Document:

<Page>

                                                                     EXHIBIT 4.8

             Form of Exchange Security or Private Exchange Security

         [IF THE SECURITY IS A GLOBAL SECURITY, THEN INSERT THE APPROPRIATE
LEGEND REQUIRED BY SECTION 2.3 OF THE INDENTURE.]

         [IF THE SECURITY IS A PRIVATE EXCHANGE SECURITY AND REQUIRED TO CONTAIN
THE RESTRICTED SECURITIES LEGEND PURSUANT TO SECTION 3.4(d)(2) OF THE INDENTURE,
THEN INSERT THE APPROPRIATE LEGEND REQUIRED BY SECTION 2.3 OF THE INDENTURE.]

         [INSERT ANY LEGEND REQUIRED BY THE INTERNAL REVENUE CODE AND THE
REGULATIONS THEREUNDER.]

                            FBL Financial Group, Inc.

                       5.85% Senior Exchange Note due 2014

No. __________                                                        $________

         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 __________________, or registered
assigns, the principal sum of _____________________ Dollars [IF THE SECURITY IS
A GLOBAL SECURITY, THEN INSERT - or such other principal amount as shall be set
forth in the Schedule of Increases or Decreases in Global Security attached
hereto] on April 15, 2014, and to pay interest thereon from April 12, 2004 or
from the most recent Interest Payment Date to which interest has been paid or
duly provided for, semi-annually on April 15 and October 15 in each year,
commencing October 15, 2004, at the rate of 5.85% 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. 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 April 1 or
October 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

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purpose in The City of New York, 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 3.6 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 3.6.

         [INSERT ANY SPECIAL NOTICE PROVISIONS REQUIRED BY ANY STOCK EXCHANGE(S)
UPON WHICH THE SECURITY IS LISTED.]

         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:

By_________________________

                                (FORM OF REVERSE)

         This Security is one of a duly authorized issue of Securities of the
Company designated as its 5.85% Senior Exchange Notes due 2014 (herein called
the "Securities"), limited in aggregate principal amount to $75,000,000, issued
and to be issued under an Indenture, dated as of April 12, 2004 (herein called
the "Indenture"), between the Company and Deutsche Bank Trust Company Americas,
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

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         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 25 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 Keefe, Bruyette & Woods, Inc. or any
of its 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

                                       3
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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

                                       4
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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 New York, 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.

                                       5
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         [IF THE SECURITY IS OTHER THAN A PRIVATE EXCHANGE SECURITY THAT IS A
RESTRICTED DEFINITIVE SECURITY, THEN INSERT: The Securities are issuable only in
registered form without coupons in denominations of $1,000 and any integral
multiple thereof.]

         [IF THE SECURITY IS A PRIVATE EXCHANGE SECURITY THAT IS A RESTRICTED
DEFINITIVE SECURITY, THEN INSERT: The Securities are issuable only in registered
form without coupons and in denominations of $100,000 and integral multiples of
$1,000 in excess 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.

[IF THE SECURITY IS A GLOBAL SECURITY, THEN INSERT -

              SCHEDULE OF INCREASES OR DECREASES IN GLOBAL SECURITY

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

<Table>
<Caption>
              AMOUNT OF                            PRINCIPAL AMOUNT
             DECREASE IN      AMOUNT OF INCREASE   OF THIS GLOBAL       SIGNATURE OF
  DATE     PRINCIPAL AMOUNT     IN PRINCIPAL      SECURITY FOLLOWING   AUTHORIZED OFFICER
   OF       OF THIS GLOBAL     AMOUNT OF THIS      SUCH DECREASE        OR SIGNATORY
EXCHANGE     SECURITY          GLOBAL SECURITY       OR INCREASE          OF TRUSTEE
--------     --------          ---------------       -----------          ----------
<S>       <C>                <C>                  <C>                 <C>

                                                                                    ]

</Table>

                                       6Exhibit 4.9  

THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. IF YOU ARE IN ANY DOUBT AS TO THE ACTION TO BE TAKEN, YOU SHOULD IMMEDIATELY CONSULT YOUR BROKER, BANK
MANAGER, LAWYER, ACCOUNTANT, INVESTMENT ADVISOR OR OTHER PROFESSIONAL.  

