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LAST UPDATED: January 11th, 2024

RiverSource is a company that started in 1894 that is dedicated to providing the best service for its clients. It is a subsidiary of Ameriprise Financial Inc., and was founded by John Tappan. Riversource is the 18th largest insurance company in the nation and specializes in both insurance solutions and annuities.

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The Good

  • Thorough coverage
  • Term life
  • Universal life insurance
  • Indexed universal
  • Succession protector

Financial professionals are happy to discuss saving solutions for retirement, financial protection and much more. RiverSource offers clients disability and life insurance solutions to help people protect what matters most. Emergencies can sometimes happen unexpectedly, and RiverSource life insurance can financial peace of mind. While the insurance company is based out of Minneapolis, Minnesota, it offers services to all 50 states.

Thorough Coverage

Fortunately, RiverSource offers services to all 50 states. Unlike many other life insurance companies who limit their services to select states, RiverSource is all-inclusive. RiverSource offers Term Life policies, a variety of Universal Life policies and annuities options.

Term Life

This is a great option for people on a budget who want short-term protection. RiverSource claims that with term life, customers can enjoy the following benefits:

  • An income-tax-free death benefit
  • Protection on one life
  • 10-, 15-, 20- and 30-year term policies
  • Guaranteed premiums for the term you select
  • Flexibility to convert to a RiverSource permanent life insurance policy and credits may be available to help pay for it

Universal Life Insurance

Universal Life Insurance is a perfect option for people that want protection and the ability to build income over time. This is a flexible way to go, and people can adjust benefits to best fit their circumstances. According to RiverSource, a few key benefits of Universal Life Insurance include:

  • An income tax-free death benefit to your heirs
  • Tax-deferred growth of your assets
  • Optional no lapse guarantees (All guarantees are based on the continued claims-paying ability of the issuing company.)
  • Guaranteed minimum fixed interest rate
  • Flexible death benefit and premium amounts
  • A source of income tax-free access to your cash value (when properly structured) for:
  • Emergencies
  • College education
  • Retirement income
  • Other needs

Universal Life Insurance offers other packages including Indexed Universal, Foundations Protector, Foundations Universal Life insurance, and Succession Protector insurance.

Indexed Universal

This option offers lifetime insurance protection, and the ability to increase assets. Indexed Universal Life Insurance is also great protection from negative market returns. Riversource offers three different kinds of index insurance options including RiverSource Indexed Universal Life insurance, RiverSource Multi-Index Universal Life insurance, and RiverSource Survivorship Multi-Index insurance.

Riversource Foundations Protector Universal Life

At permanent protection with an affordable rate, this is a solid way to go. Benefits include:

  • A no-tax death benefit
  • Full protection on one life
  • Guaranteed premiums
  • Lifetime no lapse guarantee
  • Optional riders available to cover a variety of financial needs

The RiverSource Foundations Protector Life estate series options has coverage options of one million dollars or more.

Riversource Foundations Universal Life

This option is permanent, tax efficient, and is great to accumulate cash value. Customers can enjoy:

  • A no-tax death benefit
  • Full protection on one life
  • Flexible premiums
  • Optional 15-year no lapse guarantee
  • Optional riders available to cover a variety of financial needs

The RiverSource Foundations Universal Life estate series options has coverage options of one million dollars or more.

Succession Protector

Succession Protector is a tax-efficient policy for couples because it offers protection for two. This way, if one person dies, the other one is protected. This also means that the second to die in the couple can pass along benefits to their beneficiaries. The succession protector estate series options has coverage options of one million dollars or more.

Variable Universal Life Insurance

This option is a permanent life insurance policy. Customers like this option because it is flexible and allows customizability to best fit people's' circumstances. According to Riversource, a few great benefits of Variable Universal Life Insurance include:

  • Income tax-free death benefit
  • Lifetime protection
  • Opportunities to participate in the equities market
  • Tax-deferred growth
  • Flexible death benefit and premium amounts
  • Income tax-free access to your cash value (when properly structured)

Disability Insurance

Riversource offers disability income insurance and is a great way to cover one's family. Sometimes unexpected emergencies occur, and disability insurance is a great way to make sure a family is covered in the event that the earner cannot work and generate income.


