Exhibit
4.9


THE SECURITIES EVIDENCED HEREBY HAVE NOT BEEN
REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933 (THE “SECURITIES ACT”)
AND MAY NOT BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT (1)
TO A PERSON WHO THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL
BUYER WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT PURCHASING FOR
ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER IN A
TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (2) IN AN OFFSHORE
TRANSACTION COMPLYING WITH RULE 903 OR RULE 904 OF REGULATION S UNDER THE
SECURITIES ACT, OR (3) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE
SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER (IF AVAILABLE), IN EACH CASE IN
ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE STATES OF THE UNITED
STATES AND OTHER JURISDICTIONS.


THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING
OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A
DEPOSITARY OR A NOMINEE THEREOF.  THIS
SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED,
AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE
NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN
THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.


UNLESS THIS
CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS
REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF
DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO
ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
HAS AN INTEREST HEREIN.











FBL Financial
Group, Inc.


5.875% Senior Note due 2017


	
  CUSIP No. 30239FAC0

  	
   

  	
  ISIN No. US30239FAC05

  
	
   

  	
   

  	
   

  
	
  No. RA-1

  	
   

  	
  $100,000,000

  



 


FBL Financial
Group, Inc., a corporation duly organized and existing under the laws of the
State of Iowa (herein called the “Company”, which term includes any successor
Person under the Indenture hereinafter referred to), for value received, hereby
promises to pay to Cede & Co., or registered assigns, the principal sum of
one hundred million Dollars ($100,000,000) or such other principal amount as
shall be set forth in the Schedule of Increases or Decreases in Global Security
attached hereto on March 15, 2017, and to pay interest thereon from March 12, 2007 or from the most recent Interest Payment Date to
which interest has been paid or duly provided for, semi-annually on March 15 and September 15 in each
year, commencing September 15, 2007,
at the rate of 5.875% per annum
(computed on the basis of a 360-day year consisting of twelve 30-day months),
until the principal hereof is paid or made available for payment; provided,
however, that if a Registration Default (as defined in the Registration Rights
Agreement) occurs with respect to this Security, additional interest will
accrue on this Security at a rate of 0.5% per annum from and including the date
on which any such Registration Default shall occur, until but excluding the
date on which all Registration Defaults have been cured.  The interest so payable, and punctually paid
or duly provided for, on any Interest Payment Date will, as provided in such
Indenture, be paid to the Person in whose name this Security (or one or more
Predecessor Securities) is registered at the close of business on the Regular
Record Date for such interest, which shall be the March 1 or September 1 (whether or not a Business Day), as the
case may be, next preceding such Interest Payment Date.  Any such interest not so punctually paid or
duly provided for will forthwith cease to be payable to the Holder on such
Regular Record Date and may either be paid to the Person in whose name this
Security (or one or more Predecessor Securities) is registered at the close of
business on a Special Record Date for the payment of such Defaulted Interest to
be fixed by the Trustee, notice whereof shall be given to Holders of Securities
not less than 10 days prior to such Special Record Date, or be paid at any time
in any other lawful manner not inconsistent with the requirements of any
securities exchange on which the Securities may be listed, and upon such notice
as may be required by such exchange, all as more fully provided in said Indenture.  Payment in such coin or currency of the
United States of America as at the time of payment is legal tender for payment
of public and private debts of the principal of, premium, if any, and interest
on this Security will be made, subject to surrender of this Security in the
case of payment of principal and premium, if any, at the office or agency of
the Company maintained for that purpose in the City of Chicago, by mailing a
check for such principal, premium or interest payable to or upon the written order
of the Person entitled thereto pursuant to Section 3.7 of such Indenture, to
the address of such Person as it appears on the Security Register, or in such
other manner as may be mutually acceptable to the Company and the Trustee; provided,
however, upon written request by any Holder given to the Trustee not
later than 15 days prior to the Stated Maturity of principal or interest,
payment of principal or interest due at the Stated Maturity may be made,
subject to surrender of this Security in the case of 











payment of principal, by
wire transfer in immediately available funds at such place and to such account
as may be designated by the Person entitled thereto pursuant to said Section
3.7.