        This document relates to an exchange offer (the "Exchange Offer") made by FBL Financial Group, Inc., ("FBL"). The Exchange Offer is
described in the Prospectus, dated [                        ], 2004 (the "Prospectus"), and in this Letter of Transmittal (this
"Letter of Transmittal"). All terms and
conditions contained or otherwise referred to in the Prospectus are deemed to be incorporated in and form a part of this Letter of Transmittal. Therefore, you are urged to read the Prospectus
and the items referred to therein carefully. The terms and conditions contained in the Prospectus, together with the terms and conditions governing this Letter of Transmittal and the instructions
herein, are collectively referred to below as the "Terms and Conditions." 

LETTER OF TRANSMITTAL
  RELATING TO

THE OFFER BY FBL FINANCIAL GROUP, INC.

TO EXCHANGE 5.85% SENIOR NOTES DUE 2014,  

 ("REGISTERED NOTES")  

 FOR  

 5.85% SENIOR NOTES DUE 2014,  

 ("OUTSTANDING NOTES")  

         THE EXCHANGE OFFER FOR THE OUTSTANDING NOTES WILL EXPIRE AT 5:00 P.M., NEW YORK CITY TIME, ON
[                        ], 2004, UNLESS EXTENDED BY FBL (THE
"EXPIRATION DATE").  

        Each holder of Outstanding Notes wishing to accept the Exchange Offer, except holders of Outstanding Notes executing their tenders through the Automated Tender
Offer Program ("ATOP") procedures of The Depository Trust Company ("DTC"), should complete, sign and submit this Letter of Transmittal to the exchange agent, Deutsche Bank Trust Company Americas (the
"Exchange Agent"), on or prior to the Expiration Date. 

Deutsche
Bank Trust Company Americas

Trust & Securities Services

60 Wall Street

New York, NY 10005

Attention: Corporate Market Services 

        DELIVERY OF THIS LETTER OF TRANSMITTAL TO AN ADDRESS, OR TRANSMISSION OF INSTRUCTIONS VIA A FACSIMILE NUMBER, OTHER THAN AS SET FORTH ABOVE OR IN ACCORDANCE WITH
THE INSTRUCTIONS HEREIN, WILL NOT CONSTITUTE VALID DELIVERY. THE INSTRUCTIONS ACCOMPANYING THIS LETTER OF TRANSMITTAL SHOULD BE READ CAREFULLY BEFORE THIS LETTER OF TRANSMITTAL IS COMPLETED.  

        Questions regarding the Exchange Offer or the completion of this Letter of Transmittal should be directed to the Exchange Agent, at:
1-800-735-7777. 

        This
Letter of Transmittal may be used to accept the Exchange Offer if Outstanding Notes are to be tendered by effecting a book-entry transfer into the Exchange Agent's
account at DTC and instructions are not being transmitted through DTC's ATOP procedures. Unless you intend to tender 

 

Outstanding
Notes through ATOP, you should complete, execute and deliver this Letter of Transmittal, along with the physical certificates for the Outstanding Notes specified herein, to indicate the
action you desire to take with respect to the Exchange Offer. 

        Holders
of Outstanding Notes tendering by book-entry transfer to the Exchange Agent's account at DTC may execute the tender through ATOP, for which the Exchange Offer is
eligible. Financial institutions that are DTC participants may execute tenders through ATOP by transmitting acceptance of the Exchange Offer to DTC on or prior to the Expiration Date. DTC will verify
acceptance of the Exchange Offer, execute a book-entry transfer of the tendered Outstanding Notes into the account of the Exchange Agent at DTC and send to the Exchange Agent a
"book-entry confirmation," which shall include an agent's message. An "agent's message" is a message, transmitted by DTC to, and received by, the Exchange Agent and forming a part of a
book-entry confirmation, which states that DTC has received an express acknowledgement from a DTC participant tendering Outstanding Notes that the participant has received and agrees to be
bound by the terms of the Letter of Transmittal as an undersigned thereof and FBL may enforce such agreement against the participant. Delivery of the agent's message by DTC will satisfy the terms of
the Exchange Offer as to execution and delivery of a Letter of Transmittal by the DTC participant identified in the agent's message. ACCORDINGLY, HOLDERS WHO TENDER THEIR
OUTSTANDING NOTES THROUGH DTC'S ATOP PROCEDURES SHALL BE BOUND BY, BUT NEED NOT COMPLETE, THIS LETTER OF TRANSMITTAL.