Annuities are a great way to protect oneself financially as an alternative to depending on employers or social security. Annuities offer tax deferral, income that flows into retirement, and are a method of financial protection. Riversource offers three different types of annuities people can buy to best prepare for the future.

  • Variable annuities - allows buyers to participate in financial markets
  • Fixed annuities - guaranteed minimum interest rate for the contract life
  • Income annuities - provides amount of income for the rest of one's life or for a specific time period

Easy Quote

On RiverSource's life insurance web page, one can quickly calculate a quote. One can input their age, health condition, state, gender, tobaccos use, and coverage amount to then calculate quotes for a 10-, 15-, 20- and 30-year term plan. It is a convenient, and easy way to compare quotes without having to go through a representative.


The Bad

  • Limits on policies
  • Inconvenient contact information page
  • Outdated website

Although Riversource may be an ideal situation for some looking into purchasing life insurance, there are some concerns that should be pointed out as well. Prospective clients should be aware of the following limitations:

Limits On Policies

Riversource is limited on Whole Life insurance. According to Credio, They do not have whole level premiums, guaranteed death benefit levels, whole dividend options, or whole life options for disability. There is also no whole life guaranteed minimum cash value for riders. RiverSource also does not offer a guaranteed minimum cash value for the Universal Life policy.

Inconvenient Contact Information Page

It is a bit of an inconvenient process for people to get contact information from Riversource. First, people have to first go to the contact tab. From there, people can select an option in the 'step 1' list, and can then choose an option in the 'step 2' list. Once people have selected their two options, phone numbers and mail addresses pop up. The site does not have an online chat function. Instant chat functions are very convenient to have in the current technological age. RiverSource also doesn't list an email address, forcing customers to have to submit an email form to the website to send an email. There is no information on how long it will approximately take to get a reply.

Outdated Website

The website feels outdated, and everything feels very one-dimensional. The tabs and options at the top of the page can get a little cluttered and confusing. Riversource is also not very active on social media. The company has less than 200 likes on Facebook and does not have a Twitter or Instagram account.


The Bottom Line

RiverSource is a solid way to go for life insurance coverage. A great thing about the website is that people can get instant quotes tailored to their circumstances. Quick quotes are instantaneous and are a convenient feature on the site. RiverSource also offers a lot of different life insurance options. While RiverSource does not have a specific option for Whole Life insurance, it makes up for it in the variety of Universal Life insurance options it supplies. RiverSource has competitive prices and is in good financial standing. If one is looking for reliable life insurance policies, specifically a Universal Life policy, Riversource is a great way to go.

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21 Reviews

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Nunya Business Clermont, FL

This company is as scummy as they come. Keep your money far away from them! If you are considering a life insurance policy or annuity from them, the only legacy you will leave is one of disappointment and frustration. I have 3x annuity payments from a life insurance policy I am supposed to recieve. The payments have been spotty at best, and some months I do not recieve them at all. I am currently looking into the federal laws regarding this because their behavior can't be legal, but this is America so who knows. TLDR: STAY VERY FAR AWAY FROM THIS SCUMMY CON COMPANY.

5 months ago

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customer Sanford, NC

This company pushed everything back. Did a "zoom" evaluation with my mom who couldn't hear him very well. They did little to nothing to communicate with me during the process. Then, they denied her claim. She has paid into the plan for 30 years. What a waste of her hard earned money. She needs "one on one" assistance in everything but the company used their policy language to deny the claim. The nurse who did her evaluation claims he recommended that she qualify. I gave them a 1 star because zero isn't a choice. Beware not to waste your money like my mom did. Even if rejecting the claim is legitimate, which I do not believe it is, their lack of communication during the process and their outsourcing of process was unprofessional and very poorly managed.

