Who owns RiverSource life insurance company?
It is Ameriprise Financial when you ask who owns RiverSource life insurance company. Currently, RiverSource is one of the subsidiaries of Ameriprise Financial.
Ameriprise Financial has a legacy of 128 years. It started as Investors Syndicate. Under this name, they founded a company for life insurance and annuity. This company is currently known as RiverSource.
RiverSource handles the investments, insurance, and annuity departments for Ameriprise Financial. It provides term and universal life insurance. Moreover, its universal life insurance comes with indexed and variable categories.
This legendary company saw and tackled a great deal throughout the economic test of time. Tune in to know more.
Journey of Ameriprise Financial who owns RiverSource life insurance company
Ameriprise Financial, who owns RiverSource life insurance company, started its journey in 1894. At that time, it was named Investors Syndicate, located in Minneapolis, Minnesota. John Tappan, at age 24, founded this investment company.
Investors Syndicate was one of the companies that introduced mutual funds. However, in 1950 it modified its company name and became Investors Diversified Services (IDS).
IDS, in 1958, inaugurated Investors Syndicate Life Insurance and Annuity Company. This company is today’s RiverSource Life Insurance Company.
In 1974 Alleghany Corporation bought IDS’s ownership, and then it became a subsidiary of this corporation.
American Express obtained IDS in 1984. IDS renamed itself American Express Financial Corporation. It started working as AEFA, which stands for American Express Financial Advisors.
However, in 2005 AEFA became an independent public company named Ameriprise Financial through a corporate spin-off. This name is a mixture of two words that are American and Enterprise.
From Investors Syndicate to Ameriprise Financial
Throughout this extended period, Ameriprise Financial saw several changes in ownership and diversity. In the years of the Panic in 1907 and The Great Depression in 1929, this company stood tall.
Currently, 10000+ financial advisors working in Ameriprise have made it United States’ 5th most prominent advisor force. Over time Ameriprise acquired many more companies. One of them is Colombia Management which has become another subsidiary of Ameriprise Financial.
Ameriprise Financial and subsidiaries
This giant company offers a vast range of products through its wing companies. Investments, banking & Cash management, insurance, and annuities are the leading service branches of Ameriprise Financial.
Including Ameriprise Financial Services, the company has two subsidiaries. One is Columbia Threadneedle Investments. Another is RiverSource Life Insurance Company. Ameriprise, who owns RiverSource life insurance company since its initial days, has been operating through it to provide insurance services.
Columbia Threadneedle handles the management of assets. Whereas RiverSource is responsible for retirement & protection, insurance, and annuity services.
RiverSource life insurance
We mentioned earlier that RiverSource gives life insurance for term and universal.
Term life in RiverSource
RiverSource term life insurance has policies for 10, 15, 20, and 30 years. It comes with some benefits, as the premiums will remain selfsame all the time of the term. The policy ensures death benefits with income tax-free. You can convert this term life into permanent. Different options are available for doing that. The term life comes with the option for renewal after its end period.
There are three rider options available in RiverSource life insurance. They are waiver of premium, accidental death, and children’s insurance. You may want to look through their term life brochure for more.
Universal life in RiverSource
Moreover, RiverSource issues universal life insurance in two ways. An adequately structured universal life can offer tax-deferred development of assets. Firstly, its indexed universal life comes with the tax-free death benefit. You will receive protection while investing through this universal life if there is a market downfall.
Secondly, RiverSource offers variable universal life insurance that accumulates cash value as per market value. Like any universal life, flexible premium and rider options are also available.
In addition, there are solutions options with universal life insurance. But most probably, two of them are not available currently. However, solutions for variable life are available. They are variable universal life 6, life 6- New York insurance, and survivorship variable universal life.
RiverSource supports online free quotes on term life. You can get a fast quote by answering some general inquiries online.
What are the cons of RiverSource life?
One con is that RiverSource doesn’t provide whole life insurance. Therefore, only term and universal life insurances are available. Its variable life insurance’s cash value goes through the market value risk. Some variable life insurances are not available in New York. No considerable discount info is given.
What are the pros of RiverSource life?
One noticeable pro of RiverSource is that it got an A+ rating from A.M Best and Aa3(excellent) from Moody’s. And it also obtained A+ from Standard and Poor’s. Therefore, you can get a trustworthy image of RiverSource.
It has options for investment and management options from its sister company. Ameriprise makes a good deal here. You can learn about some of the insurance strategies from the website of RiverSource.
How to contact RiverSource life insurance?
RiverSource works with a pretty good number of advisors. On their website, you can connect with their advisors through phone calls or even social media. You can also request an online appointment by filling out an online form.
Moreover, you can call them to contact at 1.800.333.3437 between 7 am – 6 pm CT, Monday – Friday. There is an option for mail too. You can contact Ameriprise who owns RiverSource life insurance company, if you can’t reach RiverSourch by any chance.
Can I apply for life insurance through Ameriprise?
It is possible, but Ameriprise will only do the job of connecting to RiverSource. Ameriprise and its affiliate work with some third parties for life insurance processing.
However, you get help from the advisors of Ameriprise if you don’t have one. You can take their support if you want to know more about life insurance plans.
As RiverSource’s parent company, Ameriprise handles its life insurance specialties through RiverSource life insurance. Though RiverSource has other services, it focuses on life insurance. However, various insurances are available too in RiverSource.
LTC or Long-term care and disability income insurance are some of them. Advisors of Ameriprise work for RiverSource also. As it is Ameriprise who owns RiverSource life insurance company, Ameriprise works in conjunction with RiverSource.
Several brochures of different life insurances and others are available on RiverSource’s website. You can get detailed information there.