Pricing Supplement No. 4 Dated: January 20, 2004
(To Prospectus Dated December 15, 2003, and
Prospectus Supplement dated December 30, 2003)
This Pricing Supplement consists of 3 pages. Filed pursuant to Rule 424(b)(2)
File No. 333-100944

Protective Life Insurance Company
Depositor
InterNotes®
Issued Through
Protective Life Secured Trust 2004-4

1.

The Notes

Trade Date: 01/20/2004
Original Issue Date: 01/23/2004
Minimum Denominations/Increments: $1000/$1000

CUSIP	PRINCIPAL AMOUNT	PRICE TO PUBLIC	CONCESSION	NET PROCEEDS TO THE TRUST	INTEREST RATE
74367CAD7	$3,055,000	100%	$30,550.00	$3,024,450.00	3.250%

INTEREST PAYMENT FREQUENCY	STATED MATURITY DATE	SURVIVOR'S OPTION	REDEMPTION YES/NO	REPAYMENT YES/NO
SEMI-ANNUAL	01/15/2009	YES	NO	NO

SECURITIES EXCHANGE LISTING YES/NO	FUNDING AGREEMENT NO.
NO	GA-6003

Terms of Survivor's Option:

Annual Put Limitation:	[X] $2,000,000 or 2%; or [    ] $                        or            %
Individual Put Limitation:	[X] $250,000; or [    ] $
Trust Put Limitation:	Not Applicable.

Optional Redemption Terms: Not Applicable.

Optional Redemption Dates:
Initial Redemption Percentage:
Annual Percentage Reduction (if any):
Redemption:	[    ] In whole only and not in part [    ] May be in whole or in part

Optional Repayment Terms: Not Applicable.

Optional Repayment Dates:
Optional Repayment:	[    ] In whole only and not in part [    ] May be in whole or in part

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Form of trust: [X] Delaware statutory trust [    ] Delaware common law trust

Trust Expiration Date: 01/15/2009

Special Tax Considerations: Not Applicable.

Rating of Notes: S&P AA        Moody's Aa3

Securities Exchange Listing: [X] No [    ] Yes, Name of Exchange:            

Additional Terms: Not Applicable.

Agents

Banc of America Securities LLC
Incapital LLC
A.G. Edwards & Sons, Inc.
Bear, Stearns & Co. Inc.
Charles Schwab & Co., Inc.
Citigroup
Edward D. Jones & Co., L.P.
Fidelity Capital Markets, A Division of National Financial Services LLC
Merrill Lynch & Co.
Morgan Stanley
Prudential Securities
Raymond James
RBC Dain Rauscher, Inc.
UBS Financial Services, Inc.
Wachovia Securities

2.

The Funding Agreement

Funding Agreement Issuer: Protective Life Insurance Company

Deposit Amount: $3,055,015

Issue Price: $3,024,465

Effective Date: 01/23/2004

Interest Rate: 3.250%

Interest Payment Frequency: SEMI-ANNUAL

Stated Maturity Date: 01/15/2009

Survivor's Option: [X] Yes [    ] No

        If yes:

Annual Put Limitation:	[X] $2,000,000 or 2%; or [    ] $                        or            %
Individual Put Limitation:	[X] $250,000; or [    ] $
Trust Put Limitation:	Not Applicable.

2

Redemption: [    ] Yes [X] No

Early Redemption Dates:
Initial Redemption Percentage:
Annual Percentage Reduction (if any):
Redemption:	[    ] In whole only and not in part [    ] May be in whole or in part

Repayment: [    ] Yes [X] No

Repayment Dates:
Repayment:	[    ] In whole only and not in part [    ] May be in whole or in part

Rating of Funding Agreement: S&P AA        Moody's Aa3

Additional Terms: Not Applicable.

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