Types of Insurance
You likely spend considerable effort working and saving to achieve your dreams. You also need to protect your dreams – for you and those you care about most – from unnecessary taxes and other risks in your working years, your retirement and your estate. RiverSource can help you safeguard your dreams with life and disability income insurance solutions.
Life insurance
Life insurance can help provide financial security to you and your family throughout your lifetime or when you're no longer there. Protect your loved ones with an income tax-free death benefit* that passes directly to your beneficiaries, saving time and money. Or, through certain policies that offer additional features, meet other goals such as education and retirement.
Term insurance provides protection for a specific period of time such as 10, 15 or 20 years. It pays a benefit only if you die during the specified term. Depending on the policy, the premium you pay may remain constant during its term or increase each year. You can renew some term insurance policies when you reach the end of the term, but the premium rates generally will increase.
*Generally the death benefit is income-tax free. For Income Protection Life a portion of the death benefit is taxable to the beneficiary.
Universal life insurance is a flexible-premium life insurance policy that accumulates cash value. Because it's flexible, you can adjust benefits as your needs change, sometimes subject to underwriting approval. For example, you can increase the death benefit, usually with evidence of continued good health. After your initial payment, you can pay premiums at any time, in virtually any amount, subject to certain minimums and maximums.
Variable universal life insurance provides death benefits and cash values that vary with the performance of an investment portfolio. You can allocate your premiums among a variety of subaccounts offering different degrees of risk. These subaccounts may include stocks, bonds, combinations or both, or a fixed account that guarantees interest and principal.
Disability income insurance
What if a long-term illness or injury prevents you from working? Disability income insurance offers an income tax-free benefit to help provide the income you need to maintain your lifestyle and pursue your dreams. In addition to protecting your income, disability insurance helps you preserve your savings and investments when you're unable to work. And it enables you to continue investing in your retirement if a disability occurs.
Before you purchase, be sure to ask your financial advisor about the life insurance policy's features, benefits, risks and fees, and whether the life insurance is appropriate for you, based upon your financial situation and objectives. Variable life insurance is a complex investment vehicle that is subject to market risk, including the potential loss of principal invested.