Reference is
hereby made to the further provisions of this Security set forth on the reverse
hereof, which further provisions shall for all purposes have the same effect as
if set forth at this place.


Unless the
certificate of authentication hereon has been executed by the Trustee referred
to on the reverse hereof by manual signature, this Security shall not be
entitled to any benefit under the Indenture or be valid or obligatory for any
purpose.











IN WITNESS WHEREOF, the Company has caused this
instrument to be duly executed.


Dated:


	
  

  	
   

  	
   

  	
  FBL Financial Group, Inc.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By

  	
   

  
	
  Attest:

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
   

  	
  Title:

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  By

  	
   

  	
   

  	
   

  	
   

  
	
  Name:

  	
   

  	
   

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  	
   

  	
   

  
								



 


This is one of the
Securities referred to in the within-mentioned Indenture.


LASALLE BANK

NATIONAL ASSOCIATION,

as Trustee,


	
   

  	
   

  	
   

  	
  By

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
   

  	
  Title:

  	
   

  
						



 











(REVERSE OF INITIAL SECURITY)


This Security is
one of a duly authorized issue of Securities of the Company designated as its 5.875% Senior Notes due 2017 (herein
called the “Securities”), limited in aggregate principal amount to $100,000,000, issued and to be issued
under an Indenture, dated as of March
12, 2007 (herein called the “Indenture”), between the Company and LaSalle Bank National Association, as
Trustee (herein called the “Trustee”, which term includes any successor trustee
under the Indenture), to which Indenture and all indentures supplemental
thereto this Security is subject and reference is hereby made for a statement
of the respective rights, limitations of rights, duties and immunities
thereunder of the Company, the Trustee and the Holders of the Securities and of
the terms upon which the Securities are, and are to be, authenticated and
delivered.


This Security may
be redeemed by the Company in whole or in part, at its option, at any time and
from time to time at a Redemption Price equal to the greater of (A) 100% of the
principal amount of the Securities to be redeemed or (B) as determined by an
Independent Investment Banker, the sum of the present values of the Remaining
Scheduled Payments discounted to the Redemption Date on a semi-annual basis
(assuming a 360-day year consisting of twelve 30-day months) at the Treasury
Rate plus 20 basis points, together with, in each case, accrued interest on the
principal amount of the Securities to be redeemed, if any, to the Redemption
Date, and any other amounts due with respect to the Securities to be
redeemed.  In connection with such
optional redemption the following defined terms apply:


“Comparable
Treasury Issue” means the United States Treasury security or securities
selected by the Independent Investment Banker as having an actual or
interpolated (on a straight-line basis) maturity comparable to the remaining
term of the Securities to be redeemed that would be utilized at the time of
selection, and in accordance with customary financial practice, in pricing new
issues of corporate debt securities of comparable maturity to the remaining
term of such Securities.


“Comparable
Treasury Price” means, with respect to any Redemption Date, (i) the average of
the interest rates for the Comparable Treasury Issue (expressed in each case as
a percentage of its principal amount) on the third Business Day preceding that
Redemption Date, as set forth in the daily statistical release designated H.15
(519) (or any successor release) published by the Federal Reserve Bank of New
York or (ii) if such release (or any successor release) is not published or
does not contain such interest rates on such Business Day, (A) the average of
the Reference Treasury Dealer Quotations for such Redemption Date, after
excluding the highest and lowest such Reference Treasury Dealer Quotations, or
(B) if the Independent Investment Banker for the Securities obtains fewer than
four such Reference Treasury Dealer Quotations, the average of all such
quotations.


“Independent
Investment Banker” means one of the Reference Treasury Dealers appointed by the
Company.


