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                                                                    EXHIBIT 10.4

                            THE ALLSTATE CORPORATION

                           DEFERRED COMPENSATION PLAN

                   AMENDED AND RESTATED AS OF NOVEMBER 1, 2001

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                                    ARTICLE I
                       DESIGNATION OF PLAN AND DEFINITIONS

     1.1  TITLE

          This Plan shall be known as "The Allstate Corporation Deferred
          Compensation Plan." The Plan was adopted by Allstate Insurance Company
          effective January 1, 1995. The Plan was amended and restated by the
          Company, effective January 1, 1996, November 11, 1997, September 1,
          1999, November 1, 2000, and November 1, 2001.

     1.2  DEFINITIONS

          The following definitions will apply:

       (a)    "Account" shall mean the bookkeeping entries made to state the
              balance of Compensation deferred by a Participant under the Plan,
              as adjusted pursuant to Article IV of the Plan. A Participant's
              Account shall also include any cash amounts automatically directed
              to this Plan by action of the Board of Directors of The Allstate
              Corporation or a committee thereof. For purposes of this Plan,
              "Account" shall include any amounts deferred by a Participant, as
              adjusted for earnings and debits, under The Allstate Corporation
              Deferred Compensation Plan for Employee Agents and The Allstate
              Corporation Deferred Compensation Plan for Independent Contractor
              Exclusive Agents.

       (b)    "Beneficiary" or "Contingent Beneficiary" shall mean the person or
              persons last designated in writing by the Participant to the
              Committee, in accordance with Section 8.5 of this Plan.

       (c)    "Board" shall mean the Board of Directors of the Company.

       (d)    "Code" shall mean the Internal Revenue Code of 1986, as amended
              from time to time.

       (e)    "Committee" shall mean the Committee appointed by the Board of
              Directors pursuant to Article VI of this Plan, and shall mean
              those persons to whom the Committee has delegated administrative
              duties pursuant to Section 6.1(g).

       (f)    "Company" shall mean The Allstate Corporation.

       (g)    "Compensation" shall mean all of the items included in the term
              "Annual Compensation" as that term is defined in the Allstate
              Retirement Plan without regard to the annual compensation limit
              imposed by Section 401(a)(17) of the Code.

       (h)    "Compensation Floor" shall be the compensation limit in effect
              pursuant to Section 401(a)(17) of the Code for a Plan Year.

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       (i)    "Controlled Group" shall mean any corporation or other business
              entity which is included in a controlled group of corporations,
              within the meaning of section 1563(a)(i) of the Code, within which
              the Company is also included.

       (j)    "Eligible Compensation" shall mean the greater of (i) an
              Employee's current year Compensation annualized in such manner as
              the Committee shall determine; or (ii) an Employee's Compensation
              for the calendar year two years before a Plan Year.

       (k)    "Eligible Employee" shall mean any Employee who is eligible to
              participate under Article II of this Plan.

       (l)    "Eligible Salary" shall mean an Employee's monthly base salary
              during the calendar year immediately preceding a Plan Year
              annualized in such manner as the Committee shall determine.

       (m)    "Employee" shall mean any regular, full-time employee of the
              Company, of Allstate Insurance Company, of Allstate New Jersey
              Insurance Company, of Allstate Bank or of any other affiliate in
              the Controlled Group which adopts the Plan, but shall in no event
              include persons classified as agents. If a person is not
              considered to be an "Employee" for purposes of Plan eligibility, a
              later change in the person's status, even if the change in status
              is applicable to prior years, will not have a retroactive effect
              for Plan purposes.

       (n)    "Hardship" shall mean severe financial hardship to the Participant
              resulting from a sudden and unexpected illness or accident of the
              Participant or of a dependent (as defined in section 152(a) of the
              Code) of the Participant, or loss of the Participant's property
              due to casualty, or similar extraordinary and unforeseeable
              circumstances arising as a result of events beyond the control of
              the Participant, as determined by the Committee.

       (o)    "Incentive " shall mean the amount actually payable to a
              Participant under an annual cash incentive program sponsored by
              the Company, Allstate Insurance Company, Allstate New Jersey
              Insurance Company, Allstate Bank or any other member of the
              Controlled Group which adopts the Plan.