6 months ago

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Laurie Richards Omaha, NE

Horrible, awful company. My mother paid long-term insurance premiums for 30 years. Now that she is due her benefits, they refuse to pay and make you jump through hoops and file more paperwork and more paperwork, give you incorrect information over the phone. Then you have to write them a letter to "appeal" their unethical decisions as if that will change their minds. Run in the opposite direction from this corrupt company.

7 months ago

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Ron A Chicago, IL

I hate to say it but the RiverSource Long-term Care Insurance is a waste of money. Every time it comes time for them to pay they have another excuse. They try and assess a patient with dementia through a 15 minute zoom meeting. They think if a person can take a shower and dress themselves they don't need assisted living. Shows how out of touch they are with Dementia, really too bad. All the doctors say my mother needs to be in assisted living but for some reason RiverSource doesn't feel that way. I get it they don't want to pay but my mother spent a lot of money on her policy. She has been in assisted living for just over a year now and hasn't received a penny from her policy. Her money is just about gone and she will have to be pulled out of the assisted living. She really thought she was doing the right thing getting the long-term care insurance so she would be set and she didn't want to be a burden. It is a shame companies like this exist. This whole experience has really been disappointing at how the elderly are treated in our society. It really scares me to think I will soon be in this situation. Please, don't waste your money on long-term insurance with RiverSource, it is like throwing money away.

1 year ago

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Kathleen Massey Pinckney, MI

Unfortunately, my parents paid for this policy years ago. Now they have passed and I have been trying to collect. All the other reviews are accurate. They keep making me resubmit and change the story each time. Is there no government agency monitoring this scam? DO NOT INVEST HERE!

7 months ago

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Scott Wood Poway, CA

I have been working with this company for 4 months trying to get my mother's (age 99) long term care policy paying. Over that time, I have had 11 different conversations about delays in paying the claim. Every time there is a different explanation. Yesterday, they told me the claim was approved, but they didn't have the invoices from the facility. I checked with the facility who said they had already sent them, but would send them again. Today, I received a voicemail indicating that they think mom is at a completely different facility and asserting that she left the current facility. Meanwhile, the contract still requires that the premiums be paid since it is paying the claim that triggers the cessation of the premiums. Since the premiums have been paid for almost 30 years, even if they pay the full claim they are still way ahead. They are happy to take your money for premiums, not so great about paying legitimate claims. One final thought, since every conversation is on a recorded line, if they cared to fix this problem, they could certainly review those conversations and take action.

1 year ago

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dhab Salem, NH

My in-laws have both paid over 18 years into the long term care policy only to find out when they needed it they have received nothing but road blocks and rejections and then more roadblocks. Also trying to get copies of the original policy took over 8 months. Ridiculous even in Covid-19 times! They have been in the assisted car facility for over 13 months - the waiting period must be over! It is true as another person mentioned they keep changing the rules each step. You wait for hours on calls and then once you finally start to talk to someone and give them the policy number - they phone call suddenly drops. Come on everything the line has an issue! Put your hard earned money elsewhere. Next step is finding a good lawyer to help get some of their "benefits" back and/or a class action suit!

3 years ago

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J Cook Providence, RI

I would give negative stars, if I could. Why isn’t there a thumbs down option? My mother paid $39k in premiums over her lifetime. They are a corrupt enterprise, as they would never disclose the start of her waiting period. After filing a complaint with DBR, they “suddenly” discovered days they accidentally excluded. Mom is only entitled to $60/day for at-home care. With the rising cost of care since she entered into the policy, that is peanuts. Better to save the money to pay for home care. As of this writing, I am her caregiver, as I can’t afford to pay the 3-4 hour minimum per day cost. BUYER BEWARE.

