EXHIBIT 4(II)
                             SETTLEMENT ENDORSEMENT
                       PROTECTIVE LIFE INSURANCE COMPANY
                                 P.O. BOX 2606
                           BIRMINGHAM, ALABAMA 35202
                                  ENDORSEMENT
    
 
   
The  Contract or Certificate to which this Endorsement is attached is amended as
of its Effective Date.
    
 
   
The following sentence is added to the GENERAL PROVISION entitled Settlement:
    
 
   
    The Owner/Participant may elect to apply settlement proceeds,  including
    any  full or  partial surrender  proceeds or  the death  benefit, to any
    payout option offered by us for  such payments at the time the  election
    is made.
    
 
   
Signed for the Company as of the
Effective Date.
PROTECTIVE LIFE INSURANCE COMPANY
    
 
   
          /s/ John K. Wright
    
 
   
              Secretary