EXHIBIT 10.4


[LOGO] AEGON
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                                    GUARANTEE

By: AEGON N.V. (the "Guarantor")

Whereas:

A.                As part of its CDN 500,000,000 commercial paper program (the
"Program") Transamerica Commercial Finance Corporation, Canada (the "Issuer")
proposes, from time to time, to issue Notes.

B.                The Notes will be issued pursuant to an issuing and paying
agency agreement made as of April 30, 1989 as amended by a letter agreement
dated October 1, 1998 between, the Issuer, Transamerica Finance Group, Inc. (nka
Transamerica Finance Corporation) and Canadian Imperial Bank of Commerce in its
capacity as agent (as the same may be replaced from time to time, the "Issuing
and Paying Agent") (as such agreement may be further amended, supplemented,
replaced or otherwise modified from time to time, the "Issuing and Paying Agency
Agreement").

C.                The Notes will be sold pursuant to one or more dealer
agreements entered into from time to time between the Issuer and the dealers
named therein including without limitation, the dealer agreement dated May 31,
1989 between the Issuer and the dealers named in it (collectively, as such
agreements may be amended, supplemented, replaced or otherwise modified from
time to time, the "Dealer Agreements").

D.                AEGON has agreed to guarantee unconditionally and irrevocably
all payments of principal, premium (if any) and interest (if any) due in respect
of the Notes issued during the term of this Guarantee as set forth above and
issued as part of the Program (the "Notes") by the Issuer pursuant to the
Issuing and Paying Agency Agreement.

Now this Guarantee witnesses and it is hereby declared as follows:

                   AEGON N.V., a corporation duly incorporated under the laws of
The Netherlands, hereby unconditionally and irrevocably guarantees to CDS & Co.,
as nominee of the Canadian Depository for Securities Limited, or to its
registered assigns (in such capacity together with its registered assigns,
"CDS") for the benefit of CDS and each holder (a "Holder") of a Note issued by
the Issuer, a wholly-owned subsidiary of the Guarantor, and evidenced by one or
more global notes deposited with CDS (the "Global Notes"), the prompt and
punctual payment (and not merely the collection) of all obligations represented
by the Global Notes, when and as the same shall become due and payable, without
any requirement that CDS, the Holder or the Issuing and Paying Agent first
proceed against the Issuer. All payments to be made under this Guarantee in
respect of the Global Notes shall be payable to CDS. This Guarantee shall also
cover all charges and expenses related to the Notes and all expenses incurred by
either CDS or the Holder in enforcing its rights under this Guarantee.


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                  The liability of the Guarantor under this Guarantee shall be
unconditional and irrevocable for the duration of this Guarantee, as hereinafter
set forth, irrespective of (i) any lack of validity or enforceability of any
Global Note or any Note, (ii) any change of the time, manner or place or
payment, or any other term, of any Global Note or any Note, (iii) any law,
regulation or order of any jurisdiction affecting any term of any Global Note or
any Note or CDS's or any Holder's rights with respect thereto, and (iv) any
other circumstances which might otherwise constitute a defence available to, or
a discharge of, the Issuer or the Guarantor.

                   The Guarantee shall extend to all Notes issued by the Issuer
for the period from August 1, 2000 until June 30, 2003 (the "Duration"). The
Guarantee shall continue in full force and effect until all principal, premium
and interest (including any additional amounts required to be paid in accordance
with the Notes) and all other monies payable in respect of each Note issued by
the Issuer during the Duration of this Guarantee have been paid. The Guarantee
may be renewed, in Guarantor's sole discretion, for a specified duration in
order to continue to serve in full force and effect for Notes issued by the
Issuer after the Duration of this Guarantee. Renewal of the Guarantee will
require an amendment to this Guarantee to be issued by the Guarantor on or
before June 15, 2003. In the event that the Issuer is no longer an affiliated
company of Guarantor, this Guarantee shall automatically terminate and be of no
force or effect with respect to all Notes issued subsequent to such event. Any
such termination of this Guarantee shall not affect the rights of any holders of
Notes issued during the Duration while the Issuer was an affiliated company of
Guarantor.

                  This Guarantee is unsecured and unsubordinated and ranks pari
passu with all unsecured and unsubordinated indebtedness of the Guarantor other
than obligations that by mandatory operation of law would be given priority in a
dissolution of the Guarantor.

                    The Guarantor hereby waives (i) demand, notice and
presentment, promptness, diligence, notice of acceptance and all other notice,
marshalling of assets and set-off, together with any defence by reason of
extension of time for payment or other indulgence granted by the Issuing and
Paying Agent, CDS or any Holder, or any other defence or matter whatsoever which
would otherwise release the Guarantor, and (ii) any requirement that the Issuing
and Paying Agent, CDS or any Holder exhaust any right or take any action against
the Issuer or any collateral security before proceeding against the Guarantor.
The Guarantor will not exercise any rights which it may acquire by way of
subrogation or by any indemnity, reimbursement or other agreement until all
outstanding Notes and all of the obligations under this Guarantee shall have
been paid in full. The Guarantor agrees that, if at any time all or any part of
any payment under this Guarantee is or must be rescinded or returned by CDS, the
Holder or the Issuing and Paying Agent for any reason whatsoever (including,
without limitation, the insolvency, bankruptcy or reorganization of the Issuer
or the Guarantor), then such amount shall, for purposes of this Guarantee, to
the extent that such payment is or must be rescinded or returned, be deemed to
have continued to be outstanding, notwithstanding such payment hereunder to CDS,
the Holder or the Issuing and Paying Agent, as the case may be, and this
Guarantee shall continue to be effective or be reinstated, as the case may be,
as to such amount, all as though such application has not been made.