       (p)    "Investment" shall mean the elections made by Participants to make
              allocations and reallocations of deferrals and Account balances
              among the sub accounts described in Section 4.3(b), together with
              accruals and adjustments reflecting the hypothetical experience of
              the subaccounts.

       (q)    "Participant" shall mean an Eligible Employee who has an account
              balance in the Plan.

       (r)    "Plan" shall mean The Allstate Corporation Deferred Compensation
              Plan as set forth herein, and as amended from time to time in
              accordance with Article VII hereof.

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       (s)    "Plan Year" shall mean the fiscal year of the Company, which is a
              calendar year, for which eligibility is determined.

       (t)    "Separation from Service" means the termination of a Participant's
              employment with any company in the Controlled Group for any reason
              whatsoever, including retirement, resignation, dismissal or death,
              but does not include a transfer of status to an employee agent or
              to an Exclusive Agent Independent Contractor or Exclusive
              Financial Specialist Independent Contractor for Allstate Insurance
              Company, Allstate New Jersey Insurance Company, Allstate Life
              Insurance Company or for any other member of the Controlled Group.
              "Separation from Service" shall also mean the subsequent
              termination of any Exclusive Agent Independent Contractor or
              Exclusive Financial Specialist Independent Contractor agreement,
              unless such termination results from acceptance of employment with
              any member of the Controlled Group.

                                   ARTICLE II
                                  PARTICIPATION
                                  -------------

     2.1  ELIGIBILITY

          An Employee shall be an Eligible Employee if his Eligible Compensation
          or his Eligible Salary is equal to or in excess of the Compensation
          Floor for the Plan Year.

     2.2  NOTICE OF ELIGIBILITY

          The Committee shall notify each Eligible Employee no later than 30
          days prior to the first business day of any Plan Year or as soon
          thereafter as practicable, that he/she is entitled to become a
          Participant in the Plan for such Plan Year.

     2.3  PARTICIPATION ELECTION

       (a)    Each Eligible Employee may elect, in accordance with procedures
              and during the time frames established by the Committee, to become
              a Participant in the Plan for a Plan Year. The election must be
              received by the Committee or its designated representative no
              later than the last business day of the preceding calendar year or
              such earlier date as determined by the Committee, and shall
              specify the percentage of base salary and/or Incentive to be
              deferred during the Plan Year. A Participant may not change
              his/her deferral election for the Plan Year after the Plan Year
              has commenced. However, a Participant may at any time irrevocably
              elect to suspend deferrals in the Plan for the remainder of a Plan
              Year, but only as to future deferrals of base salary.

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       (b)    Any person who the Committee determines to be an Eligible Employee
              in the Plan Year in which he/she first becomes an Employee shall
              be provided an opportunity within 30 days of employment to
              participate in the Plan for that Plan Year.

                                   ARTICLE III
                                    DEFERRALS
                                    ---------

     3.1  AMOUNT OF DEFERRAL

       (a)    Each Participant may elect to defer, in whole number percentages,
              up to 80% of base salary for the Plan Year. No deferrals of base
              salary will be recognized until Compensation in the Plan Year
              reaches the Compensation Floor for the Plan Year.

       (b)    Each Participant may elect to defer, in whole number percentages,
              up to 100% of the Incentive earned in the Plan Year and paid in
              the calendar year following the Plan Year.

       (c)    Deferrals shall be recognized only after the Compensation Floor
              for the Plan Year has been reached, and only after all other
              deductions required by federal or state law or elected by the
              Participant have been withheld. Deferrals may be reduced by the
              Committee to the extent necessary to permit required or elected
              withholdings.

       (d)    Except as provided in Section 3.1(e), if a Participant has elected
              to defer Compensation for a Plan Year which would otherwise be
              includible in the calculation of the Participant's pension benefit
              under the Allstate Retirement Plan or the Agents Pension Plan for
              such Plan Year the Company shall, prior to the end of such Plan
              Year, refund such excess deferral to the Participant.

       (e)    To the extent a Participant is on leave of absence for all or part
              of the Plan Year, and the Participant's Compensation less any
              amounts deferred is less than the Compensation Floor for such
              year, the Company shall, prior to the end of such Plan Year, pay
              the Participant the lesser of:

                  (1) The amount deferred during the year; or

                  (2) The difference between (i) the Compensation Floor and (ii)
                  the amount of the Participant's Compensation less the amount
                  the Participant deferred.

