Exhibit 4.7


                   Common Trust Securities Guarantee Agreement




                                        By




                            AmerUs Life Holdings, Inc.
                                  (as Guarantor)




                                   In Favor of




         The Holders of the Common Trust Securities of AmerUs Capital II





                                   dated as of





                                  July 27, 1998
<PAGE>
                                TABLE OF CONTENTS

                                                                      Page
                                                                      ----

                                    ARTICLE I
DEFINITIONS . . . . . . . . . . . .2

SECTION 1.01. Definitions . . . . . . . . . . . . . . . . . . . . . . . . . . .2

                                    ARTICLE II
GUARANTEE. . . . . . . . . . . . .4

SECTION 2.01. Guarantee . . . . . . . . . . . . . . . . . . . . . . . . . . . .4
SECTION 2.02. Waiver of Notice and Demand . . . . . . . . . . . . . . . . . . .4
SECTION 2.03. Obligations Not Affected. . . . . . . . . . . . . . . . . . . . .4
SECTION 2.04. Rights of Holders . . . . . . . . . . . . . . . . . . . . . . . .5
SECTION 2.05. Guarantee of Payment. . . . . . . . . . . . . . . . . . . . . . .5
SECTION 2.06. Subrogation . . . . . . . . . . . . . . . . . . . . . . . . . . .5
SECTION 2.07. Independent Obligations . . . . . . . . . . . . . . . . . . . . .5

                                   ARTICLE III
COVENANTS AND SUBORDINATION. . . .6

SECTION 3.01. Limitation of Transactions. . . . . . . . . . . . . . . . . . . .6
SECTION 3.02. Subordination . . . . . . . . . . . . . . . . . . . . . . . . . .6

                                    ARTICLE IV
   TERMINATION . . . . . . . . . . . . . . . . .7
SECTION 4.01. Termination . . . . . . . . . . . . . . . . . . . . . . . . . . .7

                                    ARTICLE V
MISCELLANEOUS . . . . . . . . . . .7

SECTION 5.01. Successors and Assigns. . . . . . . . . . . . . . . . . . . . . .7
SECTION 5.02. Amendments. . . . . . . . . . . . . . . . . . . . . . . . . . . .7
SECTION 5.03. Notices . . . . . . . . . . . . . . . . . . . . . . . . . . . . .7
SECTION 5.04. Benefit . . . . . . . . . . . . . . . . . . . . . . . . . . . . .8
SECTION 5.05. Interpretation. . . . . . . . . . . . . . . . . . . . . . . . . .8
SECTION 5.06. Governing Law . . . . . . . . . . . . . . . . . . . . . . . . . .9
SECTION 5.07. Counterparts. . . . . . . . . . . . . . . . . . . . . . . . . . .9
<PAGE>
                   Common Trust Securities Guarantee Agreement


          This Common Trust Securities Guarantee Agreement, dated as of 
July 27, 1998, is executed and delivered by AmerUs Life Holdings, Inc., an Iowa
corporation (the "Guarantor") for the benefit of the Holders (as defined herein)
from time to time of the Common Trust Securities (as defined herein) of AmerUs
Capital II, a Delaware statutory business trust (the "Issuer").

          WHEREAS, pursuant to an Amended and Restated Declaration of Trust (the
"Declaration"), dated as of the date hereof, 1998, among the trustees of the
Issuer named therein, the Guarantor, as sponsor, and the holders, from time to
time, of undivided beneficial interests in the assets of the Issuer, the Issuer
is issuing up to $4,622,486 aggregate liquidation amount of its 6.86% Common
Trust Securities (the "Common Trust Securities") and up to $149,946,163
aggregate liquidation amount of its 6.86% Capital Securities, (liquidation
amount $31.5625 per Capital Security) (the "Capital Securities" and together
with the Common Trust Securities, the "Trust Securities"), each representing
ownership interests in the assets of the Issuer and having the terms set forth
in the Declaration;

