Document:

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                              REMARKETING AGREEMENT

         REMARKETING AGREEMENT, dated as of May 28, 2003 (the "Remarketing
Agreement") by and between AmerUs Group Co., an Iowa corporation (the
"Company"), and Wachovia Bank, National Association (formerly First Union
National Bank) not individually but solely as Purchase Contract Agent and as
attorney-in-fact of the holders of Purchase Contracts (each as defined in the
Purchase Contract Agreement (as defined herein)), and Merrill Lynch, Pierce,
Fenner & Smith Incorporated (the "Remarketing Agent").

                                   WITNESSETH:

         WHEREAS, the Company will issue $125,000,000 (or up to $143,750,000 if
the Underwriters exercise their overallotment option in full) aggregate Stated
Amount of its Securities (the "Securities") under the Purchase Contract
Agreement, dated as of May 28, 2003 by and between the Purchase Contract Agent
and the Company (the "Purchase Contract Agreement") as amended or supplemented
from time to time; and

         WHEREAS, the Securities will initially consist of 5,000,000 (or
5,750,000 if the Underwriters exercise their overallotment option in full)
Income PRIDES, each such security consisting of a Senior Note initially due 2008
issued by the Company in the principal amount of $25 (a "Debt Security") and a
Purchase Contract issued by the Company ("Purchase Contract") pursuant to the
Purchase Contract Agreement, and no Growth PRIDES, each such security consisting
of certain U.S. Treasury Securities and a Purchase Contract.

         WHEREAS, the Debt Securities will be pledged pursuant to the Pledge
Agreement (the "Pledge Agreement"), dated as of May 28, 2003, by and between the
Company, BNY Midwest Trust Company, as Collateral Agent, Securities Intermediary
and Custodial Agent (the "Collateral Agent") and the Purchase Contract Agent, to
secure an Income PRIDES Holder's obligations under the related Purchase Contract
on the Purchase Contract Settlement Date.

         WHEREAS, the Remarketing Agent will remarket in the manner provided
herein the Debt Securities pledged pursuant to the Pledge Agreement (the
"Pledged Debt Securities") of the Income PRIDES Holders who have not already
settled their Purchase Contracts, and any Debt Securities that are not pledged
pursuant to the Pledge Agreement (the "Other Debt Securities") of the holders
who have elected to have their Debt Securities remarketed, in each case, as
provided in the Purchase Contract Agreement.

         WHEREAS, in the event of a successful remarketing as provided herein,
the applicable interest rate on the Debt Securities will be reset, on the Reset
Date, to the Reset Rate, which will be the sum of (1) the Applicable Benchmark
Treasury (as agreed between the Company and the Reset Agent) in effect on a
Remarketing Date and (2) the Reset Spread determined by the Reset Agent as the
additional spread required to produce the rate the Debt Securities should bear
in order for the Debt Securities being remarketed to have an approximate market
value on the Reset Date of (a) if the proposed Reset Date is not the Purchase
Contract Settlement Date, 100.25% multiplied by the Remarketing Treasury
Portfolio Purchase Price, plus the Remarketing Fee (the "Remarketing Value"), or
(b) if the proposed Reset Date is the Purchase Contract Settlement Date, 100.25%
multiplied by the aggregate principal amount of the Debt Securities being
remarketed; plus the

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Remarketing Fee (the "Contract Settlement Value"), provided that the Reset Rate
shall in no event exceed the maximum permitted by applicable law.

         WHEREAS, if a Reset Date occurs on a date that is not February 16,
2006, May 16, 2006 and August 16, 2006, the Reset Agent shall determine (1) the
minimum integral multiple number of Income PRIDES and Growth PRIDES required to
make Collateral Substitutions (as defined in the Purchase Contract Agreement),
and (2) the percentage of the undivided beneficial ownership interest in the
Remarketing Treasury Portfolio constituting the Applicable Ownership Interest
therein with respect to each Payment Date that follows such Reset Date.

         WHEREAS, the Company has requested Merrill Lynch & Co., Merrill Lynch,
Pierce, Fenner & Smith Incorporated ("Merrill Lynch") to act as the Reset Agent
and as the Remarketing Agent and as such to perform the services described
herein; and

         WHEREAS, Merrill Lynch is willing to act as Reset Agent and Remarketing
Agent and as such to perform such duties on the terms and conditions expressly
set forth herein.

         NOW, THEREFORE, for and in consideration of the covenants herein made,
and subject to the conditions herein set forth, the parties hereto agree as
follows:

         Section 1. Definitions. Capitalized terms used and not defined in this
Agreement shall have the meanings assigned to them in the Purchase Contract
Agreement or, if not therein stated, the Pledge Agreement.

         Section 2. Appointment and Obligations of Reset Agent and Remarketing
Agent; Remarketing.

         (a)      Appointment and Obligations. The Company hereby appoints
Merrill Lynch, and Merrill Lynch hereby accepts such appointment, (i) as the
Reset Agent to determine, in consultation with the Company and in the manner
provided for in the Indenture, the Debt Securities and the Purchase Contract
Agreement, (a) the Reset Rate, that in the opinion of the Reset Agent, will,
when applied to the Debt Securities, enable the aggregate principal amount of
the Debt Securities being remarketed to have an approximate aggregate market
value equal to (1) on any Remarketing Date (other than the third Business Day
immediately preceding August 16, 2006), the Remarketing Value or (2) on the
third Business Day immediately preceding August 16, 2006, the Contract
Settlement Value; and (b) if a Reset Date occurs on a date that is not February
16, 2006, May 16, 2006 or August 16, 2006, (1) the minimum integral multiple
number of Income PRIDES and Growth PRIDES required to make Collateral
Substitutions (as defined in the Purchase Contract Agreement), and (2) the
percentage of the undivided beneficial ownership interest in the Remarketing
Treasury Portfolio constituting the Applicable Ownership Interest therein with
respect to each Payment Date that follows such Reset Date; and (ii) as the
exclusive Remarketing Agent to remarket the Debt Securities (subject to the
right of Merrill Lynch to appoint additional remarketing agents hereunder as
described below) (1) on any Remarketing Date that is not the third Business Day
immediately preceding the Contract Settlement Date, to remarket (A) the Pledged
Debt Securities of Income PRIDES Holders who have not already settled their
Purchase Contracts, and (B) any Other Debt Securities of the holders who have
elected to have their Debt Securities so remarketed, for settlement on the third
Business Day following such Remarketing Date, or (2)

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unless the Debt Securities have been successfully remarketed or called for a Tax
Event Redemption, on the third Business Day immediately preceding the Purchase
Contract Settlement Date, to remarket (A) the Pledged Debt Securities of Income
PRIDES Holders who have not already settled their Purchase Contracts and who
have failed to notify the Purchase Contract Agent, on or prior to the fifth
Business Day immediately preceding the Purchase Contract Settlement Date, of
their intention to settle the Purchase Contracts through Cash Settlement, and
(B) any Other Debt Securities of the holders who have elected to have their Debt
Securities so remarketed, in each case, as provided in the Purchase Contract
Agreement, the Pledge Agreement, the Indenture, the Debt Securities and this
Agreement, for settlement on the Purchase Contract Settlement Date.

         In connection with any remarketing contemplated hereby, the Remarketing
Agent will enter into a Supplemental Remarketing Agreement (the "Supplemental
Remarketing Agreement") with the Company and the Purchase Contract Agent, which
shall either be (i) substantially in the form attached hereto as Exhibit A (with
such changes as the Company and the Remarketing Agent may agree upon, it being
understood that changes may be necessary in the representations, warranties,
covenants and other provisions of the Supplemental Remarketing Agreement due to
changes in law or facts and circumstances or in the event that Merrill Lynch is
not the sole remarketing agent, and with such further changes therein as the
Remarketing Agent may reasonably request) or (ii) in such other form as the
Remarketing Agent may reasonably request, subject to the approval of the Company
(such approval not to be unreasonably withheld). Notwithstanding anything herein
to the contrary, Merrill Lynch shall not be obligated to act as Remarketing
Agent or Reset Agent hereunder unless the Supplemental Remarketing Agreement is
in form and substance reasonably satisfactory to Merrill Lynch. The Company
agrees that Merrill Lynch shall have the right, on 15 Business Days' written
notice to the Company, to appoint one or more additional remarketing agents so
long as any such additional remarketing agents shall be reasonably acceptable to
the Company. Upon any such appointment, the parties shall enter into an
appropriate amendment to this Agreement to reflect the addition of any such
remarketing agent.

         (b)      Pursuant to the Supplemental Remarketing Agreement, the
Remarketing Agent, either as sole remarketing agent or as representative of a
group of remarketing agents appointed as aforesaid, will agree, subject to the
terms and conditions set forth herein and therein, to use its reasonable efforts
to (i) remarket, on each Remarketing Date, the Debt Securities that the
Collateral Agent shall have notified the Remarketing Agent have been tendered
for, or otherwise are to be included in, the remarketing, at a price per $25
principal amount of the Debt Securities such that the aggregate price for the
aggregate principal amount of the Debt Securities being remarketed on the Reset
Date will be approximately (a) if the proposed Reset Date is not the Purchase
Contract Settlement Date, the Remarketing Value, or (b) if the proposed Reset
Date is the Purchase Contract Settlement Date, the Contract Settlement Value.
Notwithstanding the preceding sentence, the Remarketing Agent shall not remarket
any Debt Securities for a price less than the price (the "Minimum Price")
necessary for the aggregate principal amount of the Debt Securities being
remarketed to have an aggregate price (a) if the proposed Reset Date is not the
Purchase Contract Settlement Date, equal to 100% of the Treasury Portfolio
Purchase Price, or (b) if the proposed Reset Date is the Purchase Contract
Settlement Date, equal to 100% of the aggregate principal amount of such Debt
Securities. The Remarketing Agent shall not be obligated to remarket any Debt
Securities if a condition precedent to such remarketing is not fulfilled.

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         Upon a successful remarketing, after deducting the fee specified in
Section 3 below, the proceeds of remarketing shall be paid to the Collateral
Agent in accordance with Section 4.6 or 6.3 of the Pledge Agreement and Section
4.3 or 5.4 of the Purchase Contract Agreement (each of which Sections are
incorporated herein by reference). In the event any remarketing attempt is
unsuccessful, the Remarketing Agent shall return the Pledged Debt Securities to
the Collateral Agent and the Other Debt Securities delivered for remarketing to
the Custodial Agent for return to the holders of such Other Debt Securities.

         (c)      Neither the Remarketing Agent nor the Reset Agent shall have
any obligation whatsoever to purchase any Debt Securities, whether in connection
with a remarketing or otherwise, and shall in no way be obligated to provide
funds to make payment upon tender of Debt Securities for remarketing or to
otherwise expend or risk their own funds or incur or be exposed to financial
liability in the performance of their respective duties under this Agreement or
the Supplemental Remarketing Agreement, and, without limitation of the
foregoing, the Remarketing Agent shall not be deemed an underwriter of the
remarketed Debt Securities. The Company shall not be obligated in any case to
provide funds to make payment upon tender of Debt Securities for remarketing.