     3.2  EFFECTIVE DATE OF DEFERRAL

          Compensation deferred shall be credited to a Participant's Account by
          bookkeeping entry as set forth in Section 4.2.

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     3.3  USE OF AMOUNTS DEFERRED

          Amounts credited to Accounts shall be a part of the general funds of
          the Company, shall be subject to all the risks of the Company's
          business, and may be deposited, invested or expended in any manner
          whatsoever by the Company.

                                   ARTICLE IV
                              ACCOUNTS AND VESTING
                              --------------------

     4.1  ESTABLISHMENT OF ACCOUNT

          The Committee shall establish, by bookkeeping entry on the books of
          the Company, an Account for each Participant. Accounts shall not be
          funded in any manner.

     4.2  CONTRIBUTIONS TO ACCOUNT

          The Committee shall cause deferred Compensation to be credited by
          bookkeeping entry to each Participant's Account as of the last day of
          the month in which the Compensation or any cash amounts automatically
          directed to this Plan otherwise would have been payable to the
          Participant or, with respect to the Incentive, the day on which the
          Incentive otherwise would have been payable to the Participant or, in
          either case, as soon thereafter as is administratively practicable.

     4.3  MAINTENANCE OF ACCOUNT BALANCES - SUBACCOUNT ELECTIONS

       (a)    Investment of deferrals shall be made among one or more of the
              Subaccounts described in Section 4.3(b). Each Investment shall be
              made in accordance with procedures established by the Committee
              and shall specify that portion of the Participant's deferrals on
              the date of such election to be invested in each Subaccount. In
              its sole discretion, the Committee may withhold one or more of the
              Subaccounts from Investment by Participants for a Plan Year or
              Years. Investments of deferrals must be made in whole percentage
              increments.

              Each Account shall be adjusted, as applicable, to apply credits
              for contributions, interest, dividend equivalents and other
              earnings and to apply debits for Plan administration and
              investment expenses, for losses and for distributions. All such
              adjustments shall be bookkeeping entries reflecting hypothetical
              experience for the Subaccounts in which Investments are made.

       (b)    The Subaccounts in which Investments may be made are:

               (1) Subaccount #1 - SSgA(TM) SHORT TERM INVESTMENT FUND - a
                   diversified portfolio of short term fixed-income securities

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                   managed by State Street Global Advisors (SSgA(TM)). The
                   fund's objective is to maximize current income while
                   preserving capital and liquidity. The fund's yield reflects
                   short-term interest rates.

               (2) Subaccount #2 - SSgA(TM) PASSIVE BOND MARKET INDEX SECURITIES
                   LENDING FUND SERIES A - a collective fund of fixed -income
                   securities managed by State Street Global Advisors
                   (SSgA(TM)). The fund invests in U.S. TreasurY, agency,
                   corporate, mortgage-backed, and asset-backed debt securities.
                   The fund's objective is to match the total rate of return of
                   the Lehman Aggregate Bond Index, a broad-based domestic bond
                   index composed of more than 5,000 debt securities with all
                   securities having an average life of at least one year. The
                   rate of return on the Bond Fund is influenced by, among other
                   things, changes in interest rates, the market price of bonds
                   and the financial stability of the issuers.

               (3) Subaccount #3 - SSgA(TM) S&P 500 FLAGSHIP FUND SERIES A - a
                   collective fund managed by State Street Global Advisors
                   (SSgA(TM)), which invests in a diversified portfolio of
                   stocks in a broad array of large, established companies. The
                   fund's objective is to match the total rate of return of the
                   Standard & Poor's (S&P) 500 Index(1), which consists of 500
                   stocks chosen for market size, liquidity and industry group
                   representation. SSgA(TM) replicates the index by purchasing
                   all 500 component equities in the appropriate market-value
                   weighted proportions. The rate of return on the S&P 500(1)
                   Fund is influenced by the market price and dividends of the
                   stocks held in the fund.

