RiverSource Life Insurance
People usually take out life insurance to give themselves peace of mind knowing that should the worse happen their remaining family will not be left to pay expensive funeral bills and other debts that they might still owe. Before anyone takes out life insurance it is better to compare what different insurance companies can offer. One of the leading insurance companies in Life insurance is RiverSource Life Insurance whose headquarters are in Minneapolis MN. RiverSource Life Insurance Company was listed in Wards Top 50 Life Insurance producers in 2009 and is the primary insurance subsidiary of Ameriprise Financial Inc. It has been helping people with insurance cover for more than 110 years and has revenue of $5.8 billion in cash and cash equivalents. When applying for life insurance it will be necessary to fill in an application form before the company is able to give you a quote as to how much the monthly premium will be. Questions are asked regarding your health, age, occupation, family medical history and if you take part in any risky pastimes like mountaineering or motor racing. The insurance company will then decide upon which is the best policy and how much it will cost.
RiverSource Life Insurance Company can offer different types of life insurance as well as giving good financial advice. Most people take out what is called a permanent life insurance where a premium is paid each month and the insured person's life is covered until they die. When this happens a lump sum of money is paid to the beneficiary together with bonuses it has accumulated over the years. In many cases people will be paying premiums for all their life but in other instances it can mature after 30 years when it is called a fully paid up policy. Although the policy has matured it can only be cashed in upon the death of the insured person. A claim form must be completed and a death certificate obtained as proof of death before any money is paid out. Another type of life insurance policy is what is known as Term insurance. This type of life insurance covers a person's life for a fixed number of years which can be as little as one year. The death benefit will only be paid if the person insured dies during the length of time they are insured for. Some insurance policies not only cover for death benefit but can also build cash value.
RiverSource is divided into four different groups of insurance these being RiverSource Funds, RiverSource Annuities, RiverSource Insurance and RiverSouce Investments. It offers life insurance, disability insurance as well as funds for individual investors. It has subsidiary offices in Boston, Minneapolis, Cambridge and London. It is a trustworthy and reputable insurance company and had $60 billion in assets as of June 2005.
