Allstate Introduces GoodForLife; New Financial Product Is Life Insurance – and More

NORTHBROOK, Ill.  (Profitable.com)  Allstate (NYSE: ALL) today announced the launch of GoodForLife, a unique multi-coverage life insurance product that provides consumers a benefit, not only in the event of sickness, accident or death, but also when consumers enjoy a long life.

GoodForLife takes the complexity out of protecting families from the unexpected by bundling life insurance with severe accident and critical illness benefits in one simple and affordable product.  And, if all goes as planned, at age 65 GoodForLife features a return of premium, as well as a paid up death benefit with no additional payments.

“GoodForLife exemplifies Allstate’s commitment to reinvent protection based on consumer wants and needs,” said Matt Winter, president and chief executive officer of Allstate Financial.  “Consumers told us they wanted affordable, easy-to-understand coverage with multiple benefits. They also asked us why companies don’t reward those who maintain good health throughout their life. This product is the direct result of those conversations.”

Allstate GoodForLife benefits include:

  • Coverage amounts available in three different amounts:
    • Life coverage to age 65; $50,000, $75,000, or $100,000
    • After age 65, life coverage of $15,000; no more premium payments
  • Protection against the unexpected:
    • Critical Illness & Severe Accident Coverage, $10,000 benefit
    • Terminal Illness coverage up to 75% of death benefit
  • Fewer financial worries. Premium Forgiveness – customers may miss up to 6 months of payments by accumulating a premium credit in each of the first six policy years
  • At age 65, a return of at least 50% of premiums paid **

GoodForLife is available through Allstate agencies in 13 states today. Additional rollouts will occur throughout the rest of the year as the company works with departments of insurance to make GoodForLife available nationwide.

The guaranteed benefits of GoodForLife are dependent on the terms and conditions of the policy.  Guarantees are based on the claims-paying ability of American Heritage Life Insurance Company, a wholly-owned subsidiary of Allstate Life Insurance Company, Northbrook, IL.

Allstate GoodForLife is a flexible premium universal life policy (UL21AF series) issued by American Heritage Life Insurance Company, Home Office, Jacksonville, FL, a wholly owned subsidiary of The Allstate Corporation, Northbrook, IL. Available riders include the Accelerated Death Benefit Rider (ULBR1 series), the Critical Illness Rider (UL-CIR1 series), the Enhanced Grace Period Rider (UPFRAF series), and the Accidental Death and Severe Injury Rider (UARAF series). See riders for terms, conditions and restrictions. Additional costs may apply. Subject to state availability.

** Money back at age 65 will vary by age and tobacco use.

The Allstate Corporation (NYSE: ALL) is the nation’s largest publicly held personal lines insurer. Widely known through the “You’re In Good Hands With Allstate®” slogan, Allstate is reinventing protection and retirement to help more than 17 million households insure what they have today and better prepare for tomorrow. Consumers access Allstate insurance products and services through Allstate agencies, independent agencies, and Allstate exclusive financial representatives in the U.S. and Canada, as well as via www.allstate.com and 1-800 Allstate®.