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Exhibit 99.5
                                    AGREEMENT

     This Agreement dated as of 27th day of June , 1997 between AmerUs Life
Holdings, Inc., an Iowa Corporation ("AmerUs") and Victor N. Daley, Senior Vice
President - Human Resources of AmerUs and certain of its affiliates ("Mr.
Daley") hereby confirms and formalizes certain understandings between Mr. Daley
and AmerUs which were agreed to by Mr. Daley and AmerUs at the time Mr. Daley
agreed to undertake his duties on behalf of AmerUs and its affiliates and
predecessors. 

     IN CONSIDERATION of Mr. Daley's agreement to accept the aforementioned
position with AmerUs and the continuing performance of those duties and in
consideration of the premises and covenants made hereunder, AmerUs and Mr. Daley
agree as follows.

     1. Beginning August 31, 2008, AmerUs agrees to pay to Mr. Daley, or his
spouse in the event that Mr. Daley should predecease her, a monthly amount equal
to the Retirement Amount as calculated below. These amounts should be payable
monthly on the last day of each month beginning August 31, 2008, until the later
of the death of Mr. Daley or his spouse.

     2. The "Retirement Amount" means the amount calculated by (A) multiplying
 .2693% by the number of months that Mr. Daley has been and is employed on a full
time basis by AmerUs and its predecessor companies, (B) multiplying such amount
by his average monthly income as derived from his Pensionable Earnings, as
defined in Article I Subsection (17) of the All AmerUs Savings and Retirement
Plan (without regard to the last sentence in such Subsection (17)), but
excluding stock options, stock grants or similar compensation payments from
AmerUs and its predecessor companies, and (C) taking that amount and subtracting
the "Monthly Base Amount". The Monthly Base Amount is an amount calculated by
(i) taking 2% of Mr. Daley's



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Pensionable Earnings (as defined above) for each month that he is employed,
plus the entire amount of AmerUs' core and interim benefit supplement
contributions to his accounts in the AlliAmerUs Savings and Retirement Plan and
the AlliAmerUs Supplemental Executive Retirement Plan (together the "Plans");
(ii) crediting such amounts with an 8% per annum compound interest rate; and
(iii) taking the aggregate of those amounts as of August 8, 2008 and determining
the monthly amount that would be payable under a net single premium life annuity
purchased on that date, with an initial payment on August 31, 2008, utilizing
the method of determining assumptions present in the 1/1/96 American Mutual Life
Insurance Pension Plan.

     3. This Agreement does not constitute an agreement of employment or the
promise to employ Mr. Daley for any specified period of time. It continues to be
the understanding between AmerUs and Mr. Daley that Mr. Daley is and will
continue to be an employee at will.

     4. This Agreement may not be amended or modified in any way except in a
writing signed by both parties.

     5. This Agreement shall be binding upon and inure to the benefit of the
respective successors and assigns of the parties.


     6. AmerUs and Mr. Daley designate the AmerUs Benefit and Pension Committee,
as appointed by the Board of Directors, to administer and interpret this
Agreement with all necessary discretion. The determinations of the AmerUs
Benefit and Pension Committee shall be binding on the parties hereto.



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     7. This Agreement constitutes the entire agreement of the parties with
respect to the subject matter hereof and supersedes all prior agreements and
understandings, written and oral, among the parties with respect to the subject
matter hereof.

     Executed as of the 27th day of June, 1997.

                                                 AmerUs Life Holdings, Inc.

6/30/97                                          By /s/ Roger K. Brooks    
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Date


6/27/97                                             /s/ Victor N. Daley
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Date                                               Victor N. Daley