        Subject
to the terms and conditions and applicable law, FBL will issue: for each $1,000 principal amount of Outstanding Notes, $1,000 principal amount of Registered Notes. 

        Outstanding
Notes may be exchanged in minimum denominations of $1,000 and integral multiples of $1,000 in excess thereof. Registered Notes will be issued in minimum denominations of
$1,000 and integral multiples of $1,000 in excess thereof. 

        Holders
that anticipate tendering other than through DTC are urged to promptly contact a bank, broker or other intermediary (that has the capability to hold cash and securities
custodially through DTC) to arrange for receipt of any Registered Notes to be delivered pursuant to the Exchange Offer and to obtain the information necessary to provide the required DTC participant
and account information in this Letter of Transmittal. 

        Registered
Notes will be issued in exchange for Outstanding Notes in the Exchange Offer, if consummated, as soon as practicable after the Expiration Date of the Exchange Offer (the
"Settlement Date"). 

TENDER OF OUTSTANDING NOTES  

        To effect a valid tender of Outstanding Notes through the completion, execution and delivery of this Letter of Transmittal, the undersigned must complete the
table below entitled "Description of Outstanding Notes Tendered" and sign the Letter of Transmittal where indicated. 

        Registered
Notes will be delivered in book-entry form to holders through DTC and only to the DTC account of the undersigned or the undersigned's custodian, as specified
below, on the Settlement Date, or as soon as practicable thereafter. 

        Failure
to provide the information necessary to effect delivery of Registered Notes will render such holder's tender defective, and FBL will have the right, which it may waive, to reject
such tender without notice. 

2

 

DESCRIPTION OF OUTSTANDING NOTES TENDERED

(SEE INSTRUCTIONS 2 AND 3)  

NOTE: SIGNATURES MUST BE PROVIDED BELOW.  

PLEASE READ THE ACCOMPANYING INSTRUCTIONS CAREFULLY.  

	Outstanding Notes

Being Tendered
	 	Name of DTC Participant and Participant's Account Number in Which Outstanding Notes are Held and/or the Corresponding Registered Notes are to be Delivered.
	 	Aggregate Principal Amount of Outstanding Notes*

	5.85% Senior Notes	 	 	 	 
	 	 	
	 	

	Due 2014	 	 	 	 
	 	 	
	 	

(CUSIP:                        )

(CUSIP:                        ) 

	*
	THE
PRINCIPAL AMOUNT OF OUTSTANDING NOTES TENDERED HEREBY MUST BE IN DENOMINATIONS OF U.S. $1,000 AND INTEGRAL MULTIPLES OF U.S. $1,000 IN EXCESS THEREOF WITH A MINIMUM TENDER
REQUIREMENT OF U.S. $1,000. SEE INSTRUCTION 3. 

        If
the aggregate principal amount of the Outstanding Notes specified was held as of the date of tender by more than one beneficial owner, you may specify below the break-down
of this aggregate principal amount of beneficial owner, and, in doing so, hereby instruct the Exchange Agent to treat each such beneficial owner as a separate holder. If the space below is inadequate,
attach a separate signed schedule using the same format. 

	Beneficial Owner Name or Account Number
	 	Principal Amount of Outstanding Notes

	

	
 	

	

	
 	

	

	
 	

	

	
 	

	

	
 	

	

TOTAL:	
 	

 
	
	 	

SPECIAL RETURN INSTRUCTIONS  

TO BE COMPLETED ONLY IF OUTSTANDING NOTES NOT ACCEPTED FOR EXCHANGE ARE TO BE SENT TO SOMEONE OTHER THAN THE PERSON OR PERSONS WHOSE SIGNATURES(S) APPEAR(S) WITHIN THIS LETTER
OF TRANSMITTAL.  

(SEE INSTRUCTION 5)  

	
	 	Name of DTC Participant and Participant's Account Number to Which Outstanding Notes Not Accepted For Exchange are to be Delivered.
	 	

	

 	
 	

 	
 	

 

3

 
NOTE: SIGNATURES MUST BE PROVIDED BELOW.

PLEASE READ THE ACCOMPANYING INSTRUCTIONS CAREFULLY.  

LADIES
AND GENTLEMEN: 

        The
undersigned hereby tenders to FBL the aggregate principal amount of Outstanding Notes indicated in the table above entitled "Description of Outstanding Notes Tendered." 

