-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, D348JeY44bVtQYR0bUKtoNZMmfi2WQDIjpjUWpt3k2yy/TvR7aouBBlsDL1aQKEW j7f0YXzHUX8ae5Yq6MwRiw== 0001285517-08-000102.txt : 20080819 0001285517-08-000102.hdr.sgml : 20080819 20080818180950 ACCESSION NUMBER: 0001285517-08-000102 CONFORMED SUBMISSION TYPE: 424B2 PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20080819 DATE AS OF CHANGE: 20080818 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PROTECTIVE LIFE INSURANCE CO CENTRAL INDEX KEY: 0000310826 STANDARD INDUSTRIAL CLASSIFICATION: LIFE INSURANCE [6311] IRS NUMBER: 630169720 STATE OF INCORPORATION: TN FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 424B2 SEC ACT: 1933 Act SEC FILE NUMBER: 333-126757 FILM NUMBER: 081025977 BUSINESS ADDRESS: STREET 1: 2801 HIGHWAY 280 SOUTH CITY: BIRMINGHAM STATE: AL ZIP: 35223 BUSINESS PHONE: 2058799230 MAIL ADDRESS: STREET 1: PO BOX 2606 CITY: BIRMINGHAM STATE: AL ZIP: 35202 424B2 1 pricingsupp70prelim.htm PRELIMINARY PRICING SUPPLEMENT 2008-20
Preliminary Pricing Supplement No. 70 Dated: August 18, 2008 Filed pursuant to Rule 424(b)(2)
(To Prospectus Dated August 22, 2005, and
Prospectus Supplement dated August 22, 2005)
This Preliminary Pricing Supplement consists of 3 pages. 		File No. 333-126757
 
Protective Life Insurance Company
Sponsor and Depositor
Callable InterNotes®
Issued Through
Protective Life Secured Trust 2008-20
 
 
1.     The Notes
Trade Date: 08/22/2008
Original Issue Date: 08/27/2008
Minimum Denominations/Increments: $1000/$1000
 
 
CUSIP PRINCIPAL
AMOUNT		 PRICE
TO PUBLIC		 CONCESSION NET
PROCEEDS
TO THE
TRUST		 INTEREST
RATE
74367CFW0 [   ] 100% 2.5000 % [   ] 6.750 %
 
INTEREST
PAYMENT
FREQUENCY		 STATED
MATURITY
DATE		 SURVIVOR'S
OPTION		 REDEMPTION
YES/NO		 REPAYMENT
YES/NO
SEMI-ANNUAL 08/15/2033 YES YES NO
 
SECURITIES EXCHANGE
LISTING
YES/NO		 FUNDING
AGREEMENT NO.
YES(1) GA-6140
 
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: 08/15/2013 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: 08/15/2034
Special Tax Considerations: Not Applicable.
Rating of Notes: S&P AA   Moody's Aa3
Securities Exchange Listing: [   ] No [X] Yes, Name of Exchange: NYSE(1)
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 Securities LLC
Wachovia Securities
 
 
2.     The Funding Agreement(s)
Funding Agreement Issuer: Protective Life Insurance Company
Deposit Amount: [    ]
Effective Date: 08/27/2008
Interest Rate: 6.750%
Interest Payment Frequency: SEMI-ANNUAL
Stated Maturity Date: 08/15/2033
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: 08/15/2013 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
 
Rating of Program:  S&P AA   Moody's Aa3
 
Protective Life Insurance Company Insurer Financial Strength Rating:  S&P AA   Moody's Aa3
 
Protective Securities, a division of ProEquities, Inc. and an affiliate of Protective Life Insurance Company, is acting as an agent in connection with this offering.
 
(1) We intend to apply for NYSE listing within 30-days of issuance, subject to NYSE approval. -----END PRIVACY-ENHANCED MESSAGE-----