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Exhibit 12.1

Protective Life Insurance Company

	Six Months Ended June 30				Year Ended December 31
	2002		2001		2001		2000		1999		1998		1997
Computation of Ratio of Consolidated Earnings to Fixed Charges
Income from Continuing Operations before Income Tax	$	132,623	$	109,846	$	213,958	$	174,622	$	186,613	$	171,461	$	133,244
Add Interest Expense		2,338		2,835		4,633		6,400		7,000		9,836		5,388
Earnings before Interest and Taxes	$	134,961	$	112,681	$	218,591	$	181,022	$	193,613	$	181,297	$	138,632
Earnings before Interest and Taxes Divided by Interest Expense		57.7		39.8		47.2		28.3		27.7		18.4		25.7
Computation of Ratio of Consolidated Earnings to Combined Fixed Charges and Interest Credited on Investment Products
Income from Continuing Operations before Income Tax	$	132,623	$	109,846	$	213,958	$	174,622	$	186,613	$	171,461	$	133,244
Add Interest Expense		2,338		2,835		4,633		6,400		7,000		9,836		5,388
Add Interest Credited on Investment Products		560,416		421,869		944,098		766,004		331,746		352,721		299,004
Earnings before Interest and Taxes	$	695,377	$	534,550	$	1,162,689	$	947,026	$	525,359	$	534,018	$	437,636
Earnings before Interest and Taxes Divided by Interest Expense and Interest Credited on Investment Products		1.2		1.3		1.2		1.2		1.6		1.5		1.4

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Exhibit 12.1

Protective Life Insurance Company