        The
undersigned understands that validly tendered Outstanding Notes (or defectively tendered Outstanding Notes with respect to which FBL has, or has caused to be, waived such defect)
will be deemed to have been accepted by FBL if, as and when FBL gives oral or written notice thereof to the Exchange Agent. The undersigned understands that subject to the terms and conditions,
Outstanding Notes properly tendered and accepted (and not validly withdrawn) in accordance with the terms and conditions will be exchanged for Registered Notes. The undersigned understands that
Outstanding Notes delivered hereby may be withdrawn at any time on or prior to the Expiration Date. The undersigned understands that Outstanding Notes delivered hereby may not be withdrawn at any time
after the Expiration Date unless the Exchange Offer is extended with changes in the terms of the Exchange Offer that are, in the reasonable judgment of FBL, materially adverse to the tendering holder.
The undersigned understands that, under certain circumstances, FBL may not be required to accept any of the Outstanding Notes tendered (including any Outstanding Notes tendered after the Expiration
Date). If any Outstanding Notes are not accepted for exchange for any reason (or if Outstanding Notes are validly withdrawn), such unexchanged (or validly withdrawn) Outstanding Notes will be returned
without expense to the undersigned's account at DTC or such other account as designated herein pursuant to the book-entry transfer procedures described in the Prospectus, as promptly as
practicable after the expiration or termination of the Exchange Offer. 

        Following
the later of the Expiration Date or the date upon which Outstanding Notes are tendered hereby, and subject to and effective upon FBL's acceptance for exchange of
the principal amount of the Outstanding Notes tendered hereby, upon the terms and conditions, the undersigned hereby: 

	(1)
	irrevocably
sells, assigns and transfers to or upon the order of FBL or its nominees, all right, title and interest in and to, and any and all claims in respect of or arising or
having arisen as a result of the undersigned's status as a holder of, all Outstanding Notes tendered hereby, such that thereafter it shall have no contractual or other rights or claims in law or
equity against FBL or any fiduciary, trustee, fiscal agent or other person connected with the Outstanding Notes arising under, from or in connection with such Outstanding Notes;

	(2)
	waives
any and all rights with respect to the Outstanding Notes tendered hereby (including, without limitation, any existing or past defaults and their consequences in respect of such
Outstanding Notes); and

	(3)
	releases
and discharges FBL and Deutsche Bank Trust Company Americas, as trustee (the "Trustee") from any and all claims the undersigned may have, now or in the future, arising out of
or related to the Outstanding Notes tendered hereby, including without limitation, any and all claims that the undersigned is entitled to receive additional principal or interest payments with respect
to the Outstanding Notes tendered hereby (other than accrued and unpaid interest on the Outstanding Notes) or to participate in any redemption or defeasance of the Outstanding Notes tendered hereby. 

        The
undersigned understands that tenders of Outstanding Notes pursuant to any of the procedures described in the Prospectus and in the instructions in this Letter of Transmittal and
acceptance of such Outstanding Notes by FBL will, following such acceptance, constitute a binding agreement between the undersigned and FBL upon the terms and conditions. 

4

 

        All
authority conferred or agreed to be conferred by this Letter of Transmittal shall not be affected by, and shall survive, the death or incapacity of the undersigned, and any
obligation of the undersigned hereunder shall be binding upon the heirs, executors, administrators, trustees in bankruptcy, personal and legal representatives, successors and assigns of the
undersigned. 

        The
undersigned hereby represents, warrants and agrees that: 

	(1)
	it
has received and reviewed the Prospectus;

	(2)
	it
is the beneficial owner (as defined below) of, or a duly authorized representative of one or more such beneficial owners of, the Outstanding Notes tendered hereby and it has full
power and authority to execute this Letter of Transmittal;

	(3)
	the
Outstanding Notes being tendered hereby were owned as of the date of tender, free and clear of any liens, charges, claims, encumbrances, interests and restrictions of any kind,
and FBL will acquire good, indefeasible and unencumbered title to such Outstanding Notes, free and clear of all liens, charges, claims, encumbrances, interests and restrictions of any kind, when the
same are accepted by FBL;

	(4)
	it
will not sell, pledge, hypothecate or otherwise encumber or transfer any Outstanding Notes tendered hereby from the date of this Letter of Transmittal and agrees that any purported
sale, pledge, hypothecation or other encumbrance or transfer will be void and of no effect;

