EMPLOYMENT AGREEMENT

DONNA J. RUBERTONE

AGREEMENT  made  this  8th  day of  April,  1996,  between  AMVESTORS  FINANCIAL
CORPORATION ("AMV") and DONNA J. RUBERTONE (the "Employee"). In consideration of
their mutual promises, the parties agree as follows:
            1.    Term.
                    Unless  terminated  earlier,  as provided below, the term of
this Agreement  shall begin on April 8, 1996, and end with the close of business
on April 7, 1999.  However,  if AMV or Financial  Benefit Life Insurance Company
("FBL")  wishes to terminate  this  Agreement,  it may do so upon the  severance
payment to Employee of one additional full year's salary plus a sum equal to the
bonus  payments made by AMV or FBL to Employee  during the previous  twelve (12)
months.  It is further  provided,  however,  that if  termination is done in the
third  contract  year,  the salary  severance  payment shall be pro-rated to the
remaining  unserved part of the third year and the severance bonus payment shall
not be pro-rated.
            2.    Employment.
                    AMV agrees to have FBL employ  Employee as President of FBL,
Annuity International Marketing Corporation and The Insurancemart, Inc.
                    a.Employee, in addition, shall serve as the President of any
subsidiary  corporation of AMV that the Board of Directors of AMV may reasonably
request.
                    b.The place of  employment  and any service shall be only in
Boca Raton, Florida or its immediate vicinity, unless Employee agrees otherwise.
                    c.During the period of  employment,  Employee shall dedicate
her full working time to the business and affairs of FBL and its affiliates.
                    d.Nature of Duties.
                        Employee shall only be required to perform executive
duties customarily incidental to the occupational titles and stations she
holds.
            3.    Compensation.
                    a.Current Salary.
                        AMV agrees to authorize FBL to pay Employee for her
services a current salary of $175,000 per year,
subject  to  increases  as  determined  by  the  Board,  and,  subject  to  such
withholding  of taxes and other  amounts as may be required  by law,  payable in
equal periodic installments in accordance with FBL policy.
                    b.Bonus Compensation.
                        In addition, Employee shall be entitled to
participate in the Incentive Compensation Plan and Bonus
Compensation Agreements as the Board of Directors, in its discretion, shall
determine.  The additional compensation mentioned in the previous sentence may
 be characterized as "Bonus Compensation" for purposes of this Agreement.
                    c.Stock Options.
                        At the inception of this Agreement, Employee shall be
granted 50,000 stock options under AMV's 1989  Non-qualified  Stock Option Plan,
exercisable at the market price at time of issue.
            4.    Fringe Benefits.
                    Employee  shall be entitled to participate in all group life
and group health insurance  programs and all other fringe  benefits,  retirement
plans, stock option plans, or otherwise,  that AMV may, in its sole and absolute
discretion, elect to make available to employees of FBL.
            5.    Expenses.
                    AMV  agrees  to allow  FBL to  reimburse  the  Employee  for
reasonable  and  necessary  expenses  incurred  by  her  on  FBL's  business  in
accordance with Company guidelines.
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            6.    Illness or Disability.
                    In the event of the  illness,  accident or other  disability
(mental or  physical)  of the Employee  during the period of  employment,  which
necessitates her absence,  the  compensation  payable to her pursuant to Section
3(a) shall nonetheless  continue for a perio d of up to six (6) months following
such illness,  accident or disability, in any event no later than the expiration
of this Agreement.
            7.    Payment upon Expiration by Death or Expiration of Term.
                    Upon the death of Employee  during the period of employment,
or the  expiration  of the  original  term as  provided in this  Agreement,  the
obligation  of AMV or FBL to make  payments  under this  Agreement  shall cease,
except to the extent that  Employee or her Ex ecutors,  Administrators  or other
legal  representatives,  or the  Beneficiary,  shall be entitled to receive,  as
applicable:
                        (1)  Employee's current compensation due and unpaid,
adjusted to the date of death or contractual
expiration; and
                        (2)  An amount equal to any annual Bonus Compensation
payable under the Incentive Compensation Plan
prorated for the applicable period.
