SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15 (d) of the Securities Exchange Act of 1934 Date of Report: March 25, 1997 (Date of earliest event reported) CITIZENS, INC. (Exact name of registrant as specified in its charter) COLORADO (State or other jurisdiction of incorporation) 0-16509 84-0755371 (Commission File Number) (IRS Employer Identification Number) 400 East Anderson Lane Austin, Texas 78752 (Address of principal (Zip Code) executive offices) (512) 837-7100 (Registrant's telephone number) Item 1. Changes in Control of Registrant. None. Item 2. Acquisition or Disposition of Assets. None. Item 3. Bankruptcy or Receivership. None. Item 4. Certifying Accountants. None. Item 5. Other Events. None. Item 6. Resignations of Registrant's Directors. None. Item 7. Financial Statements and Exhibits. None. Item 8. Change in Fiscal Year. None. Item 9. Sales of Equity Securities Pursuant to Regulation S As previously disclosed in Registrant's filings with the Commission, under Regulation S purchase rights are granted to Citizens Insurance Company of America ("CICA") policyholders who are neither U.S. citizens nor residents. Certain purchase rights were exercised for the issuance of Registrant's Class A Common Stock, no par value, as follows under Regulation S: No. of Proceeds Date Shares1 Total Price2 Commissions3 to Registrant 3/25/97 1,600 $12,000.00 $1,500.00 $10,500.00 _____________________ 1 The shares are issued subject to a contractual three-year holding period. 2 All dollar amounts are reported in US dollars. 3 Payable to CINN-A-CORP., a Panamanian corporation, as managing agent. SIGNATURE Pursuant to the requirement of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on Registrant's behalf by the undersigned, duly authorized and empowered officer of the Registrant. CITIZENS, INC. By:/s/ Mark A. Oliver Mark A. Oliver, FLMI President Date: April 4, 1997