	(5)
	in
evaluating the Exchange Offer and in making its decision whether to participate therein by submitting this Letter of Transmittal and tendering its Outstanding Notes, the
undersigned has made its own independent appraisal of the matters referred to in the Prospectus and in any related communications and is not relying on any statement, representation or warranty,
express or implied, made to such holder by FBL or the Exchange Agent other than those contained in the Prospectus (as amended or supplemented to the Expiration Date);

	(6)
	the
execution and delivery of this Letter of Transmittal shall constitute an undertaking to execute any further documents and give any further assurances that may be required in
connection with any of the foregoing, in each case on and subject to the terms and conditions;

	(7)
	the
submission of this Letter of Transmittal to the Exchange Agent shall, subject to a holder's ability to withdraw its tender prior to the Expiration Date, and subject to terms and
conditions of the Exchange Offer generally, constitute the irrevocable appointment of the Exchange Agent as its attorney and agent, and an irrevocable instruction to such attorney and agent to
complete and execute all or any form(s) of transfer and other document(s) at the discretion of such attorney and agent in relation to the Outstanding Notes tendered hereby in favor of FBL or such
other person or persons as they may direct and to deliver such form(s) of transfer and other document(s) in the attorney's and/or agent's discretion and the certificate(s) and other document(s) of
title relating to such Outstanding Notes' registration and to execute all such other documents and to do all such other acts and things as may be in the opinion of such attorney or agent necessary or
expedient for the purpose of, or in connection with, the acceptance of the Exchange Offer, and to vest in FBL or its nominees such Outstanding Notes; and

	(8)
	the
terms and conditions shall be deemed to be incorporated in, and form a part of, this Letter of Transmittal, and the terms and conditions shall be read and construed
accordingly. 

        The
representations and warranties and agreements of a holder tendering Outstanding Notes shall be deemed to be repeated and reconfirmed on and as of the Expiration Date and the
Settlement Date. For purposes of this Letter of Transmittal, the "Beneficial Owner" of any Outstanding Notes shall mean any holder that exercises sole investment discretion with respect to such
Outstanding Notes. 

5

 

        The
undersigned understands that tenders may not be withdrawn at any time after the Expiration Date except as set forth in the Prospectus, unless the Exchange Offer is extended with
changes to the terms and conditions that are, in the reasonable judgment of FBL, materially adverse to the undersigned, in which case tenders may be withdrawn under the conditions described in the
extension. 

        If
the Exchange Offer is amended in a manner determined by FBL to be materially adverse to tendering holders, FBL will extend the Exchange Offer for a period of two to ten business days,
depending on the significance of the amendment and the manner of disclosure to such holders, if the Exchange Offer would otherwise have expired during such two- to ten-business
day period. Any change in the consideration offered to holders of Outstanding Notes in the Exchange Offer shall be paid to all holders of Outstanding Notes whose securities have previously been
tendered and not withdrawn pursuant to the Exchange Offer. 

        If
the "Special Return Instructions" box (found above) is completed, please credit the indicated DTC account for any book-entry transfers of Outstanding Notes not accepted
for exchange. 

        The
undersigned recognizes that FBL has no obligation under the "Special Return Instructions" provision of this Letter of Transmittal to effect the transfer of any Outstanding Notes from
the holder(s) of such Outstanding Notes if FBL does not accept for exchange any of the principal amount of the Outstanding Notes tendered pursuant to this Letter of Transmittal. 

SIGN HERE  

        By completing, executing and delivering this Letter of Transmittal, the undersigned hereby tenders to FBL the principal amount of the Outstanding Notes listed in
the table set forth above labeled "Description of Outstanding Notes Tendered." 

	

 Signature of Registered Holder(s) or Authorized Signatory
 (see guarantee requirement below)	
 	

 Date
	

 Signature of Registered Holder(s) or Authorized Signatory
 (see guarantee requirement below)	
 	

 Date
	

 Signature of Registered Holder(s) or Authorized Signatory
 (see guarantee requirement below)	
 	

 Date

	Area Code and Telephone Number:	 	    

        If a holder of Outstanding Notes is tendering any Outstanding Notes, this Letter of Transmittal must be signed by the Registered Holder(s) exactly as the name(s)
appear(s) on a securities position listing of DTC or by any person(s) authorized to become the Registered Holder(s) by endorsements and documents transmitted herewith. If the signature is by a
trustee, executor, administrator, guardian, attorney-in-fact, officer or other person, acting in a fiduciary or representative capacity, please set forth 

6

 

at
the line entitled "Capacity (full title)" and submit evidence satisfactory to the Exchange Agent and FBL of such person's authority to so act. See Instruction 4. 