“Reference
Treasury Dealer” means Citigroup Global Markets Inc. or ABN AMRO Incorporated
or any of their affiliates that are primary U.S. government securities dealers,
and 











their respective
successors and three other nationally recognized investment banking firms that
are Primary Treasury Dealers specified from time to time by the Company;
provided, however, that if any of the foregoing or their affiliates shall cease
to be a primary U.S. government securities dealer in The City of New York (a “Primary
Treasury Dealer”), the Company will substitute therefor another Primary
Treasury Dealer.


“Reference
Treasury Dealer Quotations” means, with respect to each Reference Treasury
Dealer and any Redemption Date, the average, as determined by the Independent
Investment Banker, of the bid and asked prices for the Comparable Treasury
Issue (expressed, in each case, as a percentage of its principal amount) quoted
in writing to the Independent Investment Banker by such Reference Treasury
Dealer at 3:30 p.m., New York City time, on the third Business Day preceding
such Redemption Date.


“Remaining
Scheduled Payments” means, with respect to each Security to be redeemed, the
remaining scheduled payments of principal of and interest on such Security that
would be due after the related Redemption Date but for such redemption.  If such Redemption Date is not an Interest
Payment Date with respect to such Security, the amount of the next succeeding
scheduled interest payment on such Security will be reduced by the amount of
interest accrued on such Security to such Redemption Date.


“Treasury Rate”
means, with respect to any Redemption Date, the rate per annum equal to the
semi-annual equivalent yield to maturity (computed as of the third Business Day
preceding that Redemption Date) of the Comparable Treasury Issue, assuming a
price for the Comparable Treasury Issue (expressed as a percentage of its
principal amount) equal to the Comparable Treasury Price for that Redemption
Date.


Notice of any
redemption will be mailed at least 30 days but not more than 60 days before the
Redemption Date to the Holders of the Securities to be redeemed.  On and after any Redemption Date, interest
will cease to accrue on the Securities or any portion thereof called for
redemption.  On or before any Redemption
Date, the Company shall deposit with a Paying Agent (or the Trustee) money
sufficient to pay the Redemption Price of and accrued interest on the
Securities to be redeemed on such date. 
If less than all of the Securities are to be redeemed, the Securities to
be redeemed shall be selected by the Trustee by such method as the Trustee
shall deem fair and appropriate.


The Redemption
Price shall be calculated by the Independent Investment Banker and the Company,
the Trustee and any Paying Agent for the Securities shall be entitled to rely
on, and the Company, the Trustee, the Paying Agent and the Holders shall be
bound by, such calculation.


The Company shall
not be obligated to redeem or purchase the Securities pursuant to any sinking
fund or analogous provisions or at the option of the Holder thereof.


In the event of
redemption of this Security in part only, a new Security or Securities and of
like tenor for the unredeemed portion hereof will be issued in the name of the
Holder hereof upon the cancellation hereof.











The Indenture
contains provisions for defeasance at any time of the entire indebtedness of
this Security or certain restrictive covenants and Events of Default with
respect to this Security, in each case upon compliance with certain conditions
set forth in the Indenture.


At any time when
the Company is not subject to Section 13 or 15(d) of the Securities Exchange
Act of 1934, as amended (the “Exchange Act”), upon the request of a Holder of a
Security or of a beneficial owner of an interest in a Global Security, the
Company will promptly furnish or cause to be furnished Rule 144A Information
(as defined below) to such Holder or beneficial owner, or to a prospective
purchaser of a Security or a beneficial interest in a Global Security
designated by such Holder or beneficial owner of such interest in order to
permit compliance by such Holder or beneficial owner with Rule 144A under the
Securities Act of 1933, as amended (the “Securities Act”) in connection with
the resale of such Security by such Holder or beneficial owner.  “Rule 144A Information” shall be such
information as is specified pursuant to paragraph (d)(4) of Rule 144A (or any
successor provision thereto), as such provision (or successor provision) may be
amended from time to time.