          WHEREAS, the Trust Securities will be issued by the Issuer and the
proceeds thereof will be used to purchase the Debentures (as defined herein) of
the Guarantor which will be deposited with First Union National Bank, as
Property Trustee under the Declaration, as trust assets;

          WHEREAS, as an incentive for the Holders to purchase Common Trust
Securities the Guarantor desires irrevocably and unconditionally to agree, to
the extent set forth herein, to pay to the Holders the Guarantee Payments (as
defined herein) and to make certain other payments on the terms and conditions
set forth herein; and

          WHEREAS, the Guarantor is executing and delivering a Guarantee
Agreement (the "QUIPS Guarantee Agreement") with substantially identical terms
to this Common Trust Securities Guarantee, for the benefit of the holders of the
Capital Securities, except that if a Guarantee Event of Default (as defined in
the QUIPS Guarantee Agreement) has occurred and is continuing, the rights of the
holders of the Common Trust Securities to receive the Guarantee Payments under
this Common Trust Securities Guarantee are subordinated, to the extent and in
the manner set forth in this Common Trust Securities Guarantee, to the rights of
Holders to receive Guarantee Payments under the QUIPS Guarantee.

          NOW, THEREFORE, in consideration of the purchase by each Holder of
Common Trust Securities, which purchase the Guarantor hereby agrees shall
benefit the Guarantor, the Guarantor executes and delivers this Common Trust
Securities Guarantee Agreement for the benefit of the Holders from time to time
of the Common Trust Securities.


                                    ARTICLE I

                                   DEFINITIONS

          SECTION 1.01.  Definitions.  As used in this Common Trust Securities
Guarantee Agreement, the terms set forth below shall, unless the context
otherwise requires, have the following meanings.  Capitalized or otherwise
defined terms used but not otherwise defined herein shall have the meanings
assigned to such terms in the Declaration as in effect on the date hereof unless
otherwise indicated.  

          "Affiliate" of any specified Person means any other Person directly or
indirectly controlling or controlled by or under direct or indirect common
control with such specified Person, PROVIDED, HOWEVER that an Affiliate of the
Guarantor shall not be deemed to include the Issuer.  For the purposes of this
definition, "control" when used with respect to any specified Person means the
power to direct the management and policies of such Person, directly or
indirectly, whether through the ownership of voting securities, by contract or
otherwise; and the terms "controlling" and "controlled" have meanings
correlative to the foregoing.

          "Capital Securities" has the meaning specified in the recitals to this
Common Trust Securities Guarantee Agreement.

          "Common Trust Securities" has the meaning specified in the recitals to
this Common Trust Securities Guarantee Agreement.

          "Common Trust Securities Guarantee Agreement" means this Common Trust
Securities Guarantee Agreement, dated as of the date hereof by AmerUs Life
Holdings, Inc. in favor of the Holders.

          "Debentures" means the series of subordinated debt securities of the
Guarantor designated the 6.86% Junior Subordinated Deferrable Interest
Debentures due July 27, 2003 held by the Property Trustee (as defined in the
Declaration) of the Issuer.

          "Declaration" has the meaning specified in the recitals to this Common
Trust Securities Guarantee Agreement.

          "Distributions" shall have the same meaning as indicated in the
Declaration.

          "Final Redemption Price" means the final redemption price of the
Common Trust Securities, including all accumulated and unpaid Distributions to
the date of redemption.

          "Guarantee Payments" shall mean the following payments or
distributions, without duplication, with respect to the Common Trust Securities,
to the extent not paid or made by or on behalf of the Issuer:  (i) any
accumulated and unpaid Distributions (as defined in the Declaration) required to
be paid on the Common Trust Securities, to the extent the Issuer shall have
funds on hand legally available therefor at such time, and (ii) the Final
Redemption Price with respect to the Common Trust Securities outstanding on the
Maturity Date of the Debentures (as defined in the Indenture) to the extent the
Issuer shall have funds on hand legally available therefor at such time.  If a
Guarantee Event of Default has occurred and is continuing, no Guarantee Payments
under the Common Trust Securities Guarantee with respect to the Common Trust
Securities or any guarantee payment under any Other Common Trust Securities
Guarantees shall be made until the Holders shall be paid in full the Guarantee
Payments to which they are entitled under the QUIPS Guarantee Agreement.

