Was Your RiverSource Life Insurance Claim Denied?
Call Gianelli & Morris Today to Get the Benefits You Deserve
If your life insurance claim was denied by Ameriprise Financial/RiverSource Life Insurance Company, we’re here to help you fight back. Call the California insurance claim denial law firm Gianelli & Morris for seasoned advice and representation. We’ll carefully review your policy, evaluate the reasons offered for your claim rejection, and make sure that your benefits have not been illegally withheld. If there is anything of concern, we’ll correct the record, appeal your denial, and, where necessary, take your case to court. We fight for California insurance policyholders and beneficiaries to get the benefits they are owed.
Who is RiverSource?
RiverSource Life Insurance Company is an American investment management and life insurance firm. RiverSource is a subsidiary of Ameriprise Financial, Inc., a financial services and holding company that sells life insurance, annuities, wealth management services, and other financial products to customers nationwide. Ameriprise’s primary subsidiaries include RiverSource, Ameriprise Financial Services, and Columbia Threadneedle Investments.
Formerly a division of American Express, Ameriprise is now listed as number 245 on the Fortune 500. It’s one of the largest financial planning companies in the U.S., counting revenue of $13.44 billion in 2021. RiverSource itself manages more than 60 retail mutual funds, covering upwards of $60 billion in assets under management as of 2005. Ameriprise touts RiverSource (collectively with RiverSource Life Insurance Co. of New York) as the 21st largest life insurance company based on total assets.
RiverSource and a History of Bad Faith Conduct
RiverSource has been hit with several lawsuits over the years for unscrupulous conduct in connection with its life insurance and financial advisory businesses.
In 2013, for example, RiverSource was hit with a trial verdict of nearly $300,000 after fraudulently inducing customers to forfeit existing life insurance policies in favor of inferior policies advertised by RiverSource. The plaintiffs had purchased the advertised policy based on representations made by the RiverSource financial advisor, including the actual cost of the policy. Unbeknownst to the plaintiffs, the insurance company tripled the annual (and monthly) premiums from what was advertised. The plaintiffs were left with a policy they could not afford. The trial verdict was upheld in 2015, including $125,000 in statutory damages and close to $170,000 in attorney fees and litigation costs.
RiverSource has been sued for many similar misrepresentations, coercing parties into taking on policies without informing them of the true costs. RiverSource has also been hit with several regulatory investigations for alleged misconduct, resulting in regulatory settlements. A company that treats prospective customers in such a manner is similarly likely to nickel and dime existing policyholders with regard to benefits owed.
If you’ve been mistreated by RiverSource–either at the initial application stage or upon having a claim wrongfully denied by RiverSource–you are not alone. The life insurance denial and insurance bad faith attorneys at Gianelli & Morris can help you hold RiverSource to task and get the benefits you are owed.
Call Gianelli & Morris Today for Help Getting the RiverSource Life Insurance Benefits You Are Owed
If someone you love has passed and your life insurance claim has been denied by RiverSource or another life insurance company in California, contact the zealous, accomplished, and effective Los Angeles insurance denial lawyers Gianelli & Morris for a no-cost evaluation of your claim at 213-489-1600.