         (d)      Subject to the conditions set forth in this Agreement, the
Remarketing Agent agrees to remarket, in whole but not in part, the Pledged Debt
Securities and the Other Debt Securities that are delivered to it for
remarketing by the Collateral Agent and the Custodial Agent no later than 10:00
a.m., New York City time, on the Business Day prior to any Remarketing Date. The
Remarketing Date(s) shall be (1) one or more Business Days selected by the
Company as a date on which the Remarketing Agent shall remarket the Debt
Securities, provided that no more than two such Remarketing Dates shall be
selected by the Company during each of (A) the period from the third Business
Day immediately preceding February 16, 2006 to April 31, 2006, and (B) the
period from June 1, 2006 to August 1, 2006, (2) unless there has been a
successful remarketing of the Debt Securities prior to such date, the third
Business Day immediately preceding May 16, 2006, and (3) unless there has been a
successful remarketing of the Debt Securities prior to such date, the third
Business Day immediately preceding August 16, 2006.

         Section 3.  Fees. Upon a successful remarketing of the Debt Securities,
the Remarketing Agent may deduct as its remarketing fee from the proceeds to be
remitted to the Collateral Agent (i) an amount representing 25 basis points
(0.25%) of the aggregate principal amount of the remarketed Debt Securities
(including Other Debt Securities) if the remarketed Debt Securities matures on
or prior to August 16, 2008 or (ii) such other amount as agreed between the
Company and the Remarketing Agent if the maturity date of the Debt Securities is
otherwise extended on the Reset Date to a date after August 16, 2008. In
addition, the Reset Agent shall receive from the Company a reasonable and
customary fee for acting as the Reset Agent (the "Reset Agent Fee"); provided,
however, that if the Remarketing Agent shall also act as the Reset Agent, then
the Reset Agent shall not be entitled to receive any such Reset Agent Fee.
Payment of such Reset Agent Fee shall be made by the Company on the Reset Date
in immediately available funds or, upon the instructions of the Reset Agent, by
certified or official bank check or checks or by wire transfer.

         Section 4.  Replacement and Resignation of Remarketing Agent and Reset
Agent.

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         (a)      The Company may in its absolute discretion replace Merrill
Lynch as the Remarketing Agent and/or as the Reset Agent in its capacity
hereunder by giving notice prior to 3:00 p.m., New York City time, on the
eleventh Business Day immediately prior to any Remarketing Date provided, in
either case, that the Company must replace Merrill Lynch both as Remarketing
Agent and as Reset Agent unless Merrill Lynch shall agree to continue to serve
solely in one such capacity. Any such replacement shall become effective upon
the Company's appointment of a successor to perform the services that would
otherwise be performed hereunder by the Remarketing Agent and/or the Reset
Agent. Upon providing such notice, the Company shall use all reasonable efforts
to appoint such a successor and to enter into a remarketing agreement with such
successor as soon as reasonably practicable. The Company shall notify the
Purchase Contract Agent, the Collateral Agent and the Custodial Agent of the
appointment of any such successor.

         (b)      Merrill Lynch may resign at any time and be discharged from
its duties and obligations hereunder as the Remarketing Agent and/or as the
Reset Agent by giving notice prior to 3:00 p.m., New York City time, on the
eleventh Business Day immediately prior to any Remarketing Date. Any such
resignation shall become effective upon the Company's appointment of a successor
to perform the services that would otherwise be performed hereunder by the
Remarketing Agent and/or the Reset Agent. Upon receiving notice from the
Remarketing Agent and/or the Reset Agent that it wishes to resign hereunder, the
Company shall appoint such a successor and enter into a remarketing agreement
with it as soon as reasonably practicable. The Company shall notify the Purchase
Contract Agent, the Collateral Agent and the Custodial Agent of the appointment
of any such successor.

         Section 5.  Dealing in the Securities. Each of the Remarketing Agent
and the Reset Agent, when acting hereunder or under the Supplemental Remarketing
Agreement or acting in its individual or any other capacity, may, to the extent
permitted by law, buy, sell, hold or deal in any of the Debt Securities. With
respect to any Securities, Debt Securities or other securities of the Company
owned by it, the Remarketing Agent and the Reset Agent may each exercise any
vote or join in any action with like effect as if it did not act in any capacity
hereunder. The Remarketing Agent and the Reset Agent respectively, in its
individual capacity, either as principal or agent, may also engage in or have an
interest in any financial or other transaction with the Company as freely as if
it did not act in any capacity hereunder.

         Section 6.  Registration Statement and Prospectus.

         (a)      In connection with any remarketing on any Remarketing Date, if
and to the extent required (in the view of counsel for either the Remarketing
Agent or the Company) by applicable law, regulations or interpretations in
effect at the time of such remarketing, the Company shall (i) use its reasonable
efforts to have a registration statement relating to the Debt Securities
effective under the Securities Act of 1933, as amended (the "1933 Act"), prior
to such Remarketing Date, (ii) if requested by the Remarketing Agent, furnish a
current preliminary prospectus and, if applicable, a current preliminary
prospectus supplement to be used by the Remarketing Agent in the remarketing not
later than three Business Days prior to such Remarketing Date (or such earlier
date as the Remarketing Agent may reasonably request) and in such quantities as
the Remarketing Agent may reasonably request, (iii) furnish a current final
prospectus and, if applicable, a current final prospectus supplement to be used
by the Remarketing Agent in the remarketing not later than

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such Remarketing Date in such quantities as the Remarketing Agent may reasonably
request, and (iv) pay all expenses relating to the foregoing.

         (b)      If in connection with any remarketing on any Remarketing Date,
it shall not be possible, in the view of counsel (which need not be an opinion)
for either the Remarketing Agent or the Company, under applicable law,
regulations or interpretations in effect at the time of such remarketing to
register the offer and sale by the Company of the Debt Securities under the 1933
Act as otherwise contemplated by this Section 6, the Company (i) shall use its
reasonable efforts to take, or cause to be taken, all action and to do, or cause
to be done, all things necessary, proper and advisable to permit and effectuate
the offer and sale of the Debt Securities in connection with such remarketing
without registration under the 1933 Act pursuant to an exemption therefrom, if
available, including the exemption afforded by Rule 144A under the rules and
regulations promulgated under the 1933 Act by the Commission, (ii) if requested
by the Remarketing Agent, shall furnish a current preliminary remarketing
memorandum to be used by the Remarketing Agent in such remarketing not later
than three Business Days prior to such Remarketing Date (or in either case such
earlier date as the Remarketing Agent may reasonably request) and in such
quantities as the Remarketing Agent may reasonably request and (iii) shall
furnish a current final remarketing memorandum to be used by the Remarketing
Agent in such remarketing not later than such Remarketing Date in such
quantities as the Remarketing Agent may reasonably request, and shall pay all
expenses relating thereto.

         (c)      The Company shall also use its reasonable efforts to take all
such actions as may (upon advice of counsel to the Company or the Remarketing
Agent) be necessary or desirable under state securities or blue sky laws in
connection with any remarketing on any Remarketing Date.

         Section 7.  Conditions to the Remarketing Agent's Obligations. (a) In
addition to any other conditions provided in the Purchase Contract Agreement,
the Pledge Agreement, the Indenture, the Debt Securities or the Supplemental
Remarketing Agreement, the right of each holder of Debt Securities or Income
PRIDES to have their Debt Securities remarketed (or included in a particular
remarketing attempt) shall be subject to the conditions that (i) the Debt
Securities delivered for remarketing have not been called for a Tax Event
Redemption, (ii) the Remarketing Agent is able to find a purchaser or purchasers
for the Debt Securities being remarketed at the applicable Minimum Price and
such purchaser or purchasers deliver the purchase price therefor to the
Remarketing Agent as and when required, (iii) no prior successful remarketing of
the Debt Securities has occurred, (iv) the Purchase Contract Agent, the
Collateral Agent, the Custodial Agent, the Company and the Trustee shall have
performed their respective obligations in connection with the remarketing in
this Agreement, the Supplemental Remarketing Agreement, the Pledge Agreement,
the Purchase Contract Agreement, the Indenture or any other agreement relating
to such remarketing (including, without limitation, the Purchase Contract Agent
giving the Remarketing Agent notice of the aggregate principal amount of the
Pledged Debt Securities and the Other Debt Securities to be delivered for
remarketing no later than 10:00 a.m., New York City time, the Business Day
preceding the proposed Remarketing Date and the Collateral Agent and the
Custodial Agent concurrently delivering such Debt Securities to be remarketed to
the Remarketing Agent), (v) no Event of Default (as defined in the Indenture),
and no event that with the passage of time or the giving of notice or both would
become an Event of Default, shall be continuing, (vi) the accuracy of the
representations and warranties of the Company included and incorporated by

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reference in this Agreement and the Supplemental Remarketing Agreement or in
certificates of any officer of the Company delivered pursuant to the provisions
included or incorporated by reference in this Agreement or the Supplemental
Remarketing Agreement, (vii) the performance by the Company of its covenants and
other obligations included and incorporated by reference in this Agreement and
the Supplemental Remarketing Agreement, (viii) the satisfaction of the other
conditions set forth and incorporated by reference in this Agreement and the
Supplemental Remarketing Agreement, and (ix) this Agreement and any applicable
Supplemental Remarketing Agreement have not terminated.

         (b)      If at any time during the term of this Agreement, any Event of
Default (as defined therein) under the Indenture, or event that with the passage
of time or the giving of notice or both would become an Event of Default under
the Indenture, has occurred and is continuing, then the obligations and duties
of the Remarketing Agent under this Agreement shall be suspended until such
default or event has been cured. The Company will promptly notify the
Remarketing Agent of such Events of Default and events known to it and will
cause the Trustee to give the Remarketing Agent notice of all such Events of
Default and events of which the Trustee is aware.

         Section 8.  Termination of Remarketing Agreement. This Agreement shall
terminate as to the Remarketing Agent and/or the Reset Agent (as the case may
be) on the effective date of its replacement pursuant to Section 4(a) hereof or
pursuant to Section 4(b) hereof. Notwithstanding any such termination, the
obligations set forth in Section 2 (insofar as such Section relates to the
payment of the Remarketing Fee) and Section 3 hereof shall survive and remain in
full force and effect until all amounts payable under such Sections shall have
been paid in full. In addition, each former Remarketing Agent and Reset Agent
shall be entitled to the rights and benefits under Sections 9 and 10 of this
Agreement notwithstanding the replacement or resignation of such Remarketing
Agent or Reset Agent.

