Allied Life: Dividend News Release




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


Des Moines, Iowa, March 4, 1997-- The Board of Directors of ALLIED Life
Financial Corporation (NASDAQ symbol ALFC) declared a 1st-quarter cash
dividend on its common stock of $0.06 per share. It is payable March 27, 1997
to stockholders of record on March 14, 1997.                        


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 midwestern and western United States.


Ends.