Types of Insurance
RiverSource can help you safeguard your dreams with life, long-term care and disability income insurance solutions.
Term insurance provides protection for a specific period of time such as 10, 15, 20 or 30 years. It pays a benefit only if you die during the specified term and the premium you pay may remain constant during its term. 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. For example, you can increase or decrease the death benefit (increases are subject to new underwriting). You also have the flexibility to change premium amounts and frequency depending on policy performance, subject to certain limitations based on policy size, insured age and underwriting status.
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.
At least 70% of people over 65 will need long-term care services at some point.1 Long-term care can place a burden on you and your loved ones and can quickly drain the assets meant to secure a more confident retirement. Long-term care insurance can offer flexibility in meeting your long-term care needs while protecting your retirement assets and maintaining your financial freedom.
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.