          "Guarantor" has the meaning specified in the recitals to this Common
Trust Securities Guarantee Agreement.

          "Holder" shall mean any holder, as registered on the books and records
of the Issuer, of any Common Trust Securities that is deemed to be a holder of
any Common Trust Securities.

          "Indenture" means the Junior Subordinated Indenture dated as of the
date hereof, among the Guarantor and First Union National Bank, as trustee, as
the same may be amended or supplemented from time to time in accordance with the
terms hereof, pursuant to which the Debentures are to be issued to the Property
Trustee.

          "Majority in liquidation amount of the Common Securities" means Common
Trust Securities representing more than 50% of the liquidation amount of all
then outstanding Common Trust Securities.

          "Other Debentures" means all junior subordinated debentures issued by
the Guarantor from time to time and sold to trusts established or to be
established by the Guarantor, in each case similar to the issuer.

          "Other Guarantees" means all guarantees issued by the Guarantor with
respect to Common Trust Securities similar to the Common Trust Securities issued
by other trusts to be established by the Guarantor, in each case similar to the
Issuer.

          "Person" means a legal person, including any individual, corporation,
estate, partnership, joint venture, association, joint stock company, limited
liability company, trust, unincorporated association, or government or any
agency or political subdivision thereof, or any other entity of whatever nature.

          "QUIPS Guarantee Agreement" has the meaning specified in the recitals
to this Common Trust Securities Guarantee Agreement.

          "Trust" or "Issuer" means AmerUs Capital II, a Delaware statutory
business trust.

          "Trust Securities" has the meaning specified in the recitals to this
Common Trust Securities Guarantee Agreement.


                                    ARTICLE II

                                    GUARANTEE

          SECTION 2.01.  Guarantee.  The Guarantor irrevocably and
unconditionally agrees to pay in full to the Holders the Guarantee Payments
(without duplication of amounts theretofore paid by or on behalf of the Issuer),
as and when due, regardless of any defense (other than the defense of payment),
right of set-off or counterclaim which the Issuer may have or assert.  The
Guarantor's obligation to make a Guarantee Payment may be satisfied by direct
payment of the required amounts by the Guarantor to the Holders or by causing
the Issuer to pay such amounts to the Holders.

          SECTION 2.02.  Waiver of Notice and Demand.  The Guarantor hereby
waives notice of acceptance of the Common Trust Securities Guarantee Agreement
and of any liability to which it applies or may apply, presentment, demand for
payment, any right to require a proceeding first against the Issuer or any other
Person before proceeding against the Guarantor, protest, notice of nonpayment,
notice of dishonor, notice of redemption and all other notices and demands.

          SECTION 2.03.  Obligations Not Affected.  The obligations, covenants,
agreements and duties of the Guarantor under this Common Trust Securities
Guarantee Agreement shall in no way be affected or impaired by reason of the
happening from time to time of any of the following:

          (a)  the release or waiver, by operation of law or otherwise, of the
     performance or observance by the Issuer of any express or implied
     agreement, covenant, term or condition relating to the Common Trust
     Securities to be performed or observed by the Issuer;

          (b)  the extension of time for the payment by the Issuer of all or any
     portion of the Distributions, Final Redemption Price or any other sums
     payable under the terms of the Common Trust Securities or the extension of
     time for the performance of any other obligation under, arising out of, or
     in connection with, the Common Trust Securities (other than an extension of
     time for the payment of Distributions that results from the extension of
     any interest payment period on the Debentures permitted by the Indenture);

          (c)  any failure, omission, delay or lack of diligence on the part of
     the Holders to enforce, assert or exercise any right, privilege, power or
     remedy conferred on the Holders pursuant to the terms of the Common Trust
     Securities or any action on the part of the Issuer granting indulgence or
     extension of any kind; 

