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                      Allied Life: First Quarter Dividend





                                
                    
               ALLIED LIFE FINANCIAL CORPORATION ANNOUNCES 
                        1ST QUARTER DIVIDEND            
                Contact Jeff Roling  800-532-1436, ext. 4454


Des Moines, Iowa, March 3, 1998-- The Board of Directors of ALLIED Life 
Financial Corporation (NASDAQ symbol ALFC) declared a 1st-quarter cash
dividend on its common stock of $0.07 per share. It is payable March 27, 1998
to stockholders of record on March 13, 1998.                        


ALLIED Life Financial Corporation is a holding company that, through its
principal subsidiary, ALLIED Life Insurance Company, underwrites, markets, and
distributes life insurance and annuity products in rural and suburban areas of
the United States.
 





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