               (4) Subaccount #4 - DAILY EAFE SECURITES LENDING FUND SERIES A -
                   a fund, managed by State Street Global Advisors (SSgA(TM)),
                   which invests in a diversified portfolio of stocks outside of
                   North and South America. The fund's objective is to match the
                   total rate of returns and characteristics of the Morgan
                   Stanley Capital International (MSCI) Europe, Australia, Far
                   East (EAFE) Index. The index consists of more than 1,100
                   stocks in over 20 countries outside of North and South
                   America and represents approximately 60% of the total market
                   capitalization in those countries. SSgA(TM) employs an index
                   replication approach to construct a fund whose return tracks
                   the MSCI EAFE Index. The rate of return on the International
                   Equity Fund is influenced by the market price of the stocks
                   held in the fund, dividends and other income and foreign
                   currency exchange rates.

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               (5) Subaccount #5 - SSgA(TM)RUSSELL 2000 INDEX SECURITIES LENDING
                   SERIES A - a collective fund managed by State Street Global
                   Advisors (SSgA(TM)), which invests in a diversified portfolio
                   of small capitalized U.S. stocks. The fund's objective is to
                   match the total rate of returns and characteristics of the
                   Russell 2000 Index, which consists of the smallest 2000 U.S.
                   securities in the Russell 3000 Index. SSgA(TM) employs an
                   index replication approach to construct a fund whose return
                   tracks the Russell 2000 index. The rate of return on the
                   Russell 2000 Fund is influenced by the market price and
                   dividends of the stocks held in the fund.

       (c)    A Participant may, in accordance with procedures established by
              the Committee, change his Subaccount investment elections daily
              regarding existing Account balances and future contributions. Any
              reallocations of existing Account balances must be made in whole
              percentage increments. If an election is received by the close of
              the New York Stock Exchange on a business day, it will be
              effective as of the next business day. Any reallocations of
              existing Account balances made under this Plan will simultaneously
              apply to any amounts the Participant may have deferred under
              either The Allstate Corporation Deferred Compensation Plan for
              Employee Agents or The Allstate Corporation Deferred Compensation
              Plan for Independent Contractor Exclusive Agents.

     4.4  VESTING

          A Participant shall be fully vested in his/her Account at all times,
          subject to Sections 3.3 and 8.2.

                                    ARTICLE V
                                    PAYMENTS
                                    --------

     5.1  EVENTS CAUSING ACCOUNTS TO BECOME DISTRIBUTABLE

       (a)    A Participant's Account shall become distributable upon
              notification to the Plan of the Participant's Separation from
              Service or, at the election of the Participant pursuant to Section
              5.4, in one of the first through fifth years after Separation from
              Service. In either event, the Participant may elect to receive
              payment in a lump sum or in annual installments as provided in
              Section 5.3.

       (b)    That portion of a Participant's Account determined to be necessary
              to alleviate a demonstrated Hardship shall become distributable
              upon the date of such determination, subject to Section 5.2, and
              such determination shall be subject to the suspension of deferrals
              in the

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              Plan by the Participant for the remainder of the Plan Year and for
              the next succeeding Plan Year.

       (c)    A Participant may make an irrevocable election prior to September
              1, 1999, to receive a distribution as of the first day of any Plan
              Year prior to Separation from Service, provided such date occurs
              subsequent to the Plan Year in which the Participant first
              participates in this Plan and at least three years after the date
              the Participant makes an election pursuant to this Section 5.1(d).
              In such case, that portion of the Participant's Account
              attributable to Compensation deferred, and accruals thereon, after
              the Committee receives such election shall become distributable on
              the date elected. Any balance in the Participant's Account
              remaining after any payment under this paragraph and any balance
              in the Account attributable to participation in the Plan in any
              year subsequent to the year in which a payout on such date certain
              occurs, shall become distributable to the Participant as provided
              in paragraphs (a), (b) or (d) of this Section.

       (d)    Effective September 1, 1999, a Participant may at any time
              irrevocably elect to receive distribution of his/her entire
              Account balance, subject to the forfeiture to the Company of 10%
              of such Account balance and subject to suspension of deferrals in
              the Plan by the Participant for the remainder of the Plan Year and
              for the next succeeding Plan Year ("Suspension Period"). Such
              election will cause any pending election of Incentive deferrals
              payable during the Suspension Period to be voided. The
              Participant's Account balance shall become distributable subject
              to Section 5.2 following the date of such election.

       (e)    In the event of a Participant's death prior to distribution of
              his/her entire Account balance, the remaining Account balance
              shall become distributable following the date on which all events
              have occurred which entitle the Beneficiary or Beneficiaries to
              payment.