The Company shall
deliver to the Trustee, who shall deliver to each Holder without charge, (i) as
soon as practicable after the end of each fiscal year, an annual report
(including a balance sheet and statements of income, stockholders’ equity and
cash flows of the Company and its consolidated subsidiaries certified by
independent public accountants) and (ii) during any period in which the Company
is subject to Section 13 or 15(d) of the Exchange Act, the annual reports,
quarterly reports and current reports which the Company is required to file
with the Securities and Exchange Commission pursuant to Section 13 or 15(d) of
the Exchange Act.


This Security
shall rank pari  passu with other existing and future unsecured
senior indebtedness of the Company.


If an Event of
Default shall occur and be continuing, the principal of all the Securities may
be declared due and payable in the manner and with the effect provided in the
Indenture.


The Indenture permits,
with certain exceptions as therein provided, the amendment thereof and the
modification of the rights and obligations of the Company and the rights of the
Holders of the Securities under the Indenture at any time by the Company and
the Trustee with the consent of the Holders of 66 2/3% in aggregate principal
amount of the Securities at the time Outstanding.  The Indenture also contains provisions
permitting the Holders of specified percentages in aggregate principal amount
of the Securities at the time Outstanding, on behalf of the Holders of all the
Securities, to waive compliance by the Company with certain provisions of the
Indenture and certain past defaults under the Indenture and their
consequences.  Any such consent or waiver
by the Holder of this Security shall be conclusive and binding upon such Holder
and upon all future Holders of this Security and of any Security issued upon
the registration of transfer hereof or in exchange herefor or in lieu hereof,
whether or not notation of such consent or waiver is made upon this Security.


No reference
herein to the Indenture and no provision of this Security or of the Indenture
shall alter or impair the obligation of the Company, which is absolute and
unconditional, to pay 











the principal of, premium,
if any, and interest on this Security at the times, place and rate, and in the
coin or currency, herein prescribed.


As provided in the
Indenture and subject to certain limitations therein set forth, the transfer of
this Security is registrable in the Security Register, upon surrender of this
Security for registration of transfer at the office or agency of the Company in
the City of Chicago, duly endorsed by, or accompanied by a written instrument
of transfer in form satisfactory to the Company and the Security Registrar duly
executed by, the Holder hereof or his attorney duly authorized in writing, and
thereupon one or more new Securities, of authorized denominations and for the
same aggregate principal amount, will be issued to the designated transferee or
transferees.


The Securities are
issuable only in fully registered form, without coupons, in denominations of
$1,000 and any integral multiple thereof.


As provided in the
Indenture and subject to certain limitations therein set forth, Securities are
exchangeable for a like aggregate principal amount of Securities of a different
authorized denomination, as requested by the Holder surrendering the same.


No service charge
shall be made for any such registration of transfer or exchange, but the
Company may require payment of a sum sufficient to cover any tax or other
governmental charge payable in connection therewith.


Prior to due
presentment of this Security for registration of transfer or exchange, the
Company, the Trustee and any agent of the Company or the Trustee may treat the
Person in whose name this Security is registered as the owner hereof for all
purposes, whether or not this Security be overdue, and neither the Company, the
Trustee nor any such agent shall be affected by notice to the contrary.


This Security
shall be governed by and construed in accordance with the laws of the State of
New York without regard to principles of conflicts of laws.


All terms used in
this Security which are defined in the Indenture shall have the meanings
assigned to them in the Indenture.











SCHEDULE OF
INCREASES OR DECREASES IN GLOBAL SECURITY


The initial
principal amount of this Global Security is $100,000,000.  The following increases or decreases in this
Global Security have been made:


 


	
  Date of Exchange

  	
   

  	
  Amount of

  decrease in

  Principal Amount

  of this Global

  Security

  	
   

  	
  Amount of increase

  in Principal

  Amount of this

  Global Security

  	
   

  	
  Principal amount

  of this Global

  Security following

  such decrease or

  increase

  	
   

  	
  Signature of

  authorized officer

  or signatory of

  Trustee