Too young to know the answer

[yankee466]

Came across a potential client today who in 1995 bought a Nursing home policy from IDS Insurance Company. They currently submit puny annual premiums to "Riversouce Life Insurance Company"

Anyone know the history and connections of the two companies.....other than I'll assume Riversource bought a block of business way back when.

Never heard of Riversource until today.....and they do not sell LTC plans.

 

[VolAgent]

All part of Ameriprise. I can't tell you a thing about it, or even who currently owns it. But this was part of Ameriprise, may even go back to when it was all owned by American Express.

 

[yankee466]

All part of Ameriprise. I can't tell you a thing about it, or even who currently owns it. But this was part of Ameriprise, may even go back to when it was all owned by American Express.

The original IDS policy letter was on American Express letterhead....so assuming you are correct.

 

[Life Hawk]

Came across a potential client today who in 1995 bought a Nursing home policy from IDS Insurance Company. They currently submit puny annual premiums to "Riversouce Life Insurance Company"

Anyone know the history and connections of the two companies.....other than I'll assume Riversource bought a block of business way back when.

Never heard of Riversource until today.....and they do not sell LTC plans.

Scary... an unknown doing that kind of coverage.

 

[VolAgent]

Scary... an unknown doing that kind of coverage.

You don't know who American Express or Ameriprise are?

 

[Life Hawk]

You don't know who American Express or Ameriprise are?

sorry for the confusion. Yeah know them, just not that "Riversouce Life Insurance Company". I am always a bit leery of unknowns in that kind of coverage. Did LTC for a short while... long enough to know it wasn't my strong suit. Seen a few companies go south doing that kind of business.

 

[VolAgent]

sorry for the confusion. Yeah know them, just not that "Riversouce Life Insurance Company". I am always a bit leery of unknowns in that kind of coverage. Did LTC for a short while... long enough to know it wasn't my strong suit. Seen a few companies go south doing that kind of business.

It is or was Ameriprise's life insurance company. Guess it goes along with that other thread about disclosing the writing company.

Basically these people bought American Express, the name of the actual company wasn't terribly important at the time.

Ameriprise Financial - Wikipedia

 

[Mr_Ed]

sorry for the confusion. Yeah know them, just not that "Riversouce Life Insurance Company". I am always a bit leery of unknowns in that kind of coverage. Did LTC for a short while... long enough to know it wasn't my strong suit. Seen a few companies go south doing that kind of business.

a few companies "go south"?
There have been 150 different companies that have sold long-term care insurance.
Only 3 LTC insurance companies have gone through liquidation and they were all very small with very low financial ratings.

Riversource is not a small company. They are the 15th largest LTC insurance company (in terms of the number of lives). They have almost 120,000 LTCi policyholders.

 

[Life Hawk]

a few companies "go south"?
There have been 150 different companies that have sold long-term care insurance.
Only 3 LTC insurance companies have gone through liquidation and they were all very small with very low financial ratings.

Riversource is not a small company. They are the 15th largest LTC insurance company (in terms of the number of lives). They have almost 120,000 LTCi policyholders.

Just reading the tea leaves...

 

[ltcadviser]

RiverSource has a linked benefit policy.
It is not that good compared to the competition, but that is what they have today; and they also have a life insurance policy with an ADB LTC rider.