     5.2  NOTICE OF ACCOUNT PAYMENT AND COMMENCEMENT OF DISTRIBUTION

          The Committee or its appointed representative shall notify a
          Participant or Beneficiary, as the case may be, as soon as practicable
          after the first day of the month next following the date on which the
          Account becomes distributable, that he/she is entitled to receive
          payment from an Account, the balance of which shall be computed as of
          the close of business on the last day of the month in which the
          Account becomes distributable. Distribution of Account balances shall
          commence as soon as practicable after the first day of the month next
          following the date on which the Account becomes distributable.

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     5.3  FORM OF PAYMENT

       (a)    Except as provided in paragraphs (c) and (d) of this Section 5.3
              and Article VIII hereof, payments of Account balances to a
              Participant shall be in the form of one lump sum payment or annual
              cash installment payments over a period of from 2 to 10 years, at
              the election of the Participant.

       (b)    The amount of each annual installment payable to a Participant who
              has elected to receive installment payments shall be as follows:
              The first annual installment payment shall, for a Participant who
              has elected to receive installment payments commencing upon
              his/her Separation from Service, be computed as of the close of
              business on the last day of the month in which the Account becomes
              distributable, and the amount of such payment shall equal his/her
              Account balance as of such date, divided by the number of
              installments including the one being paid. The first annual
              installment payment shall, for a Participant who has elected to
              receive installment payments commencing in one of the first
              through fifth years after Separation from Service, be computed as
              of the close of the first business day of the year preceding the
              year in which the Account balance becomes distributable, and the
              amount of such payment shall equal his/her Account balance as of
              such date, divided by the number of installments including the one
              being paid. Each subsequent installment payment shall be computed
              as of the close of the last business day of the year thereafter,
              and the amount of each subsequent payment shall equal his/her
              remaining Account balance, divided by the number of remaining
              installments including the one being paid. Interest accruals and
              other adjustments shall continue with respect to the entire unpaid
              Account balance, as provided in Section 4.3.

       (c)    In the event of a Participant's death prior to distribution of
              his/her entire Account balance, the remaining Account balance
              shall be paid in a lump-sum to the Participant's Beneficiary or
              Beneficiaries, as soon as practicable after the date on which the
              Account balance shall become distributable pursuant to Section
              5.1(e).

       (d)    Notwithstanding the provisions of paragraph (b) above, if the
              remaining unpaid Account balance is $5,000 or less on any date a
              payment is to be made to a Participant, the payment shall be the
              remaining unpaid Account balance.

     5.4  DISTRIBUTION ELECTION

       (a)    Each Participant shall elect his/her desired form of payment,

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              in accordance with procedures established by the Committee, at the
              time of his/her initial participation election set forth in
              Section 2.3.

       (b)    Except for distribution elections under Section 5.1(c) and (d),
              each Participant may from time to time revise the terms of
              distribution of the Participants Accounts, in accordance with the
              procedures established by the Committee, provided that (i) the
              revised notice of the desired form of payment shall be made by the
              Participant no less than twelve months prior to the date on which
              payment is to commence, but in any event no later than the day
              before the date of the Participant's Separation from Service and
              (ii) in any event, distribution of the Participant's Account shall
              not commence earlier than twelve months after the Participant's
              revised notice of the desired form of payment is made.

                                   ARTICLE VI
                                 ADMINISTRATION
                                 --------------

     6.1  GENERAL ADMINISTRATION; RIGHTS AND DUTIES

          The Board shall appoint the Committee, which, subject to the express
          limitations of the Plan, shall be charged with the general
          administration of the Plan on behalf of the Participants. The
          Committee shall also be responsible for carrying out its provisions,
          and shall have all powers necessary to accomplish those purposes,
          including, but not by way of limitation, the following:

          (a) To construe and interpret the Plan;

          (b) To compute the amount of benefits payable to Participants;

          (c) To authorize all disbursements by the Company of Account balances
              pursuant to the Plan;

          (d) To maintain all the necessary records for the administration of
              the Plan;

          (e) To make and publish rules for administration and interpretation of
              the Plan and the transaction of its business;

          (f) To make available to each Participant the current value of their
              Account ;

          (g) To delegate the administration of the Plan in accordance with its
              terms to officers or employees of the Company, of Allstate
              Insurance Company or of an independent consultant retained by the
              Committee who the Committee believes to be reliable and competent.
              The Committee may authorize officers or employees of the Company
              or of Allstate Insurance Company to whom it has delegated duties
              under the Plan to appoint other

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              persons to assist the delegate in administering the Plan; and

          (h) To refuse to accept the deferral of amounts the Committee or its
              delegate considers too small to be administratively feasible.

