Life insurance

Protect the ones you love

Your loved ones depend on you. But what if the unexpected happens? The loss of your financial support could drastically change their lives. Life insurance adds a level of security that helps replace earning potential and offers living benefits, too. Protect loved ones and take advantage of the unique opportunities of life insurance.

What type of life insurance is best for you?

Term or a permanent? Choosing life insurance that’s right for you may be one of the most important financial decisions you make. An Ameriprise advisor can explain every detail and help match your personal needs to the type of life insurance that best fits your life. Find an advisor now who can help.

 

 

 

The main types of life insurance coverage

Life insurance typically provides money (via a death benefit) to designated beneficiaries when you die. There are several types of life insurance offering different benefits, from protecting your family to tax-advantaged opportunities.

  • Term Life

  • Universal life

  • Indexed universal life

  • Variable universal life

Term life

Term life insurance offers you a simple, economical way to meet short-term protection goals. It provides:

  • An income tax-free death benefit
  • 10-, 15-, 20- and 30-year term policies
  • Flexibility to convert to a RiverSource permanent life insurance policy and credits may be available to help pay for it
  • Guaranteed premiums for length of term
All guarantees are based on the continued claims paying ability of the issuing company.

Discover more about term life insurance products.

Universal life

Universal life insurance provides protection with the opportunity to build cash value. It’s flexible so you can adjust benefits as your needs change (some changes may require underwriting approval). Its main benefits include:

  • Income tax-free death benefit, flexible premium amounts
  • Tax-deferred growth of assets and income tax-free access to your policy’s cash value (when properly structured)
  • Guaranteed minimum fixed interest rate
  • Optional no lapse guarantees (All guarantees are based on the continued claims-paying ability of the issuing company.)

See how adjustable universal life policies can fit your goals.

Indexed universal life

Indexed universal life insurance offers lifetime insurance protection with potential to grow cash value in either a fixed or equity indexed account with protection from downturn markets. Key benefits include:

  • Income tax-free death benefit
  • Opportunity to build cash value with protection against market downturns
  • Index-linked interest crediting for greater growth potential
  • Tax-deferred growth of assets and income tax-free access to your policy’s cash value (when properly structured)

Death benefit + protection from downturn markets = indexed universal life solution.

Variable universal life

Variable universal life insurance is permanent life insurance with the potential to build market-driven cash value. Some of the key benefits include:

  • Income tax-free death benefit, flexible premium amounts
  • Opportunity to build cash value by participating in the equities market
  • Tax-deferred growth of assets and income tax-free access to your policy’s cash value (when properly structured)

Remember, accessing policy cash value through loans and surrenders may cause a permanent reduction of policy cash values and death benefit. All guarantees are based on the continued claims paying ability of the issuing company and do not apply to the performance of the variable subaccounts, which will vary with market conditions.

 

See our variable universal life insurance coverage with cash value potential.

Talk to an advisor

Talk to an Ameriprise advisor to discuss how RiverSource solutions can help you. Don’t have an advisor? Find one who is right for you now.

1Generally the death benefit is income-tax free. For Income Protection Life a portion of the death benefit is taxable to the beneficiary.
All guarantees are based on the continued claims paying ability of the issuing company and on variable insurance do not apply to the performance of the variable subaccounts, which will vary with market conditions.
Accessing policy cash value through loans and surrenders may cause a permanent reduction of policy cash values and death benefit and negate any guarantees against lapse. The amount that can be borrowed or surrendered will be affected by the surrender charges applicable to the policy. Loans may be subject to interest charges. Although loans are generally not taxable, there may be tax consequences if the policy lapses or is surrendered with a loan (even as part of a 1035 exchange). It is possible that the amount of taxable income generated at the lapse or surrender of a policy with a loan may exceed the actual amount of cash received. Surrenders are generally taxable to the extent they exceed basis in the policy. If the policy is a modified endowment contract (MEC), pre-death distributions, including loans, from the policy are taxed on an income-first basis, and there may also be a 10% federal income tax penalty for distributions prior to age 59 ½.
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.