Pricing Supplement No. 23 Dated: April 12, 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)(5)
File No. 333-100944

Protective Life Insurance Company
Depositor
InterNotes®
Issued Through
Protective Life Secured Trust 2004-23

1.    The Notes

Trade Date: 04/12/2004
Original Issue Date: 04/15/2004
Minimum Denominations/Increments: $1000/$1000

CUSIP	PRINCIPAL AMOUNT	PRICE TO PUBLIC	CONCESSION	NET PROCEEDS TO THE TRUST	INTEREST RATE
74367CAY1	$1,647,000	100%	$24,705.00	$1,622,295.00	5.000%

INTEREST PAYMENT FREQUENCY	STATED MATURITY DATE	SURVIVOR'S OPTION	REDEMPTION YES/NO	REPAYMENT YES/NO
SEMI-ANNUAL	04/15/2014	YES	YES	NO

SECURITIES EXCHANGE LISTING YES/NO	FUNDING AGREEMENT NO.
NO	GA-6022

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:

Optional Redemption Dates: 04/15/2005 and each Interest Payment Date thereafter.
Initial Redemption Percentage: 100%
Annual Percentage Reduction (if any): Not Applicable.
Redemption:	[   ] In whole only and not in part
	[X] 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

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

Trust Expiration Date: 04/15/2014

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

Raymond James

RBC Dain Rauscher, Inc.

UBS Financial Services, Inc.

Wachovia Securities, LLC

2.

The Funding Agreement(s)

Funding Agreement Issuer: Protective Life Insurance Company

Deposit Amount: $1,647,015

Issue Price: $1,622,310

Effective Date: 04/15/2004

Interest Rate: 5.000%

Interest Payment Frequency: SEMI-ANNUAL

Stated Maturity Date: 04/15/2014

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.

Redemption: [X] Yes [    ] No

        Early Redemption Dates: 04/15/2005 and each Interest Payment Date thereafter.

        Initial Redemption Percentage: 100%

        Annual Percentage Reduction (if any): Not Applicable.

Redemption:	[    ] In whole only and not in part
	[X] 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.

3.

Other Information

Certain matters regarding the notes and their offering will be passed upon:

•

for each trust and Protective Life by Nancy Kane, internal legal counsel to Protective Life (as to New York law); and



•

for each trust and Protective Life by William L. McCarty, internal legal counsel to Protective Life (as to certain matters of Tennessee law).