                        (3)  Repayment of any authorized and reasonable
expense sums advanced by the Employee.
            8.    Termination of Employment.
                    Notwithstanding the above,  Employee's employment may, prior
to expiration, be terminated "for cause" which shall mean:
                    a.Conviction  of  a  felony  involving  moral  turpitude  or
conviction of any crime involving fraud or embezzlement,  which conviction shall
become a final determination.
                    b.Material  breach of this Agreement where such breach shall
not be  remedied  within  thirty  (30) days after a written  notice to  Employee
specifying  the  cause,  which  notice  shall  be  specifically  and  previously
authorized by vote of two-thirds of the full Board of Directors of AMV or FBL as
applicable at a duly assembled meeting of the Board. Any termination due to this
Section 8(b) shall relate back to the date of such notice.
                    c.The gross negligence or willful misconduct of Employee in
the performance of her duties hereunder.
            9.    Non-Competition and Confidential Information.
                    Employee  agrees that during the employment  period she will
not directly or indirectly,  either  individually or as owner,  partner,  agent,
employee,  consultant or  otherwise,  except for the account of and on behalf of
AMV or its affiliates,  engage in any activity  competitive with the business of
AMV or  its  affiliates,  nor  will  she  be,  in  competition  with  AMV or its
affiliates,  solicit or otherwise attempt to establish any business relationship
with  any  person,  firm or  corporation  which  was,  at any  time  during  the
employment  period,  a customer or supplier of AMV or its  affiliates.  However,
nothing in this Section 2 shall be  construed to prevent her from owning,  as an
investment,  up to one percent (1%) of a class of equity  securities issued by a
competitor  of  Companies  or  their  affiliates  that is  publicly  traded  and
registered under Section 12 of the Securities Exchange Act of 1934.
                    Employee will not disclose any  confidential  information of
AMV or its  affiliates  which is now known to her or which  hereafter may become
known  to her as a  result  of her  employment  or  association  with AMV or its
affiliates  and shall not at any time directly or  indirectly  disclose any such
information to any person, firm or corporation, or use the same in any way other
than in connection  with the business of AMV and its affiliates and at all times
after the expiration of the employment period.
    10.Prior Agreement.
                    All prior employment agreements of Employee with
Financial Benefit Group, Inc. and its affiliates and all rights thereunder
are terminated upon the effectiveness of this Agreement.
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    11.Notices.
                    Any notice or any other communications required or permitted
to be given under this Agreement shall be in writing and mailed  certified mail,
return receipt requested by U.S. Mail, or sent by Federal Express, or personally
delivered, against receipt of the party receiving such notice.
    12.Assignability.
                    This  Agreement  shall not be assignable by AMV or Employee.
In the event  there is a merger  or  consolidation  involving  AMV,  the  entity
resulting  from  the  merger  or  consolidation,  shall  be  liable  under  this
Agreement,  and her full compensation shall be payable for the remaining term of
her  Agreement if she is not given a position and duties  commensurate  to those
duties described in Article 2(d).
    13.Mitigation.
                    If AMV in any way breaches this Agreement, or fails to cause
its subsidiaries or affiliates, or their Board of Directors to adhere to all the
terms above set forth in this Agreement,  Employee shall be entitled to the full
money payments as and when set forth and payable under this Agreement.  Employee
shall be under no duty whatsoever to mitigate damages on AMV's breach.
           14.    Further Agreement.
                    It is  understood  and agreed  that the Bylaws of  Financial
Benefit  Life will be changed so that the  President  is not  automatically  the
Chief  Executive  Officer.  Therefore,  the  officer  positions  covered by this
contract do not include that of Chief  Executive  Officer of any AMV affiliates.
IN WITNESS WHEREOF, the parties hereto execute this Agreement as of this 8th day
of April, 1996.



AMVESTORS FINANCIAL CORPORATION




By:____________________________
                              Title:_________________________




-------------------------------


Donna J. Rubertone
 FBG\DJRAGREE
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