Allied Life: ALLIED Mutual Postpones Meeting



                                
                                 

                  ALLIED LIFE ANNOUNCES THAT 
         ALLIED MUTUAL POSTPONES POLICYHOLDER MEETING 
                FROM JULY 28TH UNTIL AUGUST 26TH
                Contact Donna Smith  515-280-4891


DES MOINES, IOWA, JULY 24, 1998 -- ALLIED Life Financial Corporation (NASDAQ:
ALFC) announced today that the Special Meeting of ALLIED Mutual Insurance
Company policyholders scheduled for July 28, 1998 to vote on the ALLIED
Mutual's proposed merger with Nationwide Mutual Insurance Company has been
postponed until August 26, 1998.  The meeting was postponed because
approximately  5% of ALLIED Mutual's  policyholders did not receive proxy
materials from ALLIED Mutual due to a processing oversight. 

ALLIED Mutual will mail materials announcing policyholder meeting particulars
early next week to all ALLIED Mutual Insurance Company  policyholders. 
Additionally, ALLIED Mutual will be mailing copies of the proxy statement dated
June 29, 1998 to those policyholders who were not provided with proxy materials
due to the processing oversight.

The Iowa Insurance Department regulatory hearing scheduled for July 29, 1998 is
a combined hearing on the proposed merger of ALLIED Mutual and Nationwide
Mutual Insurance Company and of  Nationwide's acquisition of control of the
ALLIED Group, Inc. property-casualty subsidiaries and of ALLIED Life  Financial
Corporation life insurance subsidiary.  Because of the postponement of the
policyholder  meeting until August 26, the Iowa Commissioner has issued an
order stating that  at the close of the evidence at the July 29 hearing, the
ALLIED Mutual hearing will be adjourned until August 31, 1998 in order to give
those policyholders not included in the original mailing by ALLIED Mutual the
opportunity to participate in the reconvened hearing.

Nationwide's tender offer for ALLIED Life has various conditions, including
obtaining any insurance  regulatory approval necessary for the merger of ALLIED
Mutual with Nationwide and the requisite vote of the ALLIED Mutual
policyholders in support of the ALLIED Mutual-Nationwide merger having been
obtained.
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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. 






Ends.