	Name(s):	 	    

	

(Please Type or Print)

	Capacity (full title):	 	    

	Address:	 	    
(Including Zip Code)

MEDALLION SIGNATURE GUARANTEE

(If required—See Instruction 4)  

	Signature(s) Guaranteed by an Eligible Institution:	 	    
(Authorized Signature)
	

 (Title)
	

 (Name of Firm)
	

 (Address)

Dated:
                        , 2004 

7

 
INSTRUCTIONS FORMING PART OF THE TERMS AND

CONDITIONS OF THE EXCHANGE OFFER  

        1.    Delivery of Letter of Transmittal.    This Letter of Transmittal is to be completed by tendering holders of
Outstanding Notes if tender of such Outstanding Notes is to be made by book-entry transfer to the Exchange Agent's account at DTC and instructions are not being transmitted through ATOP.  HOLDERS WHO TENDER THEIR OUTSTANDING
NOTES THROUGH DTC'S ATOP PROCEDURES SHALL BE BOUND BY, BUT NEED NOT COMPLETE, THIS LETTER OF TRANSMITTAL; THUS, A LETTER OF TRANSMITTAL
NEED NOT ACCOMPANY TENDERS EFFECTED THROUGH ATOP.

        A
confirmation of a book-entry transfer into the Exchange Agent's account at DTC of all Outstanding Notes delivered electronically, as well as a properly completed and duly
executed Letter of Transmittal (or a manually signed facsimile thereof) or properly transmitted agent's message, and any other documents required by this Letter of Transmittal, must be received by the
Exchange Agent at its address set forth herein on or prior to the Expiration Date. 

        Any
financial institution that is a participant in DTC may electronically transmit its acceptance of the Exchange Offer by causing DTC to transfer Outstanding Notes to the Exchange Agent
in accordance with DTC's ATOP procedures for such transfer on or prior to the Expiration Date. The Exchange Agent will make available its general participant account at DTC for the Outstanding Notes
for purposes of the Exchange Offer. 

        DELIVERY OF A LETTER OF TRANSMITTAL TO DTC WILL NOT CONSTITUTE VALID DELIVERY TO THE EXCHANGE AGENT. No Letter of Transmittal should be
sent to FBL or DTC. 

        The
method of delivery of this Letter of Transmittal and all other required documents, including delivery through DTC and any acceptance or agent's message delivered through ATOP, is at
the option and risk of the tendering holder. If delivery is by mail, registered mail, with return receipt requested and properly insured, is recommended. Instead of delivery by mail, it is recommended
that the holder use an overnight or hand-delivery service. In all cases, sufficient time should be allowed to ensure timely delivery. 

        Neither
FBL nor the Exchange Agent is under any obligation to notify any tendering holder of Outstanding Notes of FBL's acceptance of tendered Outstanding Notes prior to
the Expiration Date. 

        2.    Delivery of the Registered Notes.    Registered Notes to be issued according to the terms of the Exchange Offer,
if consummated, will be delivered in book-entry form to holders of Outstanding Notes tendered in the Exchange Offer. In order to permit such delivery, the appropriate DTC participant name
and number (along with any other required account information) must be provided in the table entitled "Description of the Outstanding Notes." Failure to
do so will render a tender of the Outstanding Notes defective, and FBL will have the right, which it may waive, to reject such delivery. Holders that anticipate participating in the Exchange Offer
other than through DTC are urged to promptly contact a bank, broker or other intermediary (that has the capability to hold securities custodially through DTC) to arrange for receipt of any Registered
Notes delivered pursuant to the Exchange Offer and to obtain the information necessary to complete the table. 

        3.    Amount of Tenders.    Tenders of Outstanding Notes will be accepted in denominations of U.S. $1,000 and integral
multiples of U.S. $1,000 in excess thereof. Book-entry transfers to the Exchange Agent should be made in the exact principal amount of Outstanding Notes tendered. 