          (d)  the voluntary or involuntary liquidation, dissolution, sale of
     any collateral, receivership, insolvency, bankruptcy, assignment for the
     benefit of creditors, reorganization, arrangement, composition or
     readjustment of debt of, or other similar proceedings affecting, the Issuer
     or any of the assets of the Issuer;

          (e)  any invalidity of, or defect or deficiency in, the Common Trust
     Securities;

          (f)  the settlement or compromise of any obligation guaranteed hereby
     or hereby incurred; or

          (g)  any other circumstance whatsoever that might otherwise constitute
     a legal or equitable discharge or defense of a guarantor (other than
     payment of the underlying obligation) it being the intent of this Section
     2.03 that the obligations of the Guarantor hereunder shall be absolute and
     unconditional under any and all circumstances.

There shall be no obligation of the Holders to give notice to, or obtain consent
of, the Guarantor with respect to the happening of any of the foregoing.

          SECTION 2.04.  Rights of Holders.  The Guarantor expressly acknowl-
edges that any Holder of Common Trust Securities may institute a legal
proceeding directly against the Guarantor to enforce its rights under this
Common Trust Securities Guarantee, without first instituting a legal proceeding
against the Issuer or any other Person.

          SECTION 2.05.  Guarantee of Payment.  This Common Trust Securities
Guarantee Agreement creates a guarantee of payment and not a guarantee of
collection.  This Common Trust Securities Guarantee Agreement will not be
discharged except by payment of the Guarantee Payments in full (without
duplication of amounts theretofore paid by the Issuer) or upon distribution of
Debentures to holders thereof  as provided in the Declaration.

          SECTION 2.06.  Subrogation.  The Guarantor shall be subrogated to all
(if any) rights of the Holders against the Issuer in respect of any amounts paid
to the Holders by the Guarantor under this Common Trust Securities Guarantee
Agreement and shall have the right to waive payment by the Issuer pursuant to
Section 2.01; PROVIDED, HOWEVER, that the Guarantor shall not (except to the
extent required by mandatory provisions of law) be entitled to enforce or
exercise any rights which it may acquire by way of subrogation or any indemnity,
reimbursement or other agreement, in all cases as a result of payment under this
Common Trust Securities Guarantee Agreement, if, at the time of any such
payment, any amounts are due and unpaid under this Common Trust Securities
Guarantee Agreement.  If any amount shall be paid to the Guarantor in violation
of the preceding sentence, the Guarantor agrees to hold such amount in trust for
the Holders and to pay over such amount to the Holders.

          SECTION 2.07.  Independent Obligations.  The Guarantor acknowledges
that its obligations hereunder are independent of the obligations of the Issuer
with respect to the Common Trust Securities and that the Guarantor shall be
liable as principal and as debtor hereunder to make Guarantee Payments pursuant
to the terms of this Common Trust Securities Guarantee Agreement notwithstanding
the occurrence of any event referred to in subsections (a) through (g),
inclusive, of Section 2.03 hereof.