4 years ago

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Chris John F. Boston, MA

STAY AWAY!!! RiverSource is an insidious and corrupt company. My father is quite sick and needs the income from his annuity for end-of-life care, but no matter how many forms we fill out and fax and send registered mail, they always say it is the wrong form! These are the forms they are sending us! We ask them over the phone how to complete the forms, going through every single section and part of the form, and then when we submit it exactly as they requested and they say it needs to be resubmitted. Or they say they didn't receive it, or it went to the wrong department. We have now hired attorneys to deal with this situation at considerable cost. My father was always so responsible, I have no idea what idiot sold him this annuity but please stay away from this company. If your loved one is still alive and healthy just cancel your account with them. It's better to pay the penalty than to have to deal with their incompetence and stonewalling.

5 years ago

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Rhonda Rolle Colorado Springs, CO

I have an annuity certificate with RiverSource that I purchased in 1993. It guarantees a 4% minimum interest rate on my funds and the contract states that I can contribute money to my account "at any time". I tried to contribute some money to my account recently and was told that their "policy had changed" and I could not contribute additional money to my account. My contract says that I can. Just because RiverSource is a big company does not mean that they can break their contract with me by changing their "policy". I will be filing a formal complaint with my state insurance regulators but want other potential customers to be warned to stay clear of this company. I would give them a no-star rating if there was one.

6 years ago

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jeez louise Henderson, NV

this company is a scam! dont sign up with this con. they will sell you a policy and even if you pay it for 10 years at over $400.00 a month premiums they will never pay you benefits even if you have documentation from your dr. you will never see a dime of benefits. dont buy this scam- its a fake "policy". you have no recourse, they just refuse to pay.

1 year ago

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Terri Ellwood City, PA

My advice to anybody investing in a life insurance policy do not invest with this company. My account was transferred from Ameriprise they lost it they tried to take it out of a close account that no longer existed. Now my account is closed they will not give me my money that I invested in it and they are the rudest people to deal with This account was over 40 years old and this is what you get with a company that uses people's money.

1 year ago

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Susan Clark Glen Ellyn, IL

I have had nothing but problems with River Source. My aunt had an annuity with them and I managed her affairs during her last few years. River Source made me jump through hoops and I finally stopped trying to talk to them. Since she has passed away it has been difficult to Transfer her annuity to her heirs. Every time I call I have to start from scratch and each time I'm given different answers. They either have the most incompetent or ill informed employees or a completely useless system for keeping records.

3 years ago

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Jim Pare Orlando, FL

I have a fixed annuity with this company. Every year it's the same story. I call them to find out where my tax information is and, they say, it has been mailed and should be there in two to Three weeks. I've gotten mail from China faster than this. They always say just keep hoping it comes. They will lie about the simplest things. Do not trust them with your money.

4 years ago

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Katherine Adler Richmond, VA

I have not been able to get payment for my father’s life insurance policy, customer service is terrible and doesn’t do what you ask them to do!!

5 months ago

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Margaret Mceowen Seattle, WA

River source, horrible company to deal with once your loved one has passed. Not only are they impossible to get the same information twice in a row, , they lose your paperwork and you have to start over. Do you don’t want to give you your inheritance.

1 year ago

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John Pawelczyk East Taunton, MA

Do not go with this company!!!! Do yourself a favor!!! Paid into them for years for good size policies. If you want a 3 day call back time and more stress added to your life then they may be for you. They’re not up front with what they need with claims. They keep adding more and more on to drag out the process!! RUN!!!

4 years ago

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Theresa Haddad

Absolutely the worst company! 3 years trying to collect on a policy. Over $300 in overnight fees and countless hours on the phone getting nowhere. Sunday afternoon I fly to Minneapolis to hand-deliver the documents. Theresa H.

5 years ago

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Kristi McEntyre Marietta, GA

Very bad customer and they run you in circles trying to close a claim as a beneficiary.

4 months ago

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Rebecca Green Katy, TX

I paid 17 years into a disability policy only to find out when I needed it I have received nothing but road blocks. It's like they change the rules each step.

6 years ago

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Joyce Seeman

very poor service, they never have anyone to help you make some changed.

6 years ago