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                      Allied Life: Third quarter dividend 





                    
                  ALLIED LIFE FINANCIAL CORPORATION
                    ANNOUNCES 3rd QUARTER DIVIDEND            
             Contact Jeff Roling  800-532-1436 ext. 4454

Des Moines, Iowa, August 26, 1998-- The Board of Directors of ALLIED Life
Financial Corporation (NASDAQ symbol ALFC) declared a 3rd-quarter cash dividend
on its common stock of $0.07 per share.  It is payable September 28, 1998 to
stockholders of record on September 11, 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 the United States.


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