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                                                                   EXHIBIT 10.34


[HOME LOAN BANK LOGO]

                          OPEN LINE OF CREDIT PROGRAM

The Bank's Open Line of Credit (OLOC) program is a highly convenient, flexible,
and inexpensive means of meeting your short-term funding needs. Upon approval,
you will receive a commitment for an amount up to fifteen percent of assets at
the time of application. The commitment term will be one year from the date
approved by the Bank. A fee of five basis points, or $500 per one million
commitment, will be charged on the date of approval. This fee will be a direct
charge to your demand account and is non-refundable.

The Open Line of Credit program uses the variable-rate advance which is an
excellent source for funding your liquidity needs. You may draw down or repay
funds at any time. The variable-rate advances is-indexed to the Bank's daily
investment return and is priced at the end of each business day. Interest is
charged to your demand account daily.

Upon the Bank's approval of your Open Line of Credit application, funds are
available by telephone request to those individuals listed on your Advances
Signature Card. No additional paperwork is necessary. HOWEVER, IF YOU CHOOSE TO
AUTHORIZE ADDITIONAL PERSONNEL ACCESS TO THE OPEN LINE OF CREDIT, THE ATTACHED
AUTHORIZATION LETTER MUST BE COMPLETED AND RETURNED TO THE BANK.


              OPEN LINE OF CREDIT APPLICATION AND TERMS AGREEMENT

APPLICATION

AmerUs Life Insurance Company ("Member") hereby applies to the Federal Home
Loan Bank of Des Moines ("Bank") for an Open Line of Credit commitment
beginning on the date of approval and ending one year from the date of
approval, ("Ending Date") in the amount of $25,000,000.00.

TERMS

1.   Member, through its authorized representative, may request funds by 
     telephone advice up to the approved Open Line of Credit limit. Funds will 
     be available upon advice.

2.   The interest rate on advances funded under the Open Line of Credit will be
     set and charged daily on the outstanding advance amount. The interest
     amount will be deducted daily by the Bank from the member's demand account.

3.   Advances funded under the Open Line of Credit will be available after the
     approval date and will mature on the Ending Date.

4.   Member represents and warrants that the Open Line of Credit amount
     requested does not exceed 15% of assets.

5.   The Bank shall have no obligation to make any advance under the Open Line
     of Credit unless the Bank is satisfied as to Member's continued
     creditworthiness and compliance with the terms of the Agreement for
     Advances, Pledge and Security Agreement ("AAPSA"). If adverse facts
     develop which make the member ineligible for Bank advances, the member
     must provide the Bank with immediate written notification of its
     ineligibility and the Bank may cancel this commitment.

6.   The fee for this Open Line of Credit commitment equals .05% times the
     amount of the commitment. This fee will be charged to the member's demand
     account on the date this application is approved by the Bank.
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7.   This Application and Terms Agreement, if approved by the Bank, will
     constitute the Agreement between Member and Bank as to the Open Line of
     Credit and will be wholly incorporated into and become a part of the AAPSA.

By signing this agreement, member hereby accepts the terms hereof.

AmerUs Life Insurance Company               Date:  March 5, 1999
---------------------------------           --------------------------------
Member


By: Michael G. Fraizer                      By: Thomas C. Godlasky
   ------------------------------              -----------------------------

  Michael G. Fraizer                          Thomas C. Godlasky
---------------------------------           --------------------------------
Typed Name of Signer                        Typed Name of Signer

Sr. Vice President & Chief                  Executive Vice President &
---------------------------------           --------------------------------
Title Financial Officer                     Title Chief Investment Officer






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FOR FHLB USE


Date Approved:                              FEDERAL HOME LOAN BANK OF DES MOINES
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Expiration Date:                            By:
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Amount Approved:                            By:
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Commitment Number:
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Commitment Fee:
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