         Section 9.  Remarketing Agent's Performance; Duty of Care. The duties
and obligations of the Remarketing Agent and the Reset Agent shall be determined
solely by the express provisions of this Agreement and, in the case of the
Remarketing Agent, the Supplemental Remarketing Agreement. No implied covenants
or obligations of or against the Remarketing Agent or the Reset Agent shall be
read into this Agreement or, in the case of the Remarketing Agent, the
Supplemental Remarketing Agreement. In the absence of bad faith on the part of
the Remarketing Agent or the Reset Agent, as the case may be, the Remarketing
Agent and the Reset Agent each may conclusively rely upon any document furnished
to it which purports to conform to the requirements of this Agreement or the
Supplemental Remarketing Agreement, as the case may be, as to the truth of the
statements expressed therein. Each of the Remarketing Agent and the Reset Agent
shall be protected in acting upon any document or communication reasonably
believed by it to be signed, presented or made by the proper party or parties.
Neither the Remarketing Agent nor the Reset Agent shall have any obligation to
determine whether there is any limitation under applicable law on the Reset Rate
on the Debt Securities or, if there is any such limitation, the maximum
permissible Reset Rate on the Debt Securities, and they shall rely solely upon
written notice from the Company (which the Company agrees to provide prior to
the third Business Day prior to any Remarketing Announcement Date) as to whether
or not there is any such limitation and, if so, the maximum permissible Reset
Rate. Neither the Remarketing Agent nor the Reset Agent shall incur any
liability under this Agreement or the Supplemental Remarketing Agreement, as the
case may be, to any beneficial owner or holder of Debt Securities, or other
securities, either in its individual

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capacity or as Remarketing Agent or Reset Agent, as the case may be, for any
action or failure to act in connection with any remarketing or otherwise in
connection with the transactions contemplated by this Agreement or the
Supplemental Remarketing Agreement, except to the extent that it shall have been
determined by a court of competent jurisdiction by final and nonappealable
judgment that such liability has resulted from the willful misconduct, bad faith
or gross negligence of the Remarketing Agent or the Reset Agent. The provisions
of this Section 9 shall survive any termination of this Agreement and shall also
continue to apply to every Remarketing Agent and Reset Agent notwithstanding
their resignation or removal.

         Section 10.  Indemnification and Contribution.

         (a)      The Company agrees to indemnify and hold harmless the
Remarketing Agent, the Reset Agent and their respective directors, officers,
employees, agents, affiliates and each person, if any, who controls the
Remarketing Agent or the Reset Agent within the meaning of either Section 15 of
the 1933 Act or Section 20 of the Securities Exchange Act of 1934, as amended
(the "1934 Act") (the Remarketing Agent, the Reset Agent and each such person or
entity being an "Agent Indemnified Party"), as follows:

                                    (i)      from and against any and all
losses, claims, damages, liabilities and expenses whatsoever, joint or several,
as incurred, to which such Agent Indemnified Party may become subject under any
applicable federal or state law, or otherwise, and related to, arising out of,
or based on (A) the failure to have an effective Registration Statement (as
defined in the Supplemental Remarketing Agreement) under the 1933 Act relating
to the Debt Securities, as the case may be, if required, or the failure to
satisfy the prospectus delivery requirements of the 1933 Act because the Company
failed to provide the Remarketing Agent with a Prospectus (as defined in the
Supplemental Remarketing Agreement) for delivery, or (B) any untrue statement or
alleged untrue statement of a material fact contained in the Registration
Statement or any amendment thereto (including any information deemed to be a
part of the Registration Statement at the time it became effective pursuant to
paragraph (b) of Rule 430A under the 1933 Act, if applicable), or the omission
or alleged omission therefrom of a material fact required to be stated therein
or necessary to make the statements therein not misleading, or (C) any untrue
statement or alleged untrue statement of a material fact contained in any
preliminary prospectus or the Prospectus, or any amendment or supplement
thereto, or the omission or alleged omission therefrom of a material fact
necessary in order to make the statements therein, in the light of the
circumstances under which they were made, not misleading, or (D) any untrue
statement or alleged untrue statement of a material fact contained in any
preliminary remarketing memorandum or any final remarketing memorandum, or any
amendment or supplement thereto, or the omission or alleged omission therefrom
of a material fact necessary in order to make the statements therein, in the
light of the circumstances under which they were made, not misleading, or (E)
any untrue statement or alleged untrue statement of a material fact contained in
any other documents (including, without limitation, any documents incorporated
or deemed to be incorporated by reference in any such documents) provided by the
Company for use in connection with the remarketing of the Debt Securities or any
of the transactions related thereto, or (F) any breach by the Company of any of
the representations, warranties or agreements included or incorporated by
reference in this Agreement or the Supplemental Remarketing Agreement, or (G)
any failure by the Company to make or consummate the remarketing of the Debt
Securities or the withdrawal, recession, termination, amendment or extension of
the terms of such remarketing, or (H) any

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failure on the part of the Company to comply, or any breach by the Company of,
any of the provisions included or incorporated by reference in this Agreement,
the Supplemental Remarketing Agreement, the Purchase Contract Agreement, the
Income PRIDES, the Growth PRIDES, the Pledge Agreement, the Indenture or the
Debt Securities (collectively, the "Operative Documents"), or (I) the
remarketing of the Debt Securities or any other transaction contemplated by any
of the Operative Documents, or the engagement of the Remarketing Agent or the
Reset Agent pursuant to, or the performance by the Remarketing Agent or the
Reset Agent of the respective services contemplated by, this Agreement or the
Supplemental Remarketing Agreement, whether or not any remarketing of the Debt
Securities, or the reset of the interest rate on, or modification of the
maturity date or scheduled interest payment dates of, the Debt Securities, as
contemplated herein actually occur;

                                    (ii)     against any and all loss,
liability, claim, damage and expense whatsoever, as incurred, to the extent of
the aggregate amount paid in settlement of any litigation or any investigation
or proceeding by any governmental agency or body, commenced or threatened, or of
any claim whatsoever related to, arising out of or based on any matter described
in (i) above; and

                                    (iii)    against any and all expense
whatsoever, as incurred (including the fees and disbursements of counsel chosen
by the Remarketing Agent or the Reset Agent, as the case may be), reasonably
incurred in investigating, preparing or defending against any litigation, or any
investigation or proceeding by any governmental agency or body, commenced or
threatened, or any claim whatsoever related to, arising out of or based on any
matter described in (i) above to the extent that any such expense is not paid
under (i) or (ii) above;

provided, however, that the Company shall not be liable under clause (i)(B),
(i)(C), (i)(D) or (i)(E) to the extent any such loss, claim, damage, liability
or expense arises out of any untrue statement or omission or alleged untrue
statement or omission made in reliance upon and in conformity with written
information furnished to the Company by the Remarketing Agent or the Reset Agent
expressly for use in the Registration Statement (or any amendment thereto), any
preliminary prospectus or the Prospectus (or any amendment or supplement
thereto) or any preliminary or final remarketing memorandum (or any amendment or
supplement thereto) or any other documents used in connection with remarketing
of the Debt Securities, as the case may be;

provided, further, that with respect to any untrue statement or omission of a
material fact made in any preliminary prospectus, the indemnity agreement
contained in this Section 10(a) shall not inure to the benefit of the
Remarketing Agent to the extent that any such loss, claim, damage or liability
of the Remarketing Agent occurs under the circumstance where (w) the Company had
previously furnished copies of the Prospectus to the Remarketing Agent, (x)
delivery of the Prospectus was required to be made to such person, (y) the
Company sustained the burden of proving that the untrue statement or alleged
untrue statement of a material fact or omission or alleged omission of a
material fact contained in the preliminary prospectus was corrected in the
Prospectus, and (z) the Remarketing Agent failed to send or give to such person,
at or prior to the written confirmation of the sale of Debt Securities to such
person, a copy of the Prospectus and the delivery thereof would have constituted
a complete defense to such person's claim in respect of such untrue statement of
alleged untrue statement or omission;

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provided, further, that the Company shall not be liable under clause (i)(G) or
(i)(I) to the extent that such loss, claim, damage, liability or expense has, by
final judicial determination, resulted from the willful misconduct, bad faith or
gross negligence of the Remarketing Agent or the Reset Agent.

         Other than as set forth in Section 10(b) below, the Company agrees that
no Agent Indemnified Party shall have any liability (whether direct or indirect,
in contract or tort or otherwise) to the Company or its respective security
holders or creditors relating to or arising out of the engagement of the
Remarketing Agent or the Reset Agent pursuant to, or the performance by the
Remarketing Agent or the Reset Agent of their respective services contemplated
by, this Agreement or the Supplemental Remarketing Agreement except to the
extent that any loss, claim, damage, liability or expense is found in a final
judgment in a court of competent jurisdiction to have resulted from the willful
misconduct, gross negligence or bad faith of the Remarketing Agent or the Reset
Agent, as the case may be.

         The Company agrees that, without the prior written consent of the
Remarketing Agent or the Reset Agent, as the case may be, it will not settle,
compromise or consent to the entry of any judgment with respect to any
litigation, or any investigation or proceeding by any governmental agency or
body, commenced or threatened, or any action or claim whatsoever in respect of
which indemnification or contribution could be sought under this Section 10
(whether or not the Remarketing Agent, Reset Agent or any other Agent
Indemnified Party is an actual or potential party to such claim, action or
proceeding), unless such settlement, compromise or consent (I) includes an
unconditional release of each Agent Indemnified Party from all liability arising
out of such litigation, investigation, proceeding, action or claim and (II) does
not include a statement as to, or an admission of, fault, culpability or a
failure to act by or on behalf of an Agent Indemnified Party.

         (b)      The Remarketing Agent and the Reset Agent, severally and not
jointly, agree to indemnify and hold harmless the Company, its directors and its
officers who sign the Registration Statement, and each person, if any, who
controls the Company within the meaning of either Section 15 of the 1933 Act or
Section 20 of the 1934 Act (the "Company Indemnified Parties") to the same
extent as the foregoing indemnity from the Company to the Agent Indemnified
Parties, but only with reference to information relating to such Remarketing
Agent and Reset Agent furnished to the Company in writing by such Remarketing
Agent and Reset Agent expressly for use in the Registration Statement, any
preliminary prospectus, the Prospectus or any amendments or supplements thereto,
any preliminary remarketing memorandum, final remarketing memorandum or
amendments or supplements thereto or any other documents used in connection with
the Remarketing of the Debt Securities, as the case may be.

         Each of the Remarketing Agent and the Reset Agent agrees that, without
the Company's prior written consent, it will not settle, compromise or consent
to the entry of any judgement with respect to any litigation, or any
investigation or proceeding by any governmental agency or body, commenced or
threatened, or any action or claim whatsoever in respect of which
indemnification or contribution could be sought under this Section 10(b)
(whether or not the Company or any other Company Indemnified Party is an actual
or potential party to such claim, action or proceeding), unless such settlement,
compromise or consent (i) includes an unconditional release of each Company
Indemnified Party from all liability arising out of such litigation,
investigation,

                                       10

<PAGE>

proceeding, action or claim and (ii) does not include a statement as to, or an
admission of fault, culpability or a failure to act by or on behalf of a Company
Indemnified Party.

