Allstate, a publicly held personal lines insurer in the US, has launched GoodForLife, a new multi-coverage life insurance product that provides consumers a benefit in the event of sickness, accident and death.
GoodForLife provides protection for families from the unexpected by bundling life insurance with severe accident and critical illness benefits in one product. It also features a return of premium, and a paid up death benefit with no additional payments at age of 65, the company said.
The features of GoodForLife include: life coverage up to age 65 for $50,000, $75,000, or $100,000, and after age 65, coverage of $15,000 with no premium payments; critical illness and severe accident coverage of $10,000, and terminal illness coverage up to 75% of death benefit; premium forgiveness; and return of at least 50% of premiums paid at age 65.
Guaranteed benefits of GoodForLife are dependent on terms and conditions of policy. The guarantees are based on claims-paying ability of American Heritage Life Insurance Company, a wholly-owned subsidiary of Allstate Life Insurance Company.
Matt Winter, president and CEO of Allstate Financial, said: “GoodForLife exemplifies Allstate’s commitment to reinvent protection based on consumer wants and needs. 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.”