What is life insurance?
Life insurance provides a way to help those you care about to maintain their quality of life in the event of an untimely death and can also provide retirement and other benefits to you during your lifetime. Life insurance plans.
Types of life insurance
A life insurance policy can provide protection based on your current situation, goals and needs:
Permanent life insurance. Provides lifelong coverage that may build cash value
Term life insurance. Often costs less, but covers only a set period of time and does not have cash value
If you already took steps to financially protect your family, remember to periodically assess your situation and life insurance needs. Changes in your income, financial obligations and long-term goals mean the type and amount of life insurance you need may have changed, too.
Life insurance planning with Ameriprise Financial
When you discuss life insurance with an Ameriprise financial advisor, you’ll need to review information about your financial situation. Including:
One year life insurance policy
Current life insurance and savings
Current income and monthly expenses
Family commitments, such as college funding
Survivors' expected income vs. income needed to cover expenses for life
Life insurance comparison
After assessing your coverage needs, your advisor can work with many carriers to identify and recommend the right insurance solution for you.
Take the next step toward a life insurance quote
Ameriprise Financial can help you protect what's most important with our own RiverSource
life insurance or insurance offered through other providers. Learn more and receive a life insurance quote today.
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.
Policies and features may not be available in all states, or may vary by state.
Each person represented is a policyholder or beneficiary of an insurance policy issued by RiverSource Life Insurance Company or RiverSource Life Insurance Co. of New York, and is discussing his/her experience in that regard.
Accidental life insurance
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 59-1/2.
Ameriprise Financial Services, Inc. offers financial advisory services, investments, insurance and annuity products. RiverSource® products are offered by affiliates of Ameriprise Financial Services, Inc., Member FINRA and SIPC. CA License #0684538.