         (c)      If the indemnification provided for in Section 10(a) or 10(b)
hereof is for any reason unavailable to or insufficient to hold harmless any
party seeking indemnification thereunder (an "Indemnified Party") in respect of
any losses, liabilities, claims, damages or expenses referred to therein, then
the Company on the one hand, and the Remarketing Agent and the Reset Agent on
the other hand, shall contribute to the aggregate amount of such losses,
liabilities, claims, damages and expenses incurred by such Indemnified Party, as
incurred, (i) in such proportion as is appropriate to reflect the relative
benefits received by the Company on the one hand and the Remarketing Agent and
the Reset Agent on the other hand from the remarketing of the Debt Securities
contemplated hereby or (ii) if the allocation provided by clause (i) is not
permitted by applicable law, in such proportion as is appropriate to reflect not
only the relative benefits referred to in clause (i) above but also the relative
fault of the Company on the one hand and of the Remarketing Agent and the Reset
Agent on the other hand in connection with the statements, omissions or other
matters which resulted in such losses, liabilities, claims, damages or expenses,
as well as any other relevant equitable considerations. The relative benefits
received by the Company on the one hand and the Remarketing Agent and the Reset
Agent on the other hand in connection with the remarketing of the Debt
Securities contemplated hereby shall be deemed to be in the same respective
proportions as the aggregate principal amount of the Debt Securities which are
or are to be remarketed bears to the aggregate fees actually received by the
Remarketing Agent and the Reset Agent under Section 3 hereof. The relative fault
of the Company on the one hand and the Remarketing Agent and the Reset Agent on
the other hand (i) in the case of an untrue or alleged untrue statement of a
material fact or omission or alleged omission to state a material fact, shall be
determined by reference to, among other things, whether such untrue or alleged
untrue statement of a material fact or omission or alleged omission to state a
material fact relates to information supplied by the Company on the one hand or
by the Remarketing Agent or the Reset Agent on the other hand and the parties'
relative intent, knowledge, access to information and opportunity to correct or
prevent such statement or omission and (ii) in the case of any other action or
omission shall be determined by reference to, among other things, whether such
action or omission was taken or omitted to be taken by the Company on the one
hand, or by the Remarketing Agent or the Reset Agent, on the other hand, and the
parties' relative intent, knowledge, access to information and opportunity to
prevent or correct such action or omission. The Company, the Remarketing Agent
and the Reset Agent agree that it would not be just and equitable if
contribution pursuant to this Section 10(c) were determined by pro rata
allocation or by any other method of allocation which does not take account of
the equitable considerations referred to above in this Section 10(c). The
aggregate amount of losses, liabilities, claims, damages and expenses incurred
by an Indemnified Party and referred to above in this Section 10(c) shall be
deemed to include any legal or other expenses incurred by such Indemnified Party
in investigating, preparing or defending against any litigation, or any
investigation or proceeding by any governmental agency or body, commenced or
threatened, or any claim whatsoever based upon any such untrue or alleged untrue
statement or any such omission or alleged omission or any other such action or
omission; provided, however, that to the extent permitted by applicable law, in
no event shall the Remarketing Agent or the Reset Agent be required to
contribute any amount which, in the aggregate, exceeds the aggregate fees
received by them under Section 3 of this Agreement. No investigation or failure
to investigate by any Indemnified Party shall impair the foregoing
indemnification and contribution agreement or any rights an Indemnified Party
may have. No person guilty of fraudulent misrepresentation (within the

                                       11

<PAGE>

meaning of Section 11(f) of the 1933 Act) shall be entitled to contribution from
any person who was not guilty of such fraudulent misrepresentation.

         (d)      In the event an Agent Indemnified Party is requested or
required to appear as a witness in any action brought by or on behalf of or
against the Company, the Company agrees to reimburse the Remarketing Agent or
the Reset Agent, as the case may be, for all reasonable expenses, as incurred,
which are incurred by the Remarketing Agent or the Reset Agent, as the case may
be, in connection with such Agent Indemnified Party's appearing and preparing to
appear as such a witness, including, without limitation, the reasonable fees and
disbursements of its legal counsel, and to compensate the Remarketing Agent or
the Reset Agent, as the case may be, in an amount to be mutually agreed upon.

         (e)      Promptly after receipt by an Indemnified Party of written
notice of any claim or commencement of an action or proceeding with respect to
which indemnification may be sought hereunder, such Indemnified Party will
notify the party from whom indemnification is sought (the "Indemnifying Party")
in writing of such claim or of the commencement of such action or proceeding,
but failure to so notify the Indemnifying Party will not relieve the
Indemnifying Party from any liability which it may have to such Indemnified
Party under this indemnification and contribution agreement except to the extent
the Indemnifying Party was materially prejudiced by such failure to notify, and
in any event will not relieve the Indemnifying Party from any other liability
that it may have to such Indemnified Party. The Indemnified Party, shall retain
counsel reasonably satisfactory to the Indemnified Party (or the Remarketing
Agent in the case of any Agent Indemnified Party) to represent the Indemnified
Party and any others the Company may designate in such proceeding and shall pay
the fees and disbursements of such counsel related to such proceeding. In any
such proceeding, any Indemnified Party shall have the right to retain its own
counsel, but the fees and expenses of such counsel shall be at the expense of
such Indemnified Party unless (i) the Company shall have agreed in writing to
pay such fees and expenses, (ii) the Company shall have failed to take
reasonable steps necessary to defend diligently any claim within ten calendar
days after receiving written notice from the Indemnified Party that that
Indemnified Party believes the Company has failed to take such steps or (iii)
the named parties to any such proceeding (including any impleaded parties)
include both the Company and the Indemnified Party and representation of both
parties by the same counsel would be inappropriate due to actual or potential
differing interests between them. It is understood that the Company shall not,
in connection with any proceeding or related proceedings in the same
jurisdiction, be liable for the reasonable fees and expenses of more than one
separate firm (in addition to any local counsel) for all such Indemnified
Parties, and that all such fees and expenses shall be reimbursed as they are
incurred after receipt of adequate documentation thereof.

         (f)      Anything herein or in the Supplemental Remarketing Agreement
to the contrary notwithstanding, the provisions of this Section 10, and the
rights of the Remarketing Agent, the Reset Agent and the other Indemnified
Parties hereunder, shall be in addition to, and not in limitation of, any rights
or benefits (including, without limitation, rights to indemnification or
contribution) which the Remarketing Agent, the Reset Agent or any other
Indemnified Party may have under any other instrument or agreement.

         Section  11. Governing Law. This Agreement shall be governed by and
construed in accordance with the laws of the State of New York.

                                       12

<PAGE>

         Section  12. Term of Agreement. Unless otherwise terminated in
accordance with the provisions hereof and except as otherwise provided herein,
this Agreement shall remain in full force and effect from the date hereof until
the first day after the Reset Date or if a Failed Remarketing occurs, August 16,
2006.

         Section  13. Successors and Assigns. The rights and obligations of the
Company hereunder may not be assigned or delegated to any other person without
the prior written consent of Merrill Lynch as the Remarketing Agent and the
Purchase Contract Agent. The rights and obligations of Merrill Lynch as the
Remarketing Agent and/or as the Reset Agent hereunder may not be assigned or
delegated to any other person without the prior written consent of the Company.
This Agreement shall inure to the benefit of and be binding upon the Company and
Merrill Lynch as the Remarketing Agent and/or as the Reset Agent and their
respective successors and assigns. The terms "successors" and "assigns" shall
not include any purchaser of Securities merely because of such purchase.

         Section  14. Headings. Section headings have been inserted in this
Agreement as a matter of convenience of reference only, and it is agreed that
such section headings are not a part of this Agreement and will not be used in
the interpretation of any provision of this Agreement.

         Section  15. Severability. If any provision of this Agreement shall be
held or deemed to be or shall, in fact, be invalid, inoperative or unenforceable
as applied in any particular case in any or all jurisdictions because it
conflicts with any provisions of any constitution, statute, rule or public
policy or for any other reason, such circumstances shall not have the effect of
rendering the provision in question invalid, inoperative or unenforceable in any
other case, circumstances or jurisdiction, or of rendering any other provision
or provisions of this Agreement invalid, inoperative or unenforceable to any
extent whatsoever.

         Section  16. Counterparts. This Agreement may be executed in
counterparts, each of which shall be regarded as an original and all of which
shall constitute one and the same document.

         Section  17. Amendments. This Agreement may be amended by any
instrument in writing signed by the parties hereto.

         Section  18. Notices. Unless otherwise specified, any notices,
requests, consents or other communications given or made hereunder or pursuant
hereto shall be made in writing or transmitted by any standard form of
telecommunication, including telephone, telegraph or telecopy, and confirmed in
writing. All written notices and confirmations of notices by telecommunication
shall be deemed to have been validly given or made when delivered or mailed,
registered or certified mail, return receipt requested and postage prepaid. All
such notices, requests, consents or other communications shall be addressed as
follows: if to the Company, to AmerUs Group Co., 699 Walnut Street, Des Moines,
Iowa 50309, Attention: Melinda Urion, Chief Financial Officer, with a copy to
Joseph K. Haggerty, Senior Vice President and General Counsel; if to the
Remarketing Agent or Reset Agent, to Merrill Lynch & Co., Merrill Lynch, Pierce,
Fenner & Smith Incorporated, at Four World Financial Center, North Tower 25th
Floor, New York, New York 10080, Attention: Equity Capital Markets, with a copy
to Mayer, Brown, Rowe & Maw, 190 South LaSalle Street, Chicago, Illinois 60603,
Attention: Edward S. Best; and if to the Purchase Contract Agent, to Wachovia
Bank, National Association, 401 South Tryon Street, 12th Floor,

                                       13

<PAGE>

Charlotte, North Carolina 28288-1179, Attention: Corporate Trust Department, or
to such other address as any of the above shall specify to the other in writing.

         Section  19. Information. The Company agrees to furnish the Remarketing
Agent and the Reset Agent with such information and documents as the Remarketing
Agent or the Reset Agent may reasonably request in connection with the
transactions contemplated by this Remarketing Agreement and the Supplemental
Remarketing Agreement, and make reasonably available to the Remarketing Agent,
the Reset Agent and any accountant, attorney or other advisor retained by the
Remarketing Agent or the Reset Agent such information that parties would
customarily require in connection with a due diligence investigation conducted
in accordance with applicable securities laws and cause the Company's officers,
directors, employees and accountants to participate in all such discussions and
to supply all such information reasonably requested by any such person in
connection with such investigation.

                                       14

<PAGE>

         IN WITNESS WHEREOF, each of the Company, the Remarketing Agent and the
Purchase Contract Agent has caused this Agreement to be executed in its name and
on its behalf by one of its duly authorized officers as of the date first above
written.

                                            AMERUS GROUP CO.

                                            By: /s/ Roger K. Brooks
                                               ---------------------------------
                                              Name: Roger K. Brooks
                                             Title: Chairman, President and
                                                    Chief Executive Officer

CONFIRMED AND ACCEPTED:

MERRILL LYNCH & CO.
MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED

By: /s/ Dan J. Luckshire
  -----------------------------
   Authorized Signatory

WACHOVIA BANK, NATIONAL ASSOCIATION
not individually but solely as Purchase
Contract Agent and as attorney-in-fact
for the holders of the Purchase Contracts

By: /s/ Shawn K. Bednasek
  -------------------------------------
  Name: Shawn K. Bednasek
 Title: Vice President

                                       15

<PAGE>

                                              Exhibit A to Remarketing Agreement

                       SUPPLEMENTAL REMARKETING AGREEMENT

         Supplemental Remarketing Agreement dated _____________, ____ among
AmerUs Group Co., an Iowa corporation (the "Company"), Merrill Lynch, Pierce,
Fenner & Smith Incorporated (the "Remarketing Agent"), and Wachovia Bank,
National Association, as Purchase Contract Agent and attorney-in-fact for the
Holders of the Purchase Contracts (as such terms are defined in the Purchase
Contract Agreement referred to in Schedule I hereto).

