<PAGE>
                                                                  Exhibit 10.15

                    AMENDMENT dated as of October 30, 1998 (this "Amendment"), 
               to the Credit Agreement dated as of June 24, 1997, as amended by 
               the Release and Amendment dated as of December 15, 1997, the 
               Amendment dated as of April 20, 1998 and the Amendment dated 
               as of October 23, 1998 (the "Credit Agreement"), among ARM 
               FINANCIAL GROUP INC., a Deleware corporation (the Borrower"), 
               the financial institutions from time to time party thereto 
               (the "Lenders") and THE CHASE MANHATTAN BANK, a New York 
               banking corporation, as agent for the Lenders (in such 
               capacity, the "Agent").

          WHEREAS the Borrower has requested that the Lenders amend certain 
provisions of the Credit Agreement as set forth herein;

          
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                                                                             2

     long as no Default or Event has occurred and is continuing or would 
     occur after giving effect thereto, (i) the Borrower may declare and pay 
     dividends with respect to the Preferred Stock as provided in the 
     Certificate of Designation, (ii) the Borrower may declare and pay in 
     cash dividends on, and may make redemptions and repurchases of, any of 
     its capital stock other than the Preferred Stock so long as the amounts 
     paid in any fiscal year in connection with such dividends, redemptions 
     and repurchases do not exceed the greater of (A) one-third of the 
     Borrower's Net Income in respect of the immediately preceding fiscal 
     year and (B) $3,000,000, and (iii) the Borrower may redeem its 
     outstanding 9.50% Cumulative Perpetual Preferred Stock, $25.00 stated 
     value per share, on or about December 15, 1998, with proceeds of the 
     issuance and sale of its Preferred Stock; and (C) the Borrower may 
     directly or indirectly redeem, purchase, retire or otherwise acquire 
     for any value any shares of its Class A Common Stock in accordance with 
     the terms of the Stock Option plan.

          SECTION 2.   REPRESENTATIONS AND WARRANTIES. The Borrower hereby 
represents and warrants to each Lender, on and as of the date hereof, and 
after giving effect to this Amendment, that;

          (a)   the representations and warranties set forth in Article III 
     of the Credit Agreement are true and correct in all material respects on 
     and as of the date hereof, except to the extent such representations and 
     warranties relate to an earlier date; and

          (b)   no Event of Default or Default has occurred and is continuing.

          SECTION 3.   EFFECTIVENESS. The amendments to the Credit Agreement 
set forth in Section 1 shall become effective only upon receipt by the Agent 
of duly executed counterparts hereof which, when taken together, bear the 
authorized signatures of the Borrower and the Required Lenders.

          SECTION 4.   GOVERNING LAW. THIS AMENDMENT SHALL BE CONSTRUED IN 
ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW YORK.

          SECTION 5.   COUNTERPARTS. This Amendment may be executed in any 
number of counterparts, each of which shall be an original but all of which, 
when taken together, shall constitute but one instrument. Delivery of an 
executed counterpart of a signature page of this Amendment by facsimile 
transmission shall be as effective as delivery of a manually executed 
counterpart of this Amendment.

          SECTION 6.   EXPENSES. The Borrower agrees to pay all expenses 
incurred by the Agent in connection with the preparation, execution and 
delivery of this Amendment, including the fees, charges and disbursements of 
counsel.


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                                                                             3

          SECTION 7.   HEADINGS.   Section headings used herein are for 
convenience of reference only, are not part of this Amendment and are not to 
affect the construction of, or to be taken into consideration in 
interpreting, this Amendment.

          SECTION 8.   EFFECT OF THIS AMENDMENT GENERALLY.   Except as 
expressly set forth herein, this Amendment shall not by implication or 
otherwise limit, impair, constitute a waiver of, or otherwise affect the 
rights and remedies of the Lenders under the Credit Agreement or any other 
Loan Document, and shall not alter, modify, amend or in any way affect any of 
the terms, conditions, obligations, covenants or agreements contained in the 
Credit Agreement or any other Loan Document, all of which are ratified and 
affirmed in all respects and shall continue in full force and effect. Nothing 
herein shall be deemed to entitle the Borrower to a consent to, or a waiver, 
amendment, modification or other change of, any of the terms, conditions, 
obligations, covenants or agreements contained in the Credit Agreement or any 
other Loan Document in similar or different circumstances. This Amendment 
shall apply and be effective only with respect to the provisions of the 
Credit Agreement specifically referred to herein.

          IN WITNESS WHEREOF, the parties hereto have caused this Amendment 
to be duly executed by their respective authorized officers as of the day and 
year first above written.


                                             ARM FINANCIAL GROUP, INC.

                                             by /s/ Peter S. Resnik
                                               --------------------
                                               Name:  Peter S. Resnik
                                               Title: Treasurer

                                             by /s/ Edward L. Zeman
                                               --------------------
                                               Name:  Edward L. Zeman
                                               Title: CFO


                                             THE CHASE MANHATTAN BANK,
                                             individually, as Administrative
                                             agent,

                                             by /s/ Peter F. Plattin
                                                -------------------------------
                                                Name:  Peter F. Plattin
                                                Title: Vice President

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                                                                            4


                                             BANK OF TOKYO-MITSUBISHI TRUST
                                             COMPANY,

                                             by /s/ J. Beckwith
                                                ---------------
                                                Name:  J. BECKWITH
                                                Title: Vice President


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                                                                            4


                                             DEUTSCHE BANK AG, NEW YORK
                                             AND/OR CAYMAN ISLAND BRANCHES,

                                             by /s/ John S. McGill
                                                ------------------
                                                Name:  John S. McGill
                                                Title: Vice President

                                             by /s/ Eckhard Osenberg
                                                --------------------
                                                Name:  Eckhard Osenberg
                                                Title: Vice President



                                             DRESDNER BANK AG, NEW YORK
                                             BRANCH AND GRAND CAYMAN BRANCH,

                                             by /s/ Robert P. Donohue
                                                ---------------------
                                                Name:  ROBERT P. DONOHUE
                                                Title: VICE PRESIDENT

                                             by /s/ Lloyd C. Stevens
                                                --------------------
                                                Name:  LLOYD C. STEVENS
                                                Title: Vice President



                                             THE FIRST NATIONAL BANK OF
                                             CHICAGO,

                                             by /s/ [Illegible]
                                                ------------------------------
                                                Name:  [Illegible]
                                                Title: Corporate Banking 
                                                       Officer 



                                             FIRST UNION NATIONAL BANK,

                                             by /s/ T. L. Stitchberry
                                               ----------------------
                                               Name:  T. L. Stitchberry
                                               Title: SVP

<PAGE>

                                                                            5


                                             PNC BANK, N.A.

                                             by /s/ Ralph M. Bowman
                                                -------------------
                                                Name:  Ralph M. Bowman
                                                Title: Vice President

                                             SUNTRUST BANK, CENTRAL FLORIDA,
                                             NATIONAL ASSOCIATION,

                                             by
                                               -------------------------------
                                               Name:
                                               Title: