance. She earned her Property and Casualty license in 1995. learn about our editorial policies Updated on April 18, 2022 Reviewed by Anthony Battle Reviewed by Anthony Battle Anthony Battle is a CERTIFIED FINANCIAL PLANNER™ professional. He earned the Chartered Financial Consultant® designation for advanced financial planning, the Chartered Life Underwriter® designation for advanced insurance specialization, the Accredited Financial Counselor® for Financial Counseling and both the Retirement Income Certified Professional®, and Certified Retirement Counselor designations for advance retirement planning. learn about our financial review board Fact checked by Vikki Velasquez Fact checked by Vikki Velasquez Vikki Velasquez is a freelance copyeditor and researcher with a degree in Gender Studies. Previously, she conducted in-depth research on social and economic issues such as housing, education, wealth inequality, and the historical legacy of Richmond VA as well as their intersectionality while working for a community leadership nonprofit. Vikki leverages her nonprofit experience to enhance the quality and accuracy of Dotdash's content. learn about our editorial policies Share Tweet Pin Email Photo: MoMo Productions / Getty Images No one likes to think about a time when they will not be around for their family's future. Purchasing life insurance can give you peace of mind in knowing that your family's future is financially secure. For a decision as important as your family's future, you want a company that is financially stable and offers a life insurance product you can trust. RiverSource Life Insurance is one such company. It is the 20th largest life insurance company in the nation. RiverSource Life Insurance has been in business for more than 125 years and is a fully owned subsidiary of Ameriprise Financial Inc. In 1894, John Tappan originally founded the company as Investors Syndicate, headquartered in Minneapolis, Minnesota. Earlier names for the company include Investors Syndicate Life Insurance and Annuity Company and IDS Life Insurance Company. American Express Co. purchased IDS in 1984. The company offers a full line of investment and financial services, including wealth management, annuities, retirement planning, and insurance services. In 2005, American Express Financial Advisors changed their name to Ameriprise Financial, becomes a public-traded company, and introduces their new brand, RiverSource, becoming one of the largest financial planning institutions in the U.S. RiverSource Life Insurance Company has a strong Comdex rating of 93 out 100, since November 2020. The parent company uses three brand names for its products including Ameriprise Financial, Columbia Management, and RiverSource. RiverSource Life Insurance sells and services the company's life insurance, annuities, and disability income insurance products. Financial Stability and Better Business Bureau Rating RiverSource Life Insurance Company has received high ratings from financial rating services A.M. Best, Moody's Investor Service, and Standard & Poors. Here's how these financial rating services have rated RiverSource Life Insurance: A.M. Best—A+ (Superior) with a stable outlookMoody's Investor Service—Aa3 (Excellent) with a stable outlookStandard & Poor's (S&P)—A+ (Strong) with a stable outlook Neither RiverSource Life Insurance Company nor its parent company, Ameriprise Financial, is Better Business Bureau accredited. Even though the company has not sought a BBB accreditation, the company's BBB ranking is A-. Over a three-year period, there were a total of 29 complaints listed in the areas of products or services. All of these complaints were resolved and are now closed. Life Insurance Products At RiverSource Life Insurance Company, you can purchase three major types of life insurance policies: Term life insurance. The term life insurance products provide an income-tax-free death benefit. The policy covers one person and is available in a 10-, 15-, 20- or 30-year policy term. With the term life policy, the premium is guaranteed over the term of the policy and you also have the option at the end of the policy period to convert to a permanent life insurance policy. Universal life insurance. The universal policy is a permanent policy that covers an individual over their entire lifetime. The policy can accumulate a cash value, which you can borrow against income-tax-free. Some other features of the policy include income-tax-free death benefit to beneficiaries, an optional no-lapse guarantee, and a guaranteed minimum fixed interest rate. Variable universal life insurance. A variable universal life insurance policy provides you with the benefits of permanent life insurance while also providing you an opportunity to invest in the market. The policy offers an income-tax-free death benefit, flexible death benefit and premium, tax-deferred growth, and in certain cases, income tax-free access to the policy's cash value. Annuity Products Variable annuities. Variable annuities offer market growth potential with a choice of a 7- or 10-year surrender period. They can protect your retirement investment and provide a guaranteed lifetime income.Structured solutions annuities. A limited flexible purchase payment annuity with 45 indexed account options and a fixed account. While a minimum initial payment of $10,000 is required, there is a minimum guaranteed interest rate of 1.00% for fixed and interim accounts.Immediate Annuities. With an immediate annuity, you can receive a specific amount of income for the rest of your life or for a specified amount of time. Acting like "your own personal pension," the immediate annuity offers three options: simple, certain, or tailored. Getting a Quote From the RiverSource Life Insurance Company website, you can get a quick quote for term life insurance, TrioSource (RiverSource’s universal life insurance product) or long-term care insurance. For a life insurance quote, you’ll be asked some general personal questions such as date of birth, gender, state of residence, tobacco usage, health status, and the coverage amount you wish to purchase. With this quick quote option, you see an estimate of long term care benefits (including a maximum monthly amount), death benefits, and a money-back guarantee. To make the final purchase, you have to contact an Ameriprise financial advisor. Pros and Cons Pros The company is financially stable with positive customer service reviews.The website is user-friendly and help is readily available both online and over the telephone.Through Ameriprise Financial Inc., you can take care of all your financial service needs at one company. Cons Cash value of the variable universal life insurance policy is not guaranteed.There have been a few customer complaints in the areas of service and billing.The variable universal life insurance policy is not available in all states. Contact Information You can find out more information about the life insurance products available through the RiverSource Life Insurance Company website, by using the agent locator on the website or by calling (800) 257-8740, 8 a.m. to 5 p.m., Central Standard Time, Monday through Friday. Was this page helpful? Thanks for your feedback! Tell us why! Other Submit Sources The Balance uses only high-quality sources, including peer-reviewed studies, to support the facts within our articles. Read our editorial process to learn more about how we fact-check and keep our content accurate, reliable, and trustworthy. RiverSource Life Insurance Company. "Our Ratings and Rankings." RiverSource Life Insurance Company. "Our History." RiverSource Life Insurance Company. "Corporate Entities and Important Disclosures." Better Business Bureau. "Ameriprise Financial, Complaints." RiverSource Life Insurance Company. "Term Life Insurance." RiverSource Life Insurance Company. "Universal Life Insurance." RiverSource Life Insurance Company. "Variable Universal Life Insurance." RiverSource Life Insurance Company. "Variable Annuities." RiverSource Life Insurance Company. "Structured Solutions Annuity." RiverSource Life Insurance Company. "Immediate Annuities."