         NOW, THEREFORE, for and in consideration of the covenants herein made,
and for other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties hereto agree as follows:

         1.       Definitions. Capitalized terms used and not defined in this
Agreement shall have the meanings assigned to them in the Remarketing Agreement,
dated as of May 28, 2003 (the "Remarketing Agreement"), among the Company, the
Purchase Contract Agent and Merrill Lynch & Co., Merrill Lynch, Pierce, Fenner &
Smith Incorporated or, if not defined in the Remarketing Agreement, the meanings
assigned to them in the Purchase Contract Agreement (as defined in Schedule I
hereto).

         2.       Registration Statement and Prospectus. The Company has filed
with the Securities and Exchange Commission, and there has become effective, a
registration statement on Form S-3, including a prospectus, relating to the
Securities (as such term is defined on Schedule I hereto). Such Registration
Statement, as amended, and including the information deemed to be a part thereof
pursuant to Rule 430A under the 1933 Act, and the documents incorporated or
deemed to be incorporated by reference therein, are hereinafter called,
collectively, the "Registration Statement"; the [related preliminary prospectus
dated ___________, including the documents incorporated or deemed to be
incorporated by reference therein, [and preliminary prospectus supplement dated
__________] are hereinafter called, [collectively] the "preliminary
prospectus";] and the related prospectus dated , including the documents
incorporated or deemed to be incorporated by reference therein, [and prospectus
supplement dated ________] are hereinafter called, [collectively,] the
"Prospectus." The Company has provided copies of the Registration Statement [,
the preliminary prospectus] and the Prospectus to the Remarketing Agent, and
hereby consents to the use of the [preliminary prospectus] and the Prospectus in
connection with the remarketing of the Securities. [IN THE EVENT THAT A
REGISTRATION STATEMENT IS NOT POSSIBLE OR NOT REQUIRED PURSUANT TO THE
REMARKETING AGREEMENT, INSERT THE FOLLOWING: The Company has provided to the
Remarketing Agent, for use in connection with remarketing of the Securities (as
such term is defined on Schedule I hereto), a [preliminary remarketing
memorandum and] remarketing memorandum and [describe other materials, if any].
Such remarketing memorandum (including the documents incorporated or deemed to
be incorporated by reference therein, [and] [describe other materials] are
hereinafter called, collectively, the "Prospectus," [and such preliminary
marketing memorandum (including the documents incorporated or deemed to be
incorporated by reference therein) is hereinafter called a "preliminary
prospectus")]. The Company hereby consents to the use of the Prospectus [and the
preliminary prospectus] in connection with the remarketing of the Securities].
All references in this Agreement to amendments or supplements to the
Registration Statement [, the preliminary

                                       16

<PAGE>

prospectus] or the Prospectus shall be deemed to mean and include the filing of
any document under the 1934 Act, which is incorporated or deemed to be
incorporated by reference in the Registration Statement [, the preliminary
prospectus] or the Prospectus, as the case may be.

         3.       Provisions Incorporated by Reference.

                  (a)      Subject to Section 3(b), the provisions of the
Underwriting Agreement (other than Section 2, Section 3, Section 5, Section 6,
Section 9 and Section 10 thereof) are incorporated herein by reference, mutatis
mutandis, and the Company hereby makes the representations and warranties, and
agrees to comply with the covenants and obligations, set forth in the provisions
of the Underwriting Agreement incorporated by reference herein, as modified by
the provisions of Section 3(b) hereof.

                  (b)      With respect to the provisions of the Underwriting
Agreement incorporated herein, for the purposes hereof, (i) all references
therein to the "Underwriter" or "Underwriters" shall be deemed to refer to the
Remarketing Agent and any additional remarketing agents designated pursuant to
Section 2 of the Remarketing Agreement; (ii) all references therein to the
"Securities", "PRIDES" or "Initial Securities" shall be deemed to refer to the
Securities as defined herein; (iii) all references therein to the "Closing Date"
shall be deemed to refer to the Remarketing Closing Date specified in Schedule I
hereto; (iv) all references therein to the "Registration Statement" [, the
"preliminary prospectus"] or the "Final Prospectus" shall be deemed to refer to
the Registration Statement[, the preliminary prospectus] and the Prospectus,
respectively, as defined herein; (v) all references therein to this "Agreement,"
the "Underwriting Agreement," "hereof," "herein" and all references of similar
import, shall be deemed to mean and refer to this Supplemental Remarketing
Agreement; (vi) all references therein to "the date hereof," "the date of this
Agreement" and all similar references shall be deemed to refer to the date of
this Supplemental Remarketing Agreement; (vii) all references therein to any
"settlement date" shall be disregarded; and (viii) [other changes, including
changes relating to the offer and sale of the Securities in connection with the
Remarketing without registration under the 1933 Act in reliance upon an
exemption therefrom (including the exemption afforded by Rule 144A)].]

         4.       Remarketing. Subject to the terms and conditions and in
reliance upon the representations and warranties herein set forth or
incorporated by reference herein and in the Remarketing Agreement, the
Remarketing Agent agrees to use its reasonable efforts to remarket, in the
manner set forth in Section 2(b) of the Remarketing Agreement, the aggregate
principal amount, as the case may be, of Securities set forth in Schedule I
hereto at a purchase price not less than 100% of the [Remarketing Value]
[Contract Settlement Value]. In connection therewith, the registered holder or
holders thereof agree, in the manner specified in Section 5 hereof, to pay to
the Remarketing Agent the Remarketing Fee, payable by deduction from any amount
received in connection from such remarketing in excess of the [Remarketing
Treasury Portfolio Purchase Price] [aggregate principal amount of the
Securities]. The right of each holder of Securities to have Securities tendered
for purchase shall be limited to the extent set forth in the last sentence of
Section 2(b) of the Remarketing Agreement (which is incorporated by reference
herein). As more fully provided in Section 2(c) of the Remarketing Agreement
(which is incorporated by reference herein), the Remarketing Agent is not
obligated to purchase any Securities in the remarketing or otherwise, and
neither the Company nor the Remarketing Agent shall be obligated in any case to
provide funds to make payment upon tender of Securities for remarketing.

                                       17

<PAGE>

         5.       Delivery and Payment. Delivery of payment for the remarketed
Securities by the purchasers thereof identified by the Remarketing Agent and
payment of the Remarketing Fee shall be made on the Remarketing Closing Date at
the location and time specified in Schedule I hereto (or such later date not
later than five Business Days after such date as the Remarketing Agent shall
designate), which date and time may be postponed by agreement between the
Remarketing Agent and the Company. Delivery of the remarketed Securities and
payment of the Remarketing Fee shall be made to the Remarketing Agent against
payment by the respective purchasers of the remarketed Securities of the
consideration therefor as specified herein, which consideration shall be paid to
the Collateral Agent for the account of the persons entitled thereto by
certified or official bank check or checks drawn on or by a New York Clearing
House bank and payable in immediately available funds or in immediately
available funds by wire transfer to an account or accounts designated by the
Collateral Agent.

         If the Securities are not represented by a Global Security held by or
on behalf of The Depository Trust Company, certificates for the Securities shall
be registered in such names and denominations as the Remarketing Agent may
request not less than one full Business Day in advance of the Remarketing
Closing Date, and the Company, the Collateral Agent and the registered holder or
holders thereof agree to have such certificates available for inspection,
packaging and checking by the Remarketing Agent in New York, New York not later
than 1:00 p.m. on the Business Day prior to the Remarketing Closing Date.

         6.       Notices. Unless otherwise specified, any notices, requests,
consents or other communications given or made hereunder or pursuant hereto
shall be made in writing or transmitted by any standard form of
telecommunication, including telephone, telegraph or telecopy, and confirmed in
writing. All written notices and confirmations of notices by telecommunication
shall be deemed to have been validly given or made when delivered or mailed,
registered or certified mail, return receipt requested and postage prepaid. All
such notices, requests, consents or other communications shall be addressed as
follows: if to the Company, to AmerUs Group Co., 699 Walnut Street, Des Moines,
Iowa 50309, Attention: Chief Financial Officer, with a copy to the General
Counsel; if to the Remarketing Agent or Reset Agent, to Merrill Lynch & Co.,
Merrill Lynch, Pierce, Fenner & Smith Incorporated, at Four World Financial
Center, North Tower 25th Floor, New York, New York 10080, Attention: Equity
Capital Markets, with a copy to Mayer, Brown, Rowe & Maw, 190 South LaSalle
Street, Chicago, Illinois 60603, Attention: Edward S. Best; and if to the
Purchase Contract Agent, to Wachovia Bank, National Association, 401 South Tryon
Street, 12th Floor, Charlotte, North Carolina 28288-1179, Attention: Corporate
Trust Department, or to such other address as any of the above shall specify to
the other in writing.

         7.       Conditions to Obligations of Remarketing Agent. Anything
herein to the contrary notwithstanding, the parties hereto agree (and the
holders and beneficial owners of the Securities will be deemed to agree) that
the obligations of the Remarketing Agent under this Agreement and the
Remarketing Agreement are subject to the satisfaction of the conditions set
forth in Section 7 of the Remarketing Agreement (which are incorporated herein
by reference), and to the satisfaction, on the Remarketing Closing Date, of the
conditions incorporated by reference herein from Section 6 of the Underwriting
Agreement as modified by Section 3(b) hereof (including, without limitation, the
delivery of opinions of counsel, officers' certificates and accountants' comfort
letters in form and substance satisfactory to the Remarketing Agent, the
accuracy as of the Remarketing Closing Date of the representations and
warranties of the Company included and incorporated by reference

                                       18

<PAGE>

herein and the performance by the Company of its obligations under the
Remarketing Agreement and this Agreement as and when required hereby and
thereby). In addition, anything herein or in the Remarketing Agreement to the
contrary notwithstanding, the Remarketing Agreement and this Agreement may be
terminated by the Remarketing Agent, by notice to the Company at any time prior
to the time of settlement on the Remarketing Closing Date, if any of the events
or conditions set forth in Section 10 of the Underwriting Agreement, as modified
by Section 3(b) hereof, shall have occurred or shall exist.

         8.       Indemnity and Contribution. Anything herein to the contrary
notwithstanding, the Remarketing Agent shall be entitled to indemnity and
contribution on the terms and conditions set forth in the Remarketing Agreement.

         If the foregoing is in accordance with your understanding of our
agreement, please sign and return to us the enclosed duplicate hereof, whereupon
this letter and your acceptance shall represent a binding agreement among the
Company and the several Remarketing Underwriters.

                                                        Very truly yours,

                                                        AMERUS GROUP CO.

                                                        By:____________________
                                                           Name:
                                                           Title:

CONFIRMED AND ACCEPTED:

MERRILL LYNCH & CO.
MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED

By:_______________________________
     Authorized Signatory

WACHOVIA BANK, NATIONAL ASSOCIATION
not individually but solely as Purchase
Contract Agent and as attorney-in-fact
for the holders of the Purchase Contracts

By:_______________________________
   Name:
   Title:

                                       19

<PAGE>

                SCHEDULE I TO SUPPLEMENTAL REMARKETING AGREEMENT

Securities subject to the remarketing: Senior Notes due 2008 of the Company (the
"Securities").