          The determination of the Committee as to any disputed question or
          controversy shall be conclusive.

                                   ARTICLE VII
                         PLAN AMENDMENTS AND TERMINATION
                         -------------------------------

     7.1  AMENDMENTS

          The Company shall have the right to amend this Plan from time to time
          by resolutions of the Board or by the Committee, and to amend or
          rescind any such amendments; provided, however, that no action under
          this Section 7.1 shall in any way reduce the amount of Compensation
          deferred or any accruals or other adjustments provided in section 4.3
          up to and including the end of the month in which such action is
          taken. Interest will continue to accrue as provided in Section 4.3.
          All amendments shall be in writing and shall be effective as provided
          subject to the limitations in this Section 7.1.

     7.2  TERMINATION OF PLAN

          Although the Company expects that this Plan will continue
          indefinitely, continuance of this Plan is not a contractual or other
          obligation of the Company, and the Company expressly reserves its
          right to discontinue this plan at any time by resolutions of the
          Board, effective as provided by the Board in such resolutions.
          However, no such action shall in any way reduce the amount of
          Compensation deferred or any accruals thereon, up to and including the
          end of the month in which such action is taken. Accruals to Accounts
          shall continue until distribution as provided in Section 4.3.

                                  ARTICLE VIII
                                  MISCELLANEOUS
                                  -------------

     8.1  NOTIFICATION TO COMMITTEE

          Any election made or notification given by a Participant pursuant to
          this Plan shall be made in accordance with procedures established by
          the Committee or its designated representative, and shall be deemed to
          have been made or given on the date received by the Committee or such
          representative.

     8.2  PARTICIPANT'S EMPLOYMENT

          Participation in this Plan shall not give any Participant the right to
          be retained in the employ of the Company, Allstate Insurance Company
          of any member of the Controlled Group, or any right or interest other
          than as

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          herein provided. No Participant or Employee shall have any right to
          any payment or benefit hereunder except to the extent provided in this
          Plan. The members of the Controlled Group expressly reserve the right
          to dismiss any Participant without any liability for any claim against
          them, except to the extent expressly provided herein.

     8.3  STATUS OF PARTICIPANTS

          This Plan shall create only a contractual obligation on the part of
          the Company and shall not be construed as creating a trust or other
          fiduciary relationship with Participants. Participants will have only
          the rights of general unsecured creditors of the Company with respect
          to Compensation deferred and interest credited to their Accounts.

     8.4  OTHER PLANS

          This Plan shall not affect the right of any Employee or Participant to
          participate in and receive benefits under and in accordance with the
          provisions of any other Company plans which are now or may hereafter
          be in existence.

     8.5  BENEFICIARIES AND CONTINGENT BENEFICIARIES

       (a)    Each Participant shall, in accordance with procedures established
              by the Committee, designate one or more persons or entities
              (including a trust or trusts or his/her estate) to receive any
              balance in his/her Account, including accruals thereon, payable to
              him/her under this Plan in the event of his/her death prior to
              full payment thereof. The Participant may also designate a person
              or persons as a Contingent Beneficiary who shall succeed to the
              rights of the person or persons originally designated as
              Beneficiary, in case the latter should die. He/she may from time
              to time change any designation of Beneficiary or Contingent
              Beneficiary so made, by submitting a new designation in accordance
              with procedures established by the Committee. For purposes of this
              Plan, any valid Beneficiary or Contingent Beneficiary designation
              (or any change to such designation) made under this Plan, The
              Allstate Corporation Deferred Compensation Plan for Employee
              Agents or The Allstate Corporation Deferred Compensation Plan for
              Independent Contractor Exclusive Agents (collectively, the
              "Allstate Plans") shall be considered valid and applicable to
              amounts deferred under the Allstate Plans in the aggregate. The
              last valid designation made by a Participant under any of the
              Allstate Plans, in accordance with procedures established by the
              Committee, shall be controlling.

