Allstate announced the launch of GoodForLife, a 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 healthy life.
GoodForLife bundles life insurance and severe accident and critical illness benefits in one encompassing product. For customers who have no problems by age 65, GoodForLife offers a return of premium, as well as a paid up death benefit with no additional payments.
Allstate GoodForLife benefits include:
• Coverage amounts available in 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 benefi
• Premium Forgiveness: Customers may miss up to six 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 provided the customer meets certain criteria
"GoodForLife exemplifies Allstate's commitment to reinvent protection based on consumer wants and needs," says Matt Winter, president and CEO 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."
GoodForLife is currently available through Allstate agencies in 13 states. Additional rollouts will occur throughout the rest of the year as the carrier works with departments of insurance to make GoodForLife available nationwide.
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