The Allstate Corporation, a personal lines insurer, has launched GoodForLife, a multi-coverage life insurance product that provides Illinois consumers benefits in the event of sickness, accident or death, as well as when they enjoy a long life.
Allstate GoodForLife is a flexible premium universal life policy issued by American Heritage Life Insurance, a subsidiary of The Allstate Corporation.
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.
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, the company said.
Allstate GoodForLife benefits 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.
The new insurance product gives protection against the unexpected fewer financial worries. It also allows customers to miss up to 6 months of payments by accumulating a premium credit in each of the first six policy years, if needed.
At age 65, GoodForLifev provides a return of at least 50% of premiums paid.
Allstate’s Midwest Region of Illinois, Minnesota and Wisconsin regional financial sales leader Jim Kontopoulos said consumers told the company that 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," Kontopoulos said.