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RiverSource® Variable Universal Life 6 - New York

RiverSource Variable Universal Life 6 (VUL 6) permanent life insurance policy provides essential protection and an income tax-free death benefit. It allows you to take advantage of the market's growth opportunities and enjoy tax-deferred accumulation and tax-free withdrawals (when structured properly) — all while protecting your loved ones.

RiverSource Variable Universal Life 6 offers:

  • Income tax-free death benefit
  • Tax-deferred cash growth opportunities including:
    • Over 80 subaccounts from well-known companies covering a wide array of asset classes.
    • A fixed account — An account offering a guaranteed minimum interest rate of 2.0%.
    • Fixed indexed accounts — Two accounts to which interest is credited based on movement in a well-known index and subject to a current cap and floor.
  • Tax-free income when properly structured
  • A wide array of investment options including advice-embedded portfolio funds to help tailor the policy investments to your risk tolerance
  • No-lapse guarantees to the later of age 75 or 10 years.

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.

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.

Performance is not available at this time.

Daily Unit Values are not available at this time.

An outline of costs of the RiverSource Variable Universal Life 6 policy, including charges for policy transactions you may choose to initiate.

Premium expense charge

4%

Policy Fee

Charged monthly

Cost of Insurance

Cost per thousand dollars of coverage based on age, gender and health

Mortality and expense risk charge

0% (Current)

Administrative Charge

Cost per thousand dollars of coverage charged monthly

  Effective loan interest rate
Years 1-10 4%
Years 11+ 2% (Current)

Partial surrender charge

Lesser of $25 or 2% of amount surrendered

Full surrender charge

Decreasing monthly for next 10 years

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.

When it comes to managing your policy's investment options, you can choose the approach best suited to your goals, risk tolerance and investment objectives.

Your policy also offers Portfolio Stabilizer,a risk-managed asset allocation approach where your portfolio’s equity and fixed income exposure is adjusted during volatile markets or Portfolio Navigator, a traditional managed asset allocation approach.

  • Portfolio Stabilizer funds — Four professionally managed funds—ranging from conservative to growth—that adjust your equity and fixed-income exposure in response to anticipated market volatility, helping you manage your risk exposure and providing you with more consistent returns over time.
  • Portfolio Navigator portfolios — Five professionally managed portfolios—ranging from conservative to aggressive—that provide professional investment analysis designed to provide you with a sophisticated, yet straightforward way to invest.

Work with your financial advisor to design a customized portfolio that helps you realize your financial objectives and matches your investment style.

Optional riders and features are available at an additional cost to cover a wide range of needs, including guaranteeing coverage against lapse, waiver of premium due to disability, and acceleration of death benefit due to terminal illness or to help cover qualified long-term or chronic care expenses1. The following are some examples of optional riders and features available on RiverSource Variable Universal Life 6:

  • No-Lapse Guarantees2 offer guaranteed coverage to the later of age 75 or 10 years — regardless of market performance — as long as required premiums are paid. (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.)
  • AdvanceSource® rider gives you the option to accelerate a portion of the death benefit to help pay for expenses should you become chronically ill3. When the policy's death benefit is accelerated for long-term care expenses, the death benefit and the cash value are reduced proportionately.
  • Accelerated Benefit Rider for Terminal Illness (ABRTI) provides that you can withdraw a portion of the death benefit prior to death if the insured is terminally ill and death is expected to occur within six months in AZ, AR, CT, DC, DE, MT, ND and SD and in twelve months in all other states.
  • Accidental Death Benefit Rider (ADB) provides an additional death benefit if the insured's death is caused by accidental injury.
  • Automatic Increase Benefit Rider (AIBR) provides an increase in the specified amount at a designated percentage on each policy anniversary until the earliest of the insured's attained insurance age 65 or the occurrence of certain other events, as described in the rider.
  • Children's Insurance Rider (CIR) provides level term coverage on each eligible child.
  • Waiver of Monthly Deduction Rider (WMD): Under WMD, we will waive the monthly deduction if the insured becomes totally disabled before attained insurance age 60.
    In addition:
    • If total disability begins on or after attained insurance age 60 but before attained insurance age 65, the monthly deduction will be waived only for a limited period of time; and
    • WMD also includes a waiver for involuntary unemployment benefit where monthly deductions may be waived up to 12 months.
  • Waiver of Premium Rider (WP) will waive a chosen amount of premium for your policy and riders after you've been disabled for six months. If total disability begins before attained insurance age 60, prior to attained insurance age 65 we will add the specified premium shown under Policy Data in the policy to the policy value or waive the monthly deduction if higher. On or after attained insurance age 65, we will waive the monthly deduction.
    In addition:
    • If total disability begins on or after attained insurance age 60 but before attained insurance age 65, the monthly deduction will be waived for a limited period of time; and
    • WP also includes a waiver for involuntary unemployment benefit where monthly deductions may be waived up to 12 months.
  • Overloan Protection Benefit (OPB) can protect against policy lapse resulting from extensive loans against the policy which may result in taxes. As long as the requirements stated in the policy are met, you can elect to have the policy converted to a paid up policy. There is no additional charge for the feature until you exercise this option.

1 Certain riders may not be approved in all states and some restrictions may apply.

2 Death benefit guarantee in Illinois

3 Chronically ill means an individual has been certified by a licensed health care practitioner as being unable to perform two out of six activities of daily living without substantial assistance from another individual for at least 90 days due to loss of functional capacity, or needs substantial supervision due to severe cognitive impairment.

Please contact your advisor with any questions.