        4.    Signatures on Letter of Transmittal; Instruments of Transfer; Guarantee of Signatures.    For purposes of this
Letter of Transmittal, the term "Registered Holder" means an owner of record as well as any DTC participant that has Outstanding Notes credited to its DTC account. Except as otherwise provided below,
all signatures on this Letter of Transmittal must be guaranteed by a recognized 

8

 

participant
in the Securities Transfer Agents Medallion Program, the NYSE Medallion Signature Program or the Stock Exchange Medallion Program (each, a "Medallion Signature Co-Obligor").
Signatures on the Letter of Transmittal need not be guaranteed if: 

	•
	the
Letter of Transmittal is signed by a participant in DTC whose name appears on a security position listing as the owner of the Outstanding Notes and the holder(s) has not
completed the box entitled "Special Return Instructions" on the Letter of Transmittal; or

	•
	the
Outstanding Notes are tendered for the account of an "eligible institution." 

        An
"eligible institution" is one of the following firms or other entities identified in Rule 17Ad-15 under the Securities Exchange Act of 1934 (as the terms are used
in Rule 17Ad-15): 

        (a)   a
bank; 

        (b)   a
broker, dealer, municipal securities dealer, municipal securities broker, government securities dealer or government securities broker; 

        (c)   a
credit union; 

        (d)   a
national securities exchange, registered securities association or clearing agency; or 

        (e)   a
savings institution that is a participant in a Securities Transfer Association recognized program. 

        If
any of the Outstanding Notes tendered are held by two or more Registered Holders, all of the Registered Holders must sign the Letter of Transmittal. 

        FBL
will not accept any alternative, conditional, irregular or contingent tenders. By executing the Letter of Transmittal (or facsimile thereof) or directing DTC to transmit an agent's
message, you waive any right to receive any notice of the acceptance of your Outstanding Notes for exchange. 

        If
this Letter of Transmittal or instruments of transfer are signed by trustees, executors, administrators, guardians or attorneys-in-fact, officers of
corporations or others acting in a fiduciary or representative capacity, such persons should so indicate when signing and, unless waived by FBL, evidence satisfactory to FBL of their authority to so
act must be submitted with this Letter of Transmittal. 

        Beneficial
owners whose tendered Outstanding Notes are registered in the name of a broker, dealer, commercial bank, trust company or other nominee must contact such broker, dealer,
commercial bank, trust company or other nominee if they desire to tender such Outstanding Notes. 

        5.    Special Return Instructions.    All Outstanding Notes tendered hereby and not accepted for exchange will be
returned to the undersigned according to the information provided in the table entitled "Description of the Outstanding Notes Tendered" or, if completed, according to the "Special Return Instructions"
box in this Letter of Transmittal. 

        6.    Transfer Taxes.    Except as set forth in this Instruction 6, FBL will pay or cause to be paid any transfer
taxes with respect to the transfer and sale of Outstanding Notes to it, or to its order, pursuant to the Exchange Offer. If payment is to be made to, or if Outstanding Notes not tendered or purchased
are to be registered in the name of any persons other than the Registered Holder, or if tendered Outstanding Notes are registered in the name of any persons other than the persons signing this Letter
of Transmittal, the amount of any transfer taxes (whether imposed on the Registered Holder or such other person) payable on account of the transfer to such other person will be deducted from the
payment unless satisfactory evidence of the payment of such taxes or exemption therefrom is submitted. 

        7.    Validity of Tenders.    All questions concerning the validity, form, eligibility (including time of receipt),
acceptance and withdrawal of tendered Outstanding Notes will be determined by FBL in its 

9

 

sole
discretion, which determination will be final and binding. FBL reserves the absolute right to reject any and all tenders of Outstanding Notes not in proper form or any Outstanding Notes the
acceptance for exchange of which may, in the opinion of its counsel, be unlawful. FBL also reserves the absolute right to waive any defect or irregularity in tenders of Outstanding Notes, whether or
not similar defects or irregularities are waived in the case of other tendered securities. The interpretation of the terms and conditions by FBL shall be final and binding on all parties. Unless
waived, any defects or irregularities in connection with tenders of Outstanding Notes must be cured within such time as FBL shall determine. None of FBL, the Exchange Agent or any other person will be
under any duty to give notification of defects or irregularities with respect to tenders of Outstanding Notes, nor shall any of them incur any liability for failure to give such notification. 

