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