Purchase Contract Agreement, dated as of May 28, 2003 (the "Purchase Contract
Agreement") by and between AmerUs Group Co., an Iowa corporation, and Wachovia
Bank, National Association.

Pledge Agreement dated as of May 28, 2003 (the "Pledge Agreement") by and
between AmerUs Group Co., an Iowa corporation, BNY Midwest Trust Company, and
Wachovia Bank, National Association.

Indenture dated as of June 16, 1998 (the "Indenture") by and between AmerUs
Group Co., an Iowa corporation, and Wachovia Bank, National Association
(formerly First Union National Bank), as supplemented by an Officer's
Certificate dated May 28, 2003, establishing the Securities.

[Minimum      Initial      Remarketing      Price] [Aggregate Principal Amount
of Securities: $ ____________]

Purchase Agreement, dated May 28, 2003 (the "Underwriting Agreement") among
AmerUs Group Co. and Merrill Lynch & Co., Merrill Lynch, Pierce, Fenner & Smith
Incorporated.

Remarketing Closing Date, Time and Location:

                                       20<PAGE>

                                AMERUS GROUP CO.

                              OFFICERS' CERTIFICATE

         Roger K. Brooks, the duly authorized Chairman, President, and Chief
Executive Officer and Brenda J. Cushing, the duly authorized Senior Vice
President and Controller of AmerUs Group Co. (the "Company"), pursuant to the
authority granted in the Board Resolutions of the Company dated May 18, 2003 and
the resolutions of its Finance and Strategy Committee dated May 21, 2003 and
Sections 2.01 and 3.01 of the Indenture defined herein, do hereby certify to
Wachovia Bank, National Association (formerly First Union National Bank) (the
"Trustee"), as Trustee under the Indenture of the Company dated as of June 16,
1998 (the "Indenture") that:

1.       Definitions. Capitalized terms used herein and not otherwise defined
herein have the meanings given to them in the Indenture and if not therein
defined, the meanings given to them in the Purchase Contract Agreement, dated as
of May 28, 2003, between the Company and Wachovia Bank, National Association, as
purchase contract agent, and the Pledge Agreement, dated as of May 28, 2003,
between the Company, BNY Midwest Trust Company, as collateral agent, custodial
agent and securities intermediary, and Wachovia Bank, National Association, as
purchase contract agent.

2.       Title and Limitation on Principal Amount. The securities of the series
described herein to be issued under the Indenture shall be designated "Senior
Notes initially due 2008" ("Notes"). The Notes shall be limited in aggregate
principal amount to $125,000,000 or $143,750,000 (if the overallotment option
granted to the underwriters in connection with the initial sale of the
Securities is exercised in full).

3.       Maturity. The Notes shall mature and the principal amount thereof shall
be due and payable together with all accrued and unpaid interest thereon on the
Maturity Date. The "Maturity Date" shall mean May 16, 2008 unless extended by
the Company in connection with a successful remarketing of the Notes pursuant to
the Remarketing Agreement; provided that, (i) in no event shall such extended
Maturity Date be less than two years from the Reset Date, (ii) in connection
with any successful remarketing of the Notes pursuant to the Remarketing
Agreement, the Company shall have the right to extend the Maturity Date to a
date that is two, three, five, seven or ten years from the Reset Date and (iii)
if the Notes are not successfully remarketed by the third Business Day
immediately preceding August 16, 2006, the Maturity Date shall be August 16,
2008.

4.       Denominations. The Notes shall be issued in the denominations of $25
and in integral multiples thereof.

5.       Interest Rate and Determination of Reset Rate.

         (a)      Interest Rate and Interest Payment Dates. The Notes shall bear
interest at the per annum rate payable as follows: (A) quarterly in arrears at
an initial rate of 5.5% per annum payable (i) each February 16, May 16, August
16 and November 16, commencing August 16, 2003 to (but excluding) the Reset Date
or, if a Failed Remarketing occurs, to (but excluding) August 16, 2008 and (ii)
from and after the Reset Date, if any, semiannually in arrears on the Subsequent
Interest Payment Dates, at the Reset Rate (each an "Interest Payment Date")
until the

                                       1

<PAGE>

principal hereof is paid or made available for payment. If the Reset Date is not
an Interest Payment Date, the Company shall pay to the holders of record of the
Notes on the Regular Record Date preceding the Reset Date (as if the Reset Date
was an Interest Payment Date) the accrued and unpaid interest from the most
recent Interest Payment Date to, but excluding, such Reset Date at the rate of
interest in effect on the Notes prior to the Reset Date. If the Reset Date is
not an Interest Payment Date, the interest payment described in the previous
sentence attributable to Notes pledged as collateral under the Pledge Agreement
(the "Pledged Notes") and held as a component of the Company's Income PRIDES
initially issued on May 28, 2003 (the "Income PRIDES") shall be paid to the
Collateral Agent, which shall be paid to the Purchase Contract Agent for the
benefit of the holders of Income PRIDES in accordance with the Pledge Agreement
and the Purchase Contract Agreement. Interest on the Notes of this series will
accrue from May 28, 2003, to the first Interest Payment Date, and thereafter
will accrue from the last Interest Payment Date to which interest has been paid
or duly provided for.

         (b)      Remarketing.

                  (i)      Pursuant to the Remarketing Agreement, the Pledge
Agreement and the Purchase Contract Agreement and as described below, the
Company shall cause the Remarketing Agent to remarket (1) on any Remarketing
Date that is not the third Business Day immediately preceding the Purchase
Contract Settlement Date, (A) the Pledged Notes of Income PRIDES holders who
have not already settled the purchase contracts included in their Income PRIDES,
and (B) any other Notes of the holders who have elected to have their Notes so
remarketed, for settlement on the third Business Day following such Remarketing
Date, and (2) unless the Notes have been successfully remarketed or called for a
Tax Event Redemption, on the third Business Day immediately preceding the
Purchase Contract Settlement Date, (A) the Pledged Notes of Income PRIDES
holders who have not already settled the purchase contracts included in their
Income PRIDES and who have failed to notify the Purchase Contract Agent, on or
prior to the fifth Business Day immediately preceding the Purchase Contract
Settlement Date, of their intention to settle such purchase contracts in cash,
and (B) any other Notes of the holders who have elected to have their Debt
Securities so remarketed.

                  (ii)     The Company will request, not later than seven nor
more than 15 calendar days prior to each Remarketing Announcement Date, that the
Depository (or any successor or its nominee) notify by first-class mail, postage
prepaid, the beneficial owners or participants holding Notes of the remarketing,
including, if the Remarketing Announcement is being made on the seventh Business
Day immediately preceding August 16, 2006, the procedures that must be followed
in the event of a Failed Remarketing if any holder of Notes wishes to exercise
its right to put such Notes to the Company as provided herein.

                  (iii)    On each Remarketing Announcement Date, the Company
will (a) together with the Reset Agent, select the Applicable Benchmark Treasury
to be used to determine the Reset Rate and cause the Reset Agent to establish
the Reset Spread to be added to the yield on the Applicable Benchmark Treasury
expected to be in effect on the Remarketing Date, and (b) announce (the
"Remarketing Announcement") the Reset Date, Reset Spread and Applicable
Benchmark Treasury and any change in the scheduled interest payment dates and
the maturity date that will become effective with respect to the Notes on the
Reset Date upon a successful remarketing. On the Business Day immediately
following the Remarketing Announcement

                                       2

<PAGE>

Date, the Company will cause the Remarketing Announcement to be published in an
Authorized Newspaper. In the event of an unsuccessful remarketing attempt, the
Company will cause a notice of the unsuccessful remarketing attempt to be
published in an Authorized Newspaper no later than the second Business Day
following the Remarketing Date on which the unsuccessful remarketing attempt
occurred (which notice, if the unsuccessful remarketing attempt occurred on the
third Business Day immediately preceding the Purchase Contract Settlement Date,
shall include the procedures that must be followed if a holder of Notes wishes
to exercise its right to put such Notes to the Company).

                  (iv)     On or prior to the fifth Business Day, but no earlier
than the 10th Business Day, immediately preceding a proposed Reset Date, holders
of Notes that are not components of Income PRIDES may elect to have their Notes
remarketed in the same manner as Notes that are components of Income PRIDES by
delivering their Notes, along with a notice of such election to the Custodial
Agent. The Company shall cause the Custodial Agent to hold the Notes so
delivered for remarketing in an account separate from the Collateral Account (as
defined in the Pledge Agreement). Holders of Notes electing to have those Notes
remarketed will also have the right to withdraw the election on or prior to the
fifth Business Day immediately preceding the proposed Reset Date. If a
remarketing attempt is unsuccessful, the Company shall cause the Custodial Agent
to return the Notes that are not components of Income PRIDES and that have been
tendered for remarketing to their holders. Holders of Notes that are not
components of Income PRIDES may at any time on or prior to the fifth Business
Day immediately preceding August 16, 2006, as long as the Notes have not been
called for a Tax Event Redemption and no successful remarketing of the Notes
have previously occurred, elect to such Notes included in each remarketing
attempt made by the Remarketing Agent by re-delivering their Notes and notice of
election in the manner described above.

                  (v)      On each Remarketing Date, the Company shall cause the
Remarketing Agent to use its reasonable efforts to remarket the Notes that the
Collateral Agent shall have notified the Remarketing Agent have been tendered
for, or otherwise are to be included in, the remarketing, at a price per $25
principal amount of the Notes such that the aggregate price on the Reset Date
for the aggregate principal amount of the Notes being remarketed on that
Remarketing Date will be approximately the Remarketing Price.

                  (vi)     In the event of a successful remarketing, on the
Remarketing Date, the Remarketing Agent shall notify (i) the Collateral Agent,
the Custodial Agent, the Purchase Contract Agent, the Company, the Trustee and
the Clearing Agency of the Reset Rate determined in such remarketing and any
modification to the scheduled interest payment dates or maturity date of the
Senior Notes and the aggregate principal amount of Notes sold in such
remarketing, (ii) each purchaser of the Reset Rate (and the modified scheduled
interest payment dates and maturity date of Notes, if any) and the aggregate
principal amount such purchaser is to purchase and (iii) each purchaser to give
instructions to its Clearing Agency participant to pay the purchase price on the
Reset Date in same day funds against delivery of the Notes purchased through the
Clearing Agency's normal procedures.

                  (vii)    In accordance with the Clearing Agency's normal
procedures, on the Reset Date, the transactions described above with respect to
each Note tendered for purchase and sold in such remarketing shall be executed
through the Clearing Agency, and the accounts of the

                                       3

<PAGE>

respective Clearing Agency participants shall be debited and credited and such
Notes delivered by book entry as necessary to effect purchases and sales of such
Notes. The Clearing Agency shall make payment in accordance with its normal
procedures.

