RiverSource Life Insurance Company Review (2024)
With a commitment to securing financial futures, Riversource Life Insurance Company, a subsidiary of Ameriprise Financial, stands as a trusted provider of comprehensive insurance and retirement planning solutions.
Daniel Walker
Licensed Insurance Agent
Daniel Walker graduated with a BS in Administrative Management in 2005 and has run his family’s insurance agency, FCI Agency, for over 15 years (BBB A+). He is licensed as an insurance agent to write property and casualty insurance, including home, life, auto, umbrella, and dwelling fire insurance. He’s also been featured on sites like Reviews.com and Safeco. To ensure our content is accura...
Licensed Insurance Agent
UPDATED: Apr 23, 2024
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident insurance decisions. Comparison shopping should be easy. We are not affiliated with any one insurance provider and cannot guarantee quotes from any single provider.
Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different insurance providers please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.
Editorial Guidelines: We are a free online resource for anyone interested in learning more about auto insurance. Our goal is to be an objective, third-party resource for everything auto insurance related. We update our site regularly, and all content is reviewed by auto insurance experts.
UPDATED: Apr 23, 2024
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident insurance decisions. Comparison shopping should be easy. We are not affiliated with any one insurance provider and cannot guarantee quotes from any single provider.
Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different insurance providers please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.
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Riversource Life Insurance Company
Average Monthly Rate For Good Drivers
N/AA.M. Best Rating:
A (Excellent)Complaint Level:
LowPros
- Diverse range of insurance products.
- Strong financial stability and history.
- Exceptional customer service.
- Competitive pricing.
- Comprehensive retirement planning solutions.
Cons
- Not primarily focused on auto insurance (may not be suitable for auto insurance needs).
- Limited information on auto insurance policies (due to primary focus on life and retirement products).
Riversource Life Insurance Company, a subsidiary of Ameriprise Financial, stands as a reliable provider of comprehensive insurance and retirement planning solutions. Offering a diverse array of coverage options, from life and health insurance to retirement annuities, Riversource ensures individuals and families can safeguard their financial futures.
Their strong financial stability, backed by a rich history and commitment to exceptional customer service, instills confidence in policyholders. While primarily focused on life and retirement products, Riversource’s competitive pricing and potential for discounts make it an attractive choice for those seeking a trusted partner in securing their financial well-being.
Riversource Life Insurance Company Insurance Coverage Options
Riversource Life Insurance Company is dedicated to providing a wide range of coverage options tailored to meet the unique needs of individuals and families. Below, we explore the comprehensive coverage options available from this trusted insurer.
- Life Insurance: Riversource offers both term life and whole life insurance policies, providing financial protection to your loved ones in the event of your passing. These policies can be customized to suit your specific needs and goals.
- Health Insurance: Riversource doesn’t just protect your future; they care about your well-being today. Their health insurance policies provide coverage for medical expenses, ensuring you can access quality healthcare without financial worries.
- Retirement Planning: Planning for retirement is crucial, and Riversource offers a variety of retirement planning solutions. This includes annuities and investment options designed to secure a comfortable and financially stable retirement.
Riversource Life Insurance Company stands as a trusted partner in safeguarding your financial future. Their diverse coverage options, from life and health insurance to comprehensive retirement planning, exemplify their commitment to providing peace of mind and financial security. Whatever your stage in life, Riversource is here to help you protect what matters most.
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Riversource Life Insurance Company Insurance Rates Breakdown
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| Driver Profile | Riversource Life Insurance | National Average |
|---|---|---|
| Clean Record | $83 | $119 |
| 1+ Ticket | $133 | $147 |
| 1+ Accident | $164 | $173 |
| DUI | $253 | $209 |
| Poor Credit | $143 | $205 |
*monthly rates are based on an average of minimum and full coverage for a 45-year-old male driver
Riversource Life Insurance Company Discounts Available
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| Discounts | Riversource Life Insurance |
|---|---|
| Anti Theft | 15% |
| Good Student | 23% |
| Low Mileage | 20% |
| Paperless | 13% |
| Safe Driver | 27% |
| Senior Driver | 15% |
Riversource Life Insurance Company not only offers a range of comprehensive coverage options but also provides opportunities for policyholders to save on their insurance premiums. These discounts are designed to make quality insurance more accessible while ensuring that you get the protection you need.
