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LAST UPDATED: August 9th, 2022

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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Joyce Seeman

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

4 years ago