                  (viii)   A remarketing attempt on any Remarketing Date will be
deemed unsuccessful if the Remarketing Agent is unable to remarket the Notes for
a price that is at least the price necessary for the aggregate principal amount
of the Notes being remarketed to have an aggregate price on the proposed Reset
Date (a) if the proposed Reset Date is not the Purchase Contract Settlement
Date, equal to 100% of the sum of the Treasury Portfolio Purchase Price, or (b)
if the proposed Reset Date is the Purchase Contract Settlement Date, equal to
100% of the aggregate principal amount of such Notes; or if a condition
precedent to such remarketing is not fulfilled.

                  (ix)     Neither the Remarketing Agent nor the Reset Agent
shall have any obligation whatsoever to purchase any Notes, whether a
remarketing or otherwise, and shall in no way be obligated to provide funds to
make payment upon tender of Notes for remarketing or to otherwise expend or risk
their own funds or incur or be exposed to financial liability in the performance
of their respective duties under the Remarketing Agreement, and, without
limitation of the foregoing, the Remarketing Agent shall not be deemed an
underwriter of the remarketed Notes. The Company shall not be obligated in any
case to provide funds to make payment upon tender of Notes for remarketing.

6.       Record Dates. Each installment of interest on a Note shall be payable
to the Person in whose name such Note is registered at the of business on the
Regular Record Date for each Interest Payment Date, which (a) as long as the
Notes remain in certificated form and are held by the Purchase Contract Agent or
are held in book-entry form, will be 15 Business Days prior to the corresponding
Interest Payment Date, or (b) if the Notes are in certificated form, but are not
held by the Purchase Contract Agent, or are not held in book-entry form, will be
at least one Business Day but not more than 60 Business Days prior to such
corresponding Interest Payment Dates, as selected by the Company; provided that,
unless the Purchase Contracts described in the Purchase Contract Agreement (as
defined herein) have been terminated or unless a successful remarketing of the
Notes has occurred, such Regular Record Date must be the same as the record date
for the Income PRIDES set forth in the Purchase Contract Agreement. The Security
Registrar may, but shall not be required to, register the transfer of Notes
during the 10 days immediately preceding an Interest Payment Date. Any
installment of interest on the Notes not punctually paid or duly provided for
shall forthwith cease to be payable to the Holders of such Notes on such Regular
Record Date, and may be paid to the Persons in whose name such Notes are
registered at the close of business on a Special Record Date to be fixed by the
Trustee for the payment of such Defaulted Interest. Notice of such Defaulted
Interest and Special Record shall be given to the Holders of such Notes not less
than 10 days prior to such Special Record Date, or may be paid at any time in
any other lawful manner not inconsistent with the requirements of securities
exchange on which such Notes may be listed, and upon such notice as may be
required by such exchange, all as fully provided in the Indenture.

7.       Place and Manner of Payment. The principal and each installment of
interest on the Notes shall be payable at, and registration of transfers and
exchanges in respect of the Notes may be effected at, the office or agency
maintained by the Company in the Borough of Manhattan,

                                       4

<PAGE>

City of New York. Payment of interest may be made at the option of the Company
by check mailed to the address of the Persons entitled thereto or by wire
transfer to an account designated by the Person entitled thereto. Notices and
demands to or upon the Company in respect of the Notes may be served at the
office or agency of the Company in the Borough of Manhattan, City of New York.
The Paying Office of the Trustee will initially be the agency of the Company for
such payment, registration and registration of transfers and exchanges and
service of notices and demands and the Company hereby appoints the Trustee as
its agent for all such purposes; provided, however, that the Company reserves
the right to change, by one or more Officer's Certificates, any such office
agency and such agent. The Trustee will initially be the Security Registrar and
the Paying Agent for the Notes.

8.       Tax Event Redemption. If a Tax Event shall occur and be continuing, the
Company may, at its option, redeem the Notes in whole (but not in part) at any
time ("Tax Event Redemption") at a Redemption Price equal to, for each Note, the
Redemption Amount (as herein defined) plus accrued and unpaid interest thereon,
if any, to (but excluding) the date of redemption (the "Tax Event Redemption
Date"). Accrued and unpaid interest on the Notes which are due and payable on or
prior to the Tax Event Redemption Date will be payable to the holders of the
Notes registered as such at the close of business on the relevant record
date(s). If the Tax Event Redemption occurs prior to the Reset Date, or if there
is no Reset Date, prior to August 16, 2006, the Redemption Price payable with
respect to the Notes pledged to the Collateral Agent at the time of the Tax
Event Redemption under the Pledge Agreement dated as of May 28, 2003 by and
among the Company, BNY Midwest Trust Company, as Collateral Agent, Custodial
Agent and Securities Intermediary, and Wachovia Bank, National Association, as
Purchase Contract Agent (the "Pledge Agreement"), will be paid to the Collateral
Agent on the Tax Event Redemption Date on or prior to 12:30 p.m., New York City
time, by check or wire transfer in immediately available funds at such place and
at such account as may be designated by the Collateral Agent in exchange for the
Notes pledged to the Collateral Agent. Except as provided above, such Tax Event
Redemption shall be in accordance with Article X of the Indenture.

9.       Put Option. If the Notes are remarketed on the third Business Day
immediately preceding the Purchase Contract Settlement Date and such remarketing
has resulted in a Failed Remarketing, each holder of Notes who holds such Notes
on the day immediately following the Purchase Contract Settlement Date shall
have the right to require the Company to purchase such holder's Notes on
September 30, 2006 (the "Put Option Exercise Date"), upon at least three
Business Days' prior notice, at a price equal to 100% of the principal amount of
such Securities, plus accrued and unpaid interest, if any, thereon (the
"Repayment Price"). In order for the Notes to be so repurchased, the Company
must receive, on or prior to 5:00 p.m. New York City Time on the third Business
Day immediately preceding the Put Option Exercise Date, at the then principal
executive offices of the Company, the Notes to be repurchased with the form
entitled "Option to Elect Repayment" on the reverse of or otherwise accompanying
such Notes duly completed. Any such notice received by the Company shall be
irrevocable. All questions as to the validity, eligibility (including time of
receipt) and acceptance of the Notes for repayment shall be determined by the
Company, whose determination shall be final and binding. The payment of the
Repayment Price in respect of such Notes of this series shall be made, either
through the Trustee or the Company acting as Paying Agent, no later than 12:00
noon, New York City time, on the Put Option Exercise Date; the Repayment Price
for any Pledged Notes shall be paid to the Collateral Agent for payment pursuant
to the Pledge Agreement.

                                       5

<PAGE>

10.      No Sinking Fund. The Notes will not have the benefit of any Sinking
Fund.

11.      Global Notes. Initially the Notes will be issued in certificated form
in the name of Wachovia Bank, National Association, as Purchase Contract Agent,
that are components of Income PRIDES, or in the name of Cede & Co. (as nominee
for The Depository Trust Company ("DTC"), the initial securities depository for
the Notes, that are not components of Income PRIDES), and may bear such legends
as either the Purchase Contact Agent or DTC, respectively, may reasonably
request.

12.      No Charge of Registration of Transfer. No service charge shall be made
for the registration of transfer or exchange of the Notes; provided, however,
that the Company may require payment of a sum sufficient to cover any tax or
other governmental charge that may be imposed in connection with the exchange or
transfer.

13.      Form of Note. The Notes shall have such other terms and provisions as
provided in the forms thereof set forth in Exhibit A hereto and shall be issued
in substantially such forms.

         Each of the undersigned has read all of the covenants and conditions
contained in the Indenture relating to the issuance of the Notes and the
definitions in the Indenture relating thereto and in respect of which this
certificate is made. The statements contained in this certificate are based upon
the familiarity of the undersigned with the Indenture, the documents
accompanying this certificate, and upon discussions by the undersigned with
officers and employees of the Company familiar with the matters set forth
herein. In the opinion of each of the undersigned, he has made such examination
or investigation as is necessary to enable him to express an informed opinion
whether or not such covenants and conditions have been complied with. In the
opinion of each of the undersigned, such conditions and covenants and conditions
precedent, if any (including any covenants compliance with which constitutes a
condition precedent) to the authentication and delivery of the Notes, as
requested in the accompanying Company Order have been complied with.

                                       6

<PAGE>

         IN WITNESS WHEREOF, each of the undersigned has executed this Officer's
Certificate this 28th day of May, 2003.

                              AMERUS GROUP CO.

                              By: /s/ Roger K. Brooks
                                 ----------------------------------
                               Name:  Roger K. Brooks
                              Title:  Chairman, President and
                                      Chief Executive Officer

                              By: /s/ Brenda J. Cushing
                                 ------------------------------------
                               Name:  Brenda J. Cushing
                              Title:  Senior Vice President and
                                      Controller

                                       7
<PAGE>

                                AMERUS GROUP CO.

                         SENIOR NOTE INITIALLY DUE 2008

         AMERUS GROUP CO., a corporation duly organized and existing under the
laws of the State of Iowa (herein referred to as the "Company", which term
includes any successor Person under the Indenture), for value received, hereby
promises to pay to Wachovia Bank, National Association or registered assigns,
the principal sum of 125,000,000 Dollars on the Maturity Date (as defined on the
reverse hereof). This Note shall bear interest at the per annum rate payable as
follows: (i) quarterly in arrears at an initial rate of 5.5% per annum on each
February 16, May 16, August 16 and November 16, commencing August 16, 2003 to
(but excluding) the Reset Date or, if a Failed Remarketing occurs, until August
16, 2008 and (ii) from and after the Reset Date, if any, semiannually in arrears
on the Subsequent Interest Payment Dates, at the Reset Rate (each an "Interest
Payment Date") until the principal hereof is paid or made available for payment.
If the Reset Date is not an Interest Payment Date, the Company shall pay to the
holders of record of the Notes on the Regular Record Date preceding the Reset
Date (as if the Reset Date was an Interest Payment Date) the accrued and unpaid
interest from the most recent Interest Payment Date to, but excluding, such
Reset Date at the rate of interest in effect on the Notes prior to the Reset
Date. If the Reset Date is not an Interest Payment Date, the interest payment
described in the previous sentence attributable to Notes pledged as collateral
under the Pledge Agreement (the "Pledged Notes") and held as a component of the
Company's Income PRIDES initially issued on May 28, 2003 (the "Income PRIDES")
shall be paid to the Collateral Agent, which shall be paid to the Purchase
Contract Agent for the benefit of the holders of Income PRIDES in accordance
with the Pledge Agreement and the Purchase Contract Agreement. Interest on the
Notes of this series will accrue from May 28, 2003, to the first Interest
Payment Date, and thereafter will accrue from the last Interest Payment Date to
which interest has been paid or duly provided for.

