Life insurance
Life insurance solutions can help you plan your estate and secure the future of those who matter to you most by shielding them from the financial consequences of your death. Insurance proceeds are income tax-free and are paid directly to your beneficiaries. Because the process bypasses probate, it saves time and money.
Why is life insurance important?
Life insurance is an effective and efficient way to help those you care about to maintain their quality of life, repay debt and fund education in the event of an untimely death. Some RiverSource® insurance policies can also help you build cash value for future goals, such as retirement. Use our life insurance product selector to find out more about our policies.
Life insurance planning with Ameriprise Financial
When you begin your life insurance search with Ameriprise Financial, an advisor will guide you through every step of the process. Working together, you will:
1. Define the role of life insurance in your financial plan.
2. Explore what matters most to you.
3. Assess your coverage needs. You and an advisor will figure out how much life insurance you need by gathering information on your:
- Current monthly expenses
- Other family commitments (lump sum payments)
- Current life insurance and savings
- Survivor's expected net annual income vs. income required to cover expenses for life
- Total basic survivor needs
4. Select the right type of coverage for you.
| Term insurance |
Permanent insurance |
|---|---|
Purchased to cover a temporary need |
Purchased for long-term protection |
|
|
12005 LIMRA study
RiverSource Distributors, Inc. (Distributor), Member FINRA. Insurance and annuity products are issued by RiverSource Life Insurance Company and in New York, by RiverSource Life Insurance Co. of New York, Albany, New York. These companies are affiliated with Ameriprise Financial Services, Inc. Only RiverSource Life Insurance Co. of New York is authorized to sell insurance and annuities in New York
Financial planning services and investments offered through Ameriprise Financial Services, Inc., Member FINRA and SIPC.
Loans and withdrawals may cause a permanent reduction of policy cash values and death benefit and negate any guarantees against lapse. 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. Withdrawals 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 1/2.
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44% of surveyed U.S. households say they need more life insurance than they already have.1