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
 


Designation: 7.45% Medium-Term Notes due August 1, 2011
 
                                   
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