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FILED PURSUANT TO RULE 424B(5)
REGISTRATION STATEMENT NOS. 333-03435, 33-55063 AND 33-52831
PRICING SUPPLEMENT NO. 1
DATED JULY 31, 1996
TO PROSPECTUS DATED OCTOBER 12, 1994 AND
PROSPECTUS SUPPLEMENT DATED JULY 24, 1996
PROTECTIVE LIFE CORPORATION
Medium-Term Notes
Due 15 Years or More from Date of Issue
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Designation: 7.45% Medium-Term Notes due August 1, 2011
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Principal Amount: $10,000,000
Price to Public: At varying prices related to prevailing market
prices at the time of resale
Original Issue Date (Settlement
Date): August 6, 1996
Stated Maturity Date: August 1, 2011
Interest Rate: 7.45%
Net Proceeds to Company: $9,750,000
Agent: Edward D. Jones & Co.
Agent's Capacity: / / As agent /X/ As principal
Agent's Underwriting Discount: $250,000
Interest Payment Dates: February 1 and August 1 of each year
commencing Feburary 1, 1997
Record Dates: January 15 and July 15 of each year
Calculation of Interest: Interest will be calculated on the basis of a
360-day year of twelve 30-day months and, for any
period that is shorter than a full calendar month,
on the basis of the actual number of days elapsed
in such month.
Form: Book Entry
Specified Currency: United States Dollars
Sinking Fund: None
Redemption at Company Option: None. The Notes are not callable by the Company.
Redemption at Option of Holder: As described in Prospectus Supplement
Initial Redemption Date: August 6, 1998
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