         The amount of any interest payable for any period will be computed on
the basis of a 360-day year of twelve 30-day months. The amount of interest
payable for any period shorter than a full quarterly or semiannual period for
which interest is computed will be computed on the basis of the number of days
in the period using 30-day calendar months. In the event that any Interest
Payment Date is not a Business Day, then payment of interest payable on such
date will be made on the next succeeding day which is a Business Day (and
without any interest or other payment in respect of such delay), except that, if
such Business Day is in the next succeeding calendar year, then such payment
shall be made on the immediately preceding Business Day, in each case, with the
same force and effect as if made on the Interest Payment Date. 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
Note (or one or more Predecessor Securities) is registered at the close of
business on the Regular Record Date for such interest, which (a) as long as the
Notes remain in certificated form and are held by the Purchase Contract Agent or
are held in book-entry form, will be 15 Business Days prior to the corresponding
Interest Payment Date, or (b) if the Notes are in

<PAGE>

certificated form, but are not held by the Purchase Contract Agent, or are not
held in book-entry form, will be at least one Business Day but not more than 60
Business Days prior to such corresponding Interest Payment Dates, as selected by
the Company for the corresponding 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 Note (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
Notes not less than 10 days prior to such Special Record Date, or may be paid at
any time in any other lawful manner not inconsistent with the requirements of
any securities exchange on which the Notes may be listed, and upon such notice
as may be required by such exchange, all as more fully provided in the Indenture
referred to on the reverse hereof.

Payment of the principal of (and premium, if any) and interest on this Note will
be made at the office or agency of the Company maintained for that purpose in
The City of New York, the State of New York 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; provided, however, that, at the option of the
Company, interest on this Note may be paid by check mailed to the address of the
Person entitled thereto, as such address shall appear on the Register or by wire
transfer to an account designated by the person entitled thereto.

Reference is hereby made to the further provisions of this Note 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 Note shall not be
entitled to any benefit under the Indenture or be valid or obligatory for any
purpose.

<PAGE>

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

                                        AMERUS GROUP CO.

                                        By: /s/ Roger K. Brooks
                                           ------------------------------------
                                          Name: Roger K. Brooks
                                         Title: Chairman, President and
                                                Chief Executive Officer

                                        By: /s/ Brenda J. Cushing
                                           -------------------------------------
                                          Name: Brenda J. Cushing
                                         Title: Senior Vice President and
                                                Controller
<PAGE>

                          CERTIFICATE OF AUTHENTICATION

Dated: May 28, 2003

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

                                         WACHOVIA BANK, NATIONAL ASSOCIATION, as
                                         Trustee

                                         By:  /s/ David Massa
                                           -------------------------
                                          Name: David Massa
                                         Title: Vice President

<PAGE>

         This Note is one of a duly authorized issue of securities of the
Company (herein called the "Notes"), issued and to be issued in one or more
series under an Indenture, dated as of June 16, 1998 (herein, together with any
amendments thereto, called the "Indenture", which term shall have the meaning
assigned to it in such instrument), between the Company and Wachovia Bank,
National Association (formerly First Union National Bank), as Trustee (herein
called the "Trustee," which term includes any successor trustee under the
Indenture), and reference is hereby made to the Indenture, including the Board
Resolutions and Officer's Certificate filed with the Trustee on May 28, 2003
creating the series designated on the face hereof (herein called, the "Officer's
Certificate"), for a statement of the respective rights, limitations of rights,
duties and immunities thereunder of the Company, the Trustee and the Holders of
the Notes and of the terms upon which the Notes are, and are to be,
authenticated and delivered.

         Unless a Tax Event Redemption shall previously occur, the "Maturity
Date" shall mean May 16, 2008 unless extended by the Company in connection with
a successful remarketing of the Notes pursuant to the Remarketing Agreement;
provided that, (i) in no event shall such extended Maturity Date be less than
two years from the Reset Date, (ii) in connection with any successful
remarketing of the Notes pursuant to the Remarketing Agreement, the Company
shall have the right to extend the Maturity Date to a date that is two, three,
five, seven or ten years from the Reset Date and (iii) if the Notes are not
successfully remarketed by the third Business Day immediately preceding August
16, 2006, the Maturity Date shall be August 16, 2008.

         If the Notes are successfully remarketed in accordance with the
Remarketing Agreement, the "Subsequent Interest Payment Dates" shall mean the
date that is six months after the Reset Date and, thereafter, on each date that
is six months from the prior Subsequent Interest Payment Date.

         If a Tax Event shall occur and be continuing, the Company may, at its
option, redeem the Notes of this series in whole (but not in part) at any time
at a Redemption Price equal to the Redemption Amount plus accrued and unpaid
interest thereon to the Tax Event Redemption Date.

         The Holder of this Note may, on or prior to the fifth Business Day
immediately preceding any proposed Reset Date or August 16, 2006 tender this
Note to BNY Midwest Trust Company, as Custodial Agent, for remarketing in
accordance with the Pledge Agreement dated as of May 28, 2003 among the Company,
Wachovia Bank, National Association and BNY Midwest Trust Company, as Collateral
Agent, Custodial Agent and Securities Intermediary.

         If the Notes are remarketed on the third Business Day immediately
preceding August 16, 2006 and such remarketing has resulted in a Failed
Remarketing, each Holder of Notes who holds such Notes on the day immediately
following the Purchase Contract Settlement Date shall have the right to require
the Company to purchase such Holder's Notes on September 30, 2006 (the "Put
Option Exercise Date"), upon at least three Business Days' prior notice, at a
price equal to 100% of the principal amount of such Notes, plus accrued and
unpaid interest, if any, thereon (the "Repayment Price").

         In order for the Notes to be so repurchased, the Company must receive,
on or prior to 5:00 p.m. New York City Time on the third Business Day
immediately preceding the Put Option Exercise Date, at the then principal
executive offices of the Company, the Notes of this series to be repurchased
with the form entitled "Option to Elect Repayment" on the reverse of or
otherwise accompanying such Notes duly completed. Any such notice received by
the Company shall be irrevocable. All questions as to the validity, eligibility
(including time of receipt) and acceptance of the Notes for repayment shall be
determined by the Company, whose determination shall be final and binding. The
payment of the Repayment Price in respect of such Notes shall be made, either
through the Trustee or the Company acting as Paying Agent, no later than 12:00

<PAGE>

noon, New York City time, on the Put Option Exercise Date; the Repayment Price
for any Pledged Notes shall be paid to the Collateral Agent for payment pursuant
to the Pledge Agreement.

         The Indenture contains provisions for defeasance at any time of the
entire indebtedness of this Note upon compliance with certain conditions set
forth in the Indenture.

         If an Event of Default with respect to the Notes shall occur and be
continuing, the principal of the Notes 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 of each series to be
affected under the Indenture at any time by the Company and the Trustee with the
consent of the Holders of a majority in principal amount of the Securities at
the time Outstanding of all series to be affected. The Indenture contains
provisions permitting the Holders of a majority in aggregate principal amount of
the Securities of all series then Outstanding to waive compliance by the Company
with certain provisions of the Indenture. The Indenture also contains provisions
permitting the Holders of specified percentages in principal amount of the
Securities of each series at the time Outstanding, on behalf of the Holders of
all Securities of such series, 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 Note shall
be conclusive and binding upon such Holder and upon all future Holders of this
Note and of any Note 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 Note.

         As provided in and subject to the provisions of the Indenture, the
Holder of this Note shall not have the right to institute any proceeding with
respect to the Indenture or for the appointment of a receiver or trustee or for
any other remedy thereunder, unless such Holder shall have previously given the
Trustee written notice of a continuing Event of Default with respect to the
Notes of this series, the Holders of 25% of the aggregate principal amount of
the Notes at the time Outstanding in respect of which an Event of Default shall
have occurred and be continuing shall have made written request to the Trustee
to institute proceedings in respect of such Event of Default as Trustee and
offered the Trustee indemnity satisfactory to the Trustee against any loss,
liability or expense to be, or which may be, incurred by the Trustee in pursuing
the remedy, and the Trustee shall not have received from the Holders of a
majority in aggregate principal amount of Securities of all series at the time
Outstanding in respect of which an Event of Default shall have occurred and be
continuing a direction inconsistent with such request, and shall have failed to
institute any such proceeding, for 60 days after receipt of such notice, request
and offer of indemnity. The foregoing shall not apply to any suit instituted by
the Holder of this Note for the enforcement of any payment of principal hereof
or any premium or interest hereon on or after the respective due dates expressed
herein.

         No reference herein to the Indenture and no provision of this Note or
of the Indenture shall alter or impair the obligation of the Company, which is
absolute and unconditional, to pay the principal of and any premium and interest
on this Note at the times, place and rate, and in the coin or currency, herein
prescribed.

         The Notes are issuable only in registered form without coupons in
denominations of $25. As provided in the Indenture and subject to certain
limitations therein set forth, Notes are exchangeable for a like aggregate
principal amount of Notes and of like tenor and of authorized denominations, 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.

<PAGE>

         The Company, the Trustee and any agent of the Company or the Trustee
may treat the Person in whose name this Note is registered as the absolute owner
hereof for all purposes, whether or not this Note be overdue, and neither the
Company, the Trustee nor any such agent shall be affected by notice to the
contrary.

         All terms used in this Note which are defined in the Indenture and the
Officer's Certificate shall have the meanings assigned to them in the Indenture
and in the Officer's Certificate.

<PAGE>

                            OPTION TO ELECT REPAYMENT

         The undersigned hereby irrevocably requests and instructs the Company
to repay $______ principal amount of the within Note, pursuant to its terms, on
the "Put Option Exercise Date," together with any interest thereon accrued but
unpaid to the date of repayment, to the undersigned at:

          ______________________________________________________________________
                 (Please print or type name and address of the undersigned)

and to issue to the undersigned, pursuant to the terms of the Note, a new Note
or Note representing the remaining aggregate principal amount of this Note.

         For this Option to Elect Repayment to be effective, this Note with the
Option to Elect Repayment duly completed must be received by the Company at its
principal executive office, Attn: Secretary, no later than 5:00 p.m. on the
third Business Day prior to September 30, 2006.

Dated:

                                 Signature:____________________

                                 Signature Guarantee:__________

Note: The signature to this Option to Elect Repayment must correspond with the
name as written upon the face of the within Note without alternation or
enlargement or any change whatsoever.

                               SIGNATURE GUARANTEE

         Signatures must be guaranteed by an "eligible guarantor institution"
meeting the requirements of the Registrar, which requirements include membership
or participation in the Security Transfer Agent Medallion Program ("STAMP") or
such other "signature guarantee program" as may be determined by the Registrar
in addition to, or in substitution for, STAMP, all in accordance with the
Securities Exchange Act of 1934, as amended.

<PAGE>

                                   ASSIGNMENT

FOR VALUE RECEIVED, the undersigned assigns and transfers this Senior Note
initially due 2008 to:

________________________________________________________________________________
________________________________________________________________________________
________________________________________________________________________________
              (Insert assignee's social security or tax identification number)
________________________________________________________________________________
________________________________________________________________________________
________________________________________________________________________________
                             (Insert address and zip code of assignee)
and irrevocably appoints
________________________________________________________________________________
________________________________________________________________________________
________________________________________________________________________________
agent to transfer this Note on the Register. The agent may substitute another to
act for him or her.

         Date:___________________

                                               Signature:_______________________

                                               Signature Guarantee:_____________

              (Sign exactly as your name appears on the other side of this Note)

                               SIGNATURE GUARANTEE

         Signatures must be guaranteed by an "eligible guarantor institution"
meeting the requirements of the Registrar, which requirements include membership
or participation in the Security Transfer Agent Medallion Program ("STAMP") or
such other "signature guarantee program" as may be determined by the Registrar
in addition to, or in substitution for, STAMP, all in accordance with the
Securities Exchange Act of 1934, as amended.

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