        Tenders
of Outstanding Notes will not be deemed to have been made until such defects or irregularities have been cured or waived. Any Outstanding Notes received by the Exchange Agent
that are not validly tendered and as to which the defects or irregularities have not been cured or waived will be returned by the Exchange Agent to the holders of Outstanding Notes, unless otherwise
provided in this Letter of Transmittal, as soon as practicable following the Expiration Date or the withdrawal or termination of the Exchange Offer. 

        8.    Waiver of Conditions.    FBL reserves the absolute right to amend or waive any of the conditions in the exchange
Offer concerning any Outstanding Notes at any time. 

        9.    Withdrawal.    Tenders may be withdrawn only pursuant to the procedures and subject to the terms set forth in
the Prospectus under the caption "The Exchange Offer—Withdrawal of Tenders." 

        10.    Requests For Assistance or Additional Copies.    Questions and requests for assistance and requests for
additional copies of the Prospectus and this Letter of Transmittal may be directed to the Exchange Agent at the address and telephone number indicated herein. 

        11.    Tax Identification Number.    Federal income tax law requires that a U.S. Holder (defined below) whose
Outstanding Notes are accepted for exchange must provide the Exchange Agent with his, her or its correct taxpayer Identification Number ("TIN"), which, in the case of an exchanging U.S. Holder who is
an individual, is his or her social security number. If the Exchange Agent is not provided with the correct TIN or an adequate basis for exemption, such holder may be subject to a $50 penalty imposed
by the Internal Revenue Service (the "IRS"), and payments made with respect to the Registered Notes or the Exchange Offer may be subject to backup withholding at a rate of 28% (subject to periodic
reductions through 2010, at which time the rate is currently scheduled to be increased to 31%). If withholding results in an overpayment of taxes, a refund may be obtained. 

        To
prevent backup withholding, each exchanging U.S. Holder must provide his, her or its correct TIN by completing the copy of the IRS Form W-9 attached to this Letter
of Transmittal, certifying that the TIN provided is correct (or that such U.S. Holder is awaiting a TIN) and that the U.S. Holder is exempt from backup withholding because (i) the holder has
been notified by the IRS that he, she or it is subject to backup withholding as a result of a failure to report all interests or dividends, or (ii) the IRS has notified the U.S. Holder that he,
she or it is no longer subject to backup withholding. If the Outstanding Notes are in more than one name or are not in the name of the actual owner, consult the Form W-9
Instructions for information on which TIN to report. If you do not provide your TIN to the Exchange Agent within 60 days, backup withholding may begin and continue until you furnish your TIN. 

        Exempt
holders (including, among others, all corporations and certain foreign individuals) are not subject to these withholding and reporting requirements. See the enclosed copy of the
IRS Form W-9. In order to satisfy FBL that a foreign individual qualifies as an exempt recipient, such holder must submit a properly completed IRS Form W-8BEN (or
other applicable form) certifying, under penalty of perjury, to such holder's foreign status in order establish an exemption from backup withholding. A 

10

 

copy
of the Form W-8BEN is attached to this Letter of Transmittal. Other applicable forms may be obtained from the Exchange Agent. 

        For
the purposes of these instructions, a "U.S. Holder" is (i) a citizen or resident of the United States, (ii) a
corporation, or other entity taxable as a corporation for U.S. federal income tax purposes, created or organized in or under the laws of the United States or of any political subdivision thereof,
(iii) an estate the income of which is subject to United States federal income taxation regardless of its source, or (iv) a trust, if a court within the United States is able to exercise
primary supervision over administration of the trust and one or more U. S. persons having authority to control all substantial decisions of the trust. 

        12.   The
exchange of Outstanding Notes for Registered Notes will not be a taxable event for U.S. federal income tax purposes. See "Material United States Federal Income Tax
Consequences" in the Prospectus. 

        In
order to tender, a holder of Outstanding Notes should send or deliver a properly completed and signed Letter of Transmittal and any other required documents to the Exchange Agent at
its address set forth below or tender pursuant to DTC's Automated Tender Offer Program 

        The
Exchange Agent for the Exchange Offer is: 

Deutsche
Bank Trust Company Americas

Trust & Securities Services

60 Wall Street

New York, NY 10005

Attention: Corporate Market Services 

        Any
questions or requests for assistance or for additional copies of the Prospectus, this Letter of Transmittal, or related documents may be directed to the Exchange Agent at:
1-800-735-7777. A holder of Outstanding Notes may also contact such holder's custodian bank, depositary, broker, trust company or other nominee for assistance concerning the
Exchange Offer. 

11

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