              In the event a Participant designates a person other than his/her
              spouse as Beneficiary of any interests under this Plan, the

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              Participant's spouse shall sign a notarized statement
              specifically approving such designation and authorizing the
              Committee to make payment of such interests in the manner provided
              in such designation.

       (b)    In the absence of such designation by the Participant, or in the
              absence of spousal approval and authorization as herein above
              provided, or in the event of the death, prior to or simultaneous
              with the death of the Participant, of all Beneficiaries or
              Contingent Beneficiaries, as the case may be, to whom payments
              were to be made pursuant to a designation by the Participant, such
              payments or any balance thereof shall be paid to the Participant's
              spouse or, if there is no surviving spouse, to the Participant's
              descendants, including adopted children (distributed in equal
              shares) or, if there are no surviving descendants, to the
              Participant's parents (distributed in equal shares) or, if there
              are no surviving parents, to the Participant's sisters and
              brothers (distributed in equal shares) or, if there are none, to
              the estate of the Participant.

       (c)    In the event of the death, subsequent to the death of the
              Participant, of a Beneficiary or Contingent Beneficiary, as the
              case may be, to whom such payments were to be made or were being
              made pursuant to a designation under this section, such payments
              or any balance thereof shall be paid to the estate of such
              Beneficiary or Contingent Beneficiary.

     8.6  TAXES AND OTHER CHARGES

          To the extent permitted by law, if the whole or any part of a
          Participant's Account shall become the subject of any estate,
          inheritance, income or other tax or other charge which the Company
          shall legally be required to withhold and/or pay, the Company shall
          have full power and authority to pay such tax or other charge out of
          any monies or other property in its hands and charge such amounts paid
          against the Account of the Participant whose interest hereunder is
          subject to such tax or other charge. Prior to making any such payment,
          the Company may require such releases or other documents from any
          lawful authority as the Company shall deem necessary.

     8.7  BENEFITS NOT ASSIGNABLE; OBLIGATIONS BINDING UPON SUCCESSORS

          Benefits under this Plan and rights to receive the amounts credited to
          the Account of a Participant shall not be assignable or transferable
          and any purported transfer, assignment, pledge or other encumbrance or
          attachment of any payments or benefits under this Plan shall not be
          permitted or recognized. Obligations of the Company under this Plan
          shall be binding upon successors of the Company.

     8.8  ILLINOIS LAW GOVERNS; SAVING CLAUSE

                                       13
<Page>

          The validity of this Plan or any of its provisions shall be construed
          and governed in all respects under and by the laws of the State of
          Illinois. If any provisions of this Plan shall be held by a court of
          competent jurisdiction to be invalid or unenforceable, the remaining
          provisions hereof shall continue to be fully effective.

     8.9  HEADINGS NOT PART OF PLAN

          Headings and subheadings in this Plan are inserted for reference only,
          and are not to be considered in the construction of the provisions
          hereof.

     ----------
     1 STANDARD & POOR'S (R), S&P(R), S&P 500 INDEX and STANDARD & POOR'S 500
     INDEX are trademarks of Standard & Poor's Corporation (S&P) and have been
     licensed for use by State Street Bank and Trust Company. The product is not
     sponsored, endorsed, listed, sold or promoted by S&P, and S&P makes no
     representation regarding the advisability of investing in this product.

                                       14<Page>

                                                                   EXHIBIT 10.21

                             RETIREMENT BENEFITS OF
                EDWARD M. LIDDY, JOHN L. CARL, AND CASEY J. SYLLA

     Mr. Liddy, Mr. Carl and Mr. Sylla each will receive a pension enhancement
payable from a nonqualified pension plan upon termination, retirement, death or
change of control. Mr. Liddy will receive an enhanced pension benefit that
assumes an additional five years of age and service under the pension formula of
Allstate's qualified pension plan through age 61. At age 62 and after, the
enhancement is based on the maximum credited service under the pension formula.
Mr. Carl and Mr. Sylla will receive an enhanced pension benefit based on the
addition of five years of age and service if each retires from Allstate on or
after age 60 and 63, respectively. All of these enhancements are payable upon
death and are considered to be supplemental retirement plans in the event of a
change of control.

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