Ameriprise Financial Life Insurance

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About Ameriprise Financial Company

Since 1894, Ameriprise has focused on shaping financial solutions designed to meet clients’ needs. This began with their earliest products, the investment certificate and their first mutual funds in the 1940s, and continues today with insurance and annuities. Ameriprise helped pioneer financial planning in the 1970s, and this remains their core service today. Ameriprise Financial, Inc. (NYSE: AMP) is a company that offers financial advice and products. It is the successor to American Express Financial Advisors (AEFA), which was a subsidiary of the American Express Company. In 2005, American Express launched the spin-off of AEFA as an independent company. The new name came into being on Aug. 1, 2005, and the transaction closed on September 30, 2005. James Cracchiolo is the chairman and chief executive officer of Ameriprise. The company’s headquarters are in Minneapolis, Minnesota.

Ameriprise Financial Life Insurance Says

Ameriprise offers four different types of life insurance. These are term life, whole life, universal life, and variable universal life. Term life insurance offers the insured life insurance protection for a specific number of years. Whole life insurance combines permanent protection with a savings component. As the policy gains value, the insured may be able to borrow up to 90% of their policy’s cash value tax-free, although loans reduce the policy’s death benefit and cash value, and may trigger a taxable event if the policy lapses. Universal life is similar to whole life with the added benefit of potentially higher earnings on the savings component. Universal life policies are also highly flexible in regard to premiums and face value. Premiums can be increased, decreased or deferred, and cash values can be withdrawn. The insured may also have the option to change face values. Universal life policies typically offer a guaranteed return on cash value. The insured will receive an annual statement that details cash value, total protection, earnings, and fees. Variable Life generally offers fixed premiums and control over the insured’s policy’s cash value. Their cash value is invested in their choice of stock, bond, or money market funding options. Cash values and death benefits can rise and fall based on the performance of the insured’s investment choices. Although death benefits usually have a floor, there is no guarantee on cash values. Contact Ameriprise Financial at: Ameriprise Financial 70400 Ameriprise Financial Center Minneapolis, MN 55474 Telephone: (800) 862-7919 Sources: “Buying Life Insurance; What kind & how much?” Ameriprise Financial web site; “Ameriprise Financial,” Wikipedia, June 2009; “Our History,” Ameriprise Financial web site, 2009, “Ameriprise Financial,” A.M. Best web site, October 2008
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