Life insurance

Key Points

  • Life insurance can provide you with the growth and security you need to protect your dreams and goals over a lifetime.
  • Term life insurance provides protection at a low cost, but doesn't build cash value
  • Permanent life insurance provides protection while providing an opportunity for asset growth potential.

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.

Why 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 build cash value

If you already took steps to financially protect your family, remember to periodically assess your situation. 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:

  • Current life insurance and savings
  • Current income and monthly expenses
  • Family commitments, such as college funding
  • Survivor's basic needs
  • Survivors' expected income vs. income needed to cover expenses for life

After assessing your coverage needs, your advisor can recommend the right type of life insurance solution for you.

Term insurance Permanent insurance
Choose for a specific time period (term) Choose for long-term protection
  • Provides coverage for a selected time period such as 10, 15, 20 or 30 years
  • Your beneficiaries collect the proceeds of the policy if you pass away during the selected years
  • A term policy does not build cash value
  • Provides coverage until death, as long as premiums are paid on time
  • A permanent policy may build cash value
  • You can borrow from the cash value income tax-free to meet other financial needs

Client stories


Take the next step

To determine the type and amount of life insurance that's right for you, talk to a financial advisor.

Ameriprise Financial can help you protect what's most important with our own RiverSource® life insurance or insurance offered through other providers.