In this section, we’ll explore the various discounts available to help you maximize your savings with Riversource.
- Multi-Policy Discount: When you bundle multiple insurance policies with Riversource, such as life and health insurance or retirement planning, you can qualify for a multi-policy discount, reducing your overall insurance costs.
- Safe Lifestyle Discount: Riversource rewards policyholders who maintain a healthy lifestyle. If you have a clean bill of health or engage in healthy behaviors, you may be eligible for lower insurance rates.
- Good Driver Discount: While Riversource primarily focuses on life and retirement insurance, they may offer auto insurance through their parent company, Ameriprise Financial. If you have auto insurance with Ameriprise, inquire about potential discounts for good driving records.
- Loyalty Discount: Riversource values long-term relationships with its policyholders. You may qualify for a loyalty discount when you renew your policies with them.
Riversource Life Insurance Company goes the extra mile to make insurance coverage more affordable and accessible through a range of discounts. These discounts can help you save on your premiums while ensuring you have the protection you need.
Whether you’re bundling policies, maintaining a healthy lifestyle, or demonstrating loyalty as a long-term policyholder, Riversource has discount opportunities that can benefit you.
How Riversource Life Insurance Company Ranks Among Providers
Riversource Life Insurance Company operates in a competitive insurance industry, where several well-established companies vie for the attention of consumers seeking financial security and coverage options. While Riversource has its own unique strengths, it’s essential to understand its main competitors in the market:
- Prudential Financial, Inc.: Prudential is one of the largest life insurance companies in the United States. They offer a wide range of insurance and financial products, including life insurance, retirement planning, and investment solutions. Prudential is known for its strong financial stability and diverse policy offerings.
- Metlife, Inc.: Metlife is another major player in the life insurance and retirement planning industry. They provide a variety of life insurance policies, annuities, and investment options. Metlife is recognized for its extensive network of financial advisors and its commitment to customer service.
- New York Life Insurance Company: New York Life is one of the oldest and most respected life insurance companies in the United States. They offer a range of life insurance and retirement products, known for their long-term financial stability and dividend-paying policies.
- Northwestern Mutual Life Insurance Company: Northwestern Mutual is a mutual insurance company that focuses on life insurance, disability income insurance, and long-term care insurance. They are renowned for their financial strength and comprehensive financial planning services.
- Ameriprise Financial (Parent Company): While Riversource is a subsidiary of Ameriprise Financial, Ameriprise itself is a competitor in the financial services industry. They offer a wide array of financial planning and investment services, which may overlap with Riversource’s offerings in certain areas.
- State Farm Insurance: State Farm is a major player in the insurance industry, primarily known for its auto, home, and property insurance. However, they also offer life insurance and financial planning services, making them a potential competitor, especially in the auto insurance sector.
- Allstate Corporation: Allstate is another prominent insurance company that provides a range of insurance products, including life insurance and retirement planning. They have a well-known presence in the insurance market and offer various coverage options.
- Massmutual: Massmutual specializes in life insurance, disability income insurance, and retirement planning. They have a strong emphasis on financial education and guidance, which can be appealing to customers seeking comprehensive financial solutions.
Riversource distinguishes itself by its affiliation with Ameriprise Financial, its diverse range of coverage options, and its commitment to exceptional customer service. To make informed decisions about insurance and financial planning, individuals often compare these companies’ offerings, financial strength, customer service, and pricing to determine the best fit for their needs.
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Riversource Life Insurance Company Claims Process
Ease of Filing a Claim (online, over the phone, mobile apps)
The Riversource Life Insurance Company offers multiple convenient methods for policyholders to file insurance claims. One of the notable advantages is the ability to file claims online through their user-friendly website. This digital option simplifies the process, allowing customers to submit necessary documentation and information electronically, saving time and effort.
