Beware of that Variable Universal Life (VUL) Insurance policy from Ameriprise

Companies like Ameriprise and RiverSource are very eager to have you sign up for a VUL policy. Why? Because they're very expensive in regards to fees and cost of insurance (COI) and this generates tremendus profits for both Ameriprise and RiverSource. This way they can have offices on the top floor of the most expensive building in every major city. So what happens when you take out a policy and in a short time after only making a few premium payments you die? In the case of Ameriprise, they just refuse to pay the claim and then you're heirs are forced to take them to court. In the case of Linda McCartney, she took out a policy and only made 4 schedule payments and in the 4 months she owned the policy she dies in a car wreck. Ameriprise isn't happy about this since they took in about 1600 dollars and now they owe 500,000 dollars so they just ignore the claim. Now, Linda's heirs have to file a lawsuit to get what's owed to them.

Beware of these policies from Ameriprise.

Ameriprise is a form of an advanced fee scam

I was reading on the Amexsux forum and someone suggested that Ameriprise is a form of an advanced fee scam. IMO, I agree. The way an advanced fee scam works is that someone charges you a relatively small amount in the hopes that they can gain your confidence so they can get more money out of you in the future. This is exactly how Ameriprise operates. They charge you a small amount for the "financial plan" to gain your confidence. Once they gain your confidence, they recommend proprietary products that increase their profits in the way of high loads and fees. I recommend you stay away from Ameriprise.