                                   ARTICLE III

                           COVENANTS AND SUBORDINATION

          SECTION 3.01.  Limitation of Transactions.  So long as any Common
Trust Securities remain outstanding, the Guarantor shall not (i) declare or pay
any dividends or distributions on, or redeem, purchase, acquire, or make a
liquidation payment with respect to, any of the Guarantor's capital stock (which
includes common and preferred stock), (ii) make any payment of principal,
interest or premium, if any, on or repay or repurchase or redeem any debt
securities of the Guarantor (including any Other Debentures) that rank pari
passu with or junior in right of payment to the Debentures or (iii) make any
guarantee payments with respect to any guarantee by the Guarantor of any
securities of any subsidiary of the Guarantor (including Other Guarantees) if
such guarantee ranks pari passu or junior in right of payment to the Debentures
(other than in the case of clauses (i), (ii) and (iii), (a) dividends or
distributions in shares of, or options, warrants or rights to subscribe for or
purchase shares of, common stock of the Guarantor, (b) any declaration of a
dividend in connection with the implementation of a stockholders' rights plan,
or the issuance of stock under any such plan in the future, or the redemption or
repurchase of any such rights pursuant thereto, (c) payments under the QUIPS
Guarantee, (d) as a result of a reclassification of the Guarantor's capital
stock solely into shares of one or more classes or series of the Guarantor's
capital stock or the exchange or the conversion of one class or series of the
Guarantor's capital stock for another class or series of the Guarantor's capital
stock, (e) the purchase of fractional interests in shares of the Guarantor's
capital stock pursuant to the conversion or exchange provisions of such capital
stock or the security being converted or exchanged and (f) purchases of the
Guarantor's common stock in connection with the satisfaction by the Guarantor of
its obligations (including purchases related to the issuance of such common
stock or rights),  under any of the Guarantor's benefit plans for its and its
subsidiaries' directors, officers or employees or any of the Guarantor's
dividend reinvestment plans) if at such time (x) a Guarantee Event of Default
(as defined in the QUIPS Guarantee Agreement) or an Event of Default (as defined
in the Indenture) shall have occurred and be continuing, (y) if such Debentures
are held by the Property Trustee, the Guarantor shall be in default with respect
to its payment of any obligations under the QUIPS Guarantee or (z) the Guarantor
shall have given notice of its election of the exercise of its right to extend
the interest payment period pursuant to Section 3.01(b)(6) of the Indenture and
any such extension shall have commenced and not yet terminated.

          SECTION 3.02.  Subordination.  (a) This Common Trust Securities
Guarantee will constitute an unsecured obligation of the Guarantor and will rank
subordinate and junior in right of payment to all present and future Senior
Indebtedness (as defined in the Indenture), to the same extent and in the same
manner that the Debentures are subordinated to all present and future Senior
Indebtedness pursuant to the Indenture, it being understood that the terms of
Article XII of the Indenture shall apply to the obligations of the Guarantor
under this Common Trust Securities Guarantee as if (x) such Article XII were set
forth herein in full and (y) such obligations were substituted for the term
"Securities" appearing in such Article XII, and pari passu with the Debentures
and Other Debentures.

          (b)  If an Event of Default has occurred and is continuing, the rights
of Holders of the Common Trust Securities of the Issuer to receive payments
under this Common Trust Securities Guarantee are subordinated to the rights of
holders of QUIPS to receive Guarantee Payments.


                                    ARTICLE IV

                                   TERMINATION

          SECTION 4.01.  Termination.  This Common Trust Securities Guarantee
shall terminate and be of no further force and effect (i) upon full payment of
the Final Redemption Price of all Common Trust Securities, (ii) at such other
time when there are no longer any QUIPS outstanding (iii) at any such other time
when there are no longer any Common Trust Securities outstanding. 
Notwithstanding the foregoing, this Common Trust Securities Guarantee will
continue to be effective or will be reinstated, as the case may be, if at any
time any Holder of the Common Trust Securities must restore payment of any sums
paid under the Common Trust Securities or under this Common Trust Securities
Guarantee.


                                    ARTICLE V

                                  MISCELLANEOUS

          SECTION 5.01.  Successors and Assigns.  All guarantees and agreements
contained in this Common Trust Securities Guarantee Agreement shall bind the
successors, assigns, receivers, trustees and representatives of the Guarantor
and shall inure to the benefit of the Holders of the Common Trust Securities
then outstanding.  Except in connection with a consolidation, merger or sale
involving the Guarantor or a conveyance, transfer or lease of the Guarantor's
properties that is permitted under Article Seven of the Indenture and pursuant
to which the successor or assignee agrees in writing to perform the Guarantor's
obligations hereunder, the Guarantor shall not assign its obligations hereunder,
and any purported assignment other than in accordance with this provision shall
be void.