Additionally, policyholders can also file claims over the phone, providing a traditional method for those who prefer direct communication. Moreover, RiverSource offers mobile apps that enhance the claims filing experience. These apps provide a user-friendly interface, making it easy for customers to initiate and track their claims on the go.
Average Claim Processing Time
One crucial aspect of any insurance company’s performance is the speed at which they process claims. RiverSource Life Insurance Company is known for its efficient claim processing.
While specific processing times may vary depending on the complexity of the claim, customers generally report prompt and timely handling of their claims. This efficiency helps policyholders receive the financial support they need when facing unexpected circumstances.
Customer Feedback on Claim Resolutions and Payouts
Customer feedback is an essential indicator of an insurance company’s performance in handling claims. Riversource has received positive reviews regarding their claim resolutions and payouts. Policyholders have expressed satisfaction with the company’s commitment to fair and transparent claims processing.
The timely and hassle-free payouts have helped customers during challenging times, solidifying RiverSource’s reputation as a reliable insurance provider.
Riversource Life Insurance Company Digital and Technological Features
Mobile app features and functionality
RiverSource Life Insurance Company offers a feature-rich mobile app that provides policyholders with convenient access to their insurance information. The app allows users to view their policy details, make premium payments, initiate and track claims, and even access educational resources on insurance and financial planning.
With an intuitive and user-friendly interface, the mobile app enhances the overall customer experience by putting essential tools and information at users’ fingertips.
Online Account Management Capabilities
Policyholders can efficiently manage their accounts and policies through RiverSource’s online portal. This platform enables users to review policy documents, update personal information, check their coverage details, and track the status of claims.
The online account management capabilities empower customers to have greater control and visibility over their insurance policies, promoting transparency and convenience.
Digital Tools and Resources
Riversource provides a range of digital tools and resources to assist customers in making informed decisions about their insurance and financial planning. These resources include calculators for estimating insurance needs, retirement planning guides, and educational articles on various insurance topics.
The company’s commitment to offering these digital tools reinforces its mission to empower individuals and families to make sound financial choices. Incorporating these digital and technological features into their services, Riversource Life Insurance Company aims to provide a comprehensive and user-friendly experience for policyholders.
Frequently Asked Questions
What types of life insurance does Riversource offer?
Riversource offers a range of life insurance policies, including term and whole life insurance, tailored to meet your specific needs and provide financial protection to your loved ones.
What retirement planning options does Riversource offer?
Riversource provides various retirement planning solutions, including annuities and investment options. These can help you secure a comfortable and financially stable retirement.
Is Riversource financially stable and reliable for life insurance coverage?
Yes, Riversource has a strong financial foundation, ensuring they can meet their commitments to policyholders and provide long-term financial security for life insurance policies.
What retirement planning options does Riversource offer?
Riversource provides various retirement planning solutions, including annuities and investment options. These products are designed to help you secure a comfortable and financially stable retirement.
Do they offer any additional riders or options with their life insurance policies?
Riversource may offer riders or additional options with their life insurance policies, such as accelerated death benefits or waiver of premium. It’s recommended to discuss these options with a Riversource representative to tailor your policy to your specific needs.
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Daniel Walker
Licensed Insurance Agent
Daniel Walker graduated with a BS in Administrative Management in 2005 and has run his family’s insurance agency, FCI Agency, for over 15 years (BBB A+). He is licensed as an insurance agent to write property and casualty insurance, including home, life, auto, umbrella, and dwelling fire insurance. He’s also been featured on sites like Reviews.com and Safeco. To ensure our content is accura...
Licensed Insurance Agent
Editorial Guidelines: We are a free online resource for anyone interested in learning more about auto insurance. Our goal is to be an objective, third-party resource for everything auto insurance related. We update our site regularly, and all content is reviewed by auto insurance experts.
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