BUFFALO GROVE, Ill., March 11, 2011 /PRNewswire/ -- Allstate (NYSE : ALL ) today announced the launch of GoodForLife, a unique multi-coverage life insurance product that provides Illinois consumers a benefit, not only in the event of sickness, accident or death, but also when they 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 Jim Kontopoulos, Regional Financial Sales Leader for Allstate's Midwest Region of Illinois, Minnesota and Wisconsin. "Consumers told us they wanted affordable, easy-to-understand coverage with multiple benefits in one simple package. 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 Injury Coverage; up to three payments of $10,000
- 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 43 states, including Illinois. Additional rollouts will occur throughout the rest of the year as the company works with departments of insurance to make GoodForLife available nationwide.
Allstate GoodForLife(SM) is a flexible premium universal life policy (UL21AF in most states) issued by American Heritage Life Insurance Company, Home Office, Jacksonville, FL, a subsidiary of The Allstate Corporation, Northbrook, IL. Available riders include the Accelerated Death Benefit Rider (ULBR1), the Critical Illness Rider (UCIR2AF), the Enhanced Grace Period Rider (UPFRAF), and the Accidental Death and Dismemberment Rider (UADD1AF). See riders for terms, conditions and restrictions. Additional costs may apply. Subject to state availability.
Please refer to the actual policy for coverage terms, limitations and exclusions. The guaranteed benefits of GoodForLife(SM) are dependent on the terms and conditions of your policy. If actual premiums are different in timing or amount than the planned premium, if withdrawals are made or loans taken, or if other changes are made, the benefits may be reduced or coverage may end. Guarantees are based on the claims-paying ability of American Heritage Life.
** 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®.