          SECTION 5.02.  Amendments.  Except with respect to any changes that do
not adversely affect the rights of Holders in any material respect (in which
case no consent of Holders will be required), this Common Trust Securities
Guarantee Agreement may be amended only with the prior approval of the Holders
of not less than a Majority in liquidation amount of the outstanding Common
Trust Securities.  The provisions of the Declaration concerning meetings of
Holders shall apply to the giving of such approval.

          SECTION 5.03.  Notices.  Any notice, request or other communication
required or permitted to be given hereunder shall be in writing, duly signed by
the party giving such notice, and delivered, telecopied or mailed by first class
mail as follows:

          (a)  if given to the Guarantor, to the address or telecopy number set
     forth below or such other address as the Guarantor may give notice of to
     the Holders:

          AmerUs Life Holdings, Inc.
          418 Sixth Avenue
          Des Moines, Iowa  50309-2407

          Facsimile No:  (515) 283-3402
          Attention:  Secretary

          (b)  if given to the Issuer, at the address or telecopy number set
     forth below or such other address as the Issuer may give notice of to the
     Holders:

          AmerUs Capital II
          c/o AmerUs Life Holdings, Inc.
          418 Sixth Avenue
          Des Moines, Iowa  50309-2407

          Facsimile No:  (515) 283-3402
          Attention:  Administrative Trustee

               with copy to:

          First Union National Bank
          230 Tyron Street, 9th Floor
          Charlotte, NC  28288-1153

          Facsimile No:  (704) 383-7316
          Attention:  Corporate Trust Administration

          (c)  if given to any Holder of Capital Securities, at the address set
     forth on the books and records of the Issuer.

          All notices hereunder shall be deemed to have been given when received
in person, telecopied with receipt confirmed, or mailed by first class mail,
postage prepaid except that if a notice or other document is refused delivery or
cannot be delivered because of a changed address of which no notice was given,
such notice or other document shall be deemed to have been delivered on the date
of such refusal or inability to deliver.

          SECTION 5.04.  Benefit.  This Common Trust Securities Guarantee
Agreement is solely for the benefit of the Holders, and is not separately
transferable from the Common Trust Securities.

          SECTION 5.05.  Interpretation.  In this Common Trust Securities
Guarantee Agreement, unless the context otherwise requires:

          (a)  Capitalized terms used in this Common Trust Securities Guarantee
     Agreement but not defined in the preamble hereto have the respective
     meanings assigned to them in Section 1.01 unless otherwise indicated;

          (b)  a term defined anywhere in this Common Trust Securities Guarantee
     Agreement has the same meaning throughout;

          (c)  all references to "the Common Trust Securities Guarantee
     Agreement" or "this Common Trust Securities Guarantee Agreement" are to
     this Common Trust Securities Guarantee Agreement as modified, supplemented
     or amended from time to time;

          (d)  all references in this Common Trust Securities Guarantee
     Agreement to Articles and Sections are to Articles and Sections of this
     Common Trust Securities Guarantee Agreement unless otherwise specified;

          (e) a reference to the singular includes the plural and vice versa;
     and

          (f)  the masculine, feminine or neuter genders used herein shall
     include the masculine, feminine and neuter genders.

          SECTION 5.06.  Governing Law.  THIS COMMON TRUST SECURITIES GUARANTEE
AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH
THE LAWS OF THE STATE OF NEW YORK WITHOUT REFERENCE TO ITS CONFLICTS OF LAWS
PROVISIONS.

          SECTION 5.07.  Counterparts.  This Common Trust Securities Guarantee
Agreement may be executed in any number of counterparts, each of which shall be
deemed to be an original, but all such counterparts shall together constitute
but one and the same instrument.
<PAGE>
        THIS Common Trust Securities Guarantee Agreement is executed as of the
     day and year first above written.
     
     
                                   AMERUS LIFE HOLDINGS, INC.
     
                                        /s/ Roger K. Brooks
                                   By:  --------------------------------
                                        Name:  Roger K. Brooks
                                        Title:  Chairman, President and
                                                Chief Executive Officer