Ameriprise Financial Inc. in Minneapolis said Wednesday that it had added two universal life insurance products to its RiverSource investment product lineup.
Issued by IDS Life Insurance Co., RiverSource Foundations Protector and RiverSource Foundations universal life policies were developed for the financial needs of those nearing or in retirement, according to Ameriprise.
RiverSource Foundations Protector universal life is a permanent life insurance product with a lifetime death benefit guarantee. Cash-value growth is limited, but the product has a no-lapse death benefit guarantee that ensures beneficiaries receive a guaranteed sum at the policyholder's death.
RiverSource Foundations universal life offers a life insurance death benefit and the opportunity to build cash value that can provide supplemental income in retirement. It offers a tax-deferred guaranteed minimum cash value growth rate of 3% and the flexibility to change the death benefit or premium. An optional lifetime, no-lapse death benefit also is available.