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                                      -3-

                    Any payments to CDS or the Issuing and Paying Agent or to
any Holder (each Dealer and Holder is hereinafter referred to in this paragraph
as a "Payee") from time to time with respect to this Guarantee shall be in
Canadian dollars and shall be payable free and clear of and without deduction or
withholding for, or on account of, any and all present or future taxes, duties,
assessments, levies and other governmental charges of any nature whatsoever no
or hereafter imposed, levied, collected, withheld or assessed in The Netherlands
or in any other jurisdiction from which such payments are made or any territory
or political subdivision thereof, unless such deduction or withholding is
required by law ("Foreign Taxes"). If by operation of law or otherwise, Foreign
Taxes are required to be deducted or withheld from any amounts payable to a
Payee, the Guarantor agrees to pay such additional amounts to each Payee (the
"Additional Amounts") as may be necessary to ensure that the net amount actually
received by the Payee, after deduction of any Foreign Taxes imposed with respect
to the payment of such Additional Amounts, shall equal the amount the Payee
would have received if no Foreign Taxes had been deducted or withheld from such
payment; provided, however, that no Additional Amounts shall be so payable for
or on account of: (i) any Foreign Taxes which would not have been imposed but
for the fact that any Payee: (A) had a present or former personal or business
connection with The Netherlands or any other jurisdiction from which payments
are made, or any territory or political subdivision thereof (a "Foreign
Jurisdiction") other than the mere ownership of, or receipt of payment under,
the Notes; (B) presented such Notes for payment in any Foreign Jurisdiction
unless such Notes could not have been presented for payment elsewhere;
(C) presented a Note for payment more than fifteen (15) days after the date on
which such payment became due and payable or the date on which payment thereof
is duly provided for, whichever occurs later; or (D) did not provide to the
Issuer correct or sufficient information to avoid any withholding of taxes;
(ii) any estate, inheritance, gift, sale, transfer, personal property or similar
tax, assessment or other governmental charge; or (iii) any Foreign Taxes which
are payable otherwise than by withholding or deduction.

                    To the extent that the Guarantor or any of its respective
properties, assets or revenues may have or may hereafter become entitled to, or
have attributed to it, any right of immunity, on the grounds of sovereignty or
other similar grounds, from any legal action, suit or proceeding in connection
with or arising out of this Guarantee, from the giving of any relief hereunder,
from set-off or counterclaim, from the jurisdiction of any court, from service
of process, from attachment upon or prior to judgement, from attachment in aid
of execution of judgement, or from execution of judgement or other legal process
or proceeding for the giving of any relief or for the enforcement of any
judgement, in any jurisdiction in which any proceeding may at any time be
commenced, with respect to its obligations, liabilities or any other matter
under or arising out of or in connection with this Guarantee, the Guarantor
hereby irrevocably and unconditionally waives, and agrees for the benefit of CDS
and each Holder from time to time of a Note, not to plead or claim any such
immunity, and consents to such relief and enforcement.

                  This Guarantee shall be governed by and construed in
accordance with the laws of the State of New York without regard to conflicts of
law provisions, except with respect to authorization and execution by or on
behalf of the Guarantor which are required to be governed by the laws of The
Netherlands. The Guarantor agrees that any legal action suit or proceeding


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against it arising out of or related to this Guarantee may be brought in the
United States federal courts located in the Borough of Manhattan or the courts
of the State of New York located in the Borough of Manhattan and hereby
irrevocably accepts and submits to the non-exclusive jurisdiction of the
aforementioned courts, in personam, generally and unconditionally, with respect
to any suit, action or proceeding in connection with or arising out of this
Guarantee for itself and its respective properties, assets and revenues. The
Guarantor agrees that a final unappealable judgement in any action or proceeding
arising out of or relating to this Guarantee shall be conclusive and may be
enforced in any other jurisdiction otherwise having jurisdiction over the
Guarantor by suit on the judgement or in any other manner provided by law.

                   The Guarantor, hereby consents to accept service of process
at the offices of LeBouef, Lamb, Greene & MacRae Attention Donald Henderson,
located at 125 West 55th Street, New York, New York 10019 and acknowledges that
process may be served in any suit or proceeding instituted in any Federal or
State court located in the Borough of Manhattan arising out of or relating to
this Guarantee, in accordance with legal procedures prescribed for such courts,
provided that in the case of such service of process upon the process agent, the
party effecting the service shall also deliver a copy thereof to Guarantor via
overnight courier service to the attention of Group Treasury at AEGON NV,
AEGONplein 50, 2591 TV, The Hague, The Netherlands. Nothing herein shall in any
way be deemed to limit the ability of CDS, the Issuing and Paying Agent or the
Holder to serve any such legal process, summons, notices and documents in any
other manner permitted by applicable law or to obtain jurisdiction over the
Guarantor or bring actions, suits or proceedings against the Guarantor in such
other jurisdictions, and in such manner, as may be permitted by applicable law.

                                         The Hague, December 13, 2002 AEGON N.V.


                                         By: /s/ J.B.M. Streppel
                                             -------------------
                                         Name: J.B.M. Streppel
                                         Title: Member Executive Board