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                    Allied Life: Dividend Increase Announced




                                
                                
          ALLIED LIFE FINANCIAL CORPORATION ANNOUNCES
                       DIVIDEND INCREASE

                Contact Jeff Roling 800-532-1436 ext. 4454

Des Moines, Iowa, October 28, 1997 - The Board of Directors of ALLIED Life
Financial Corporation (NASDAQ symbol ALFC) declared a fourth-quarter
common stock dividend of $0.07 per share (up 16.7% from the third quarter's). 
The new dividend is payable December 26, 1997 to holders of record on December
12.







                                                                               
                                                       
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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