Form 4 - Jimmy E. Massengale
FORM 4

STATEMENT OF
CHANGES IN BENEFICIAL OWNERSHIP

    Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person*
(Last)Massengale
(First)Jimmy
(Middle)E.
(Street)2801 Highway 280 South
(City)Birmingham
(State)Alabama
(Zip)35223

2. Issuer Name and Ticker or Trading Symbol
(Issuer Name)Protective Life Corporation
(Ticker or Trading Symbol)PL

3. I.R.S. Identification Number of Reporting Person, if an entity (voluntary)
(I.D. Number) 

4. Statement for Month/Day/Year
(Month/Day)March 3
(Year)2003

5. If Amendment, Date of Original (Month/Day/Year)
(Month/Day) 
(Year) 

6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
    X
X(Director)
X(Officer, give title below)
 Executive Vice President, Acquisitions
 (10% Owner)
 (Other, specify below)
  









7. Individual or Joint/Group Filing (Check Applicable Line)
    X
XForm filed by One Reporting Person
 Form filed by More than One Reporting Person

Table I – Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of
Security
(Instr. 3)
2. Transaction
Date
(Month/Day/
Year)
2A. Deemed
Execution Date,
if any
(Month/Day/Year)
3. Transaction
Code
(Instr. 8)
4. Securities
Acquired (A)
or Disposed of (D)
(Instr. 3,
4 and 5)
5. Amount of
Securities
Beneficially
Owned
Following
Reported
Transactions(s)
(Instr. 3 and 4)
6. Ownership
Form: Direct
(D) or
Indirect (I)
(Instr. 4)
7. Nature of
Indirect
Beneficial
Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Stock      91,770.2909IDef.Comp 1
1. Shares held under PLC's Def.        490.6143I401(k) 2
Comp. Plan for officers of        7,660D 
the corporation exempt           
under Rule 16-b(3).          
2. Total shares owned by          
reporting person in PLC's          
401(k) and Stock Ownership          
Plan as of 02/28/03          






























Table II – Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of
Derivative
Security
(Instr. 3)
2. Conversion
or Exercise
Price of
Derivative
Security
3. Transaction
Date
Month/Day/
Year
3A. Deemed
Execution
Date, if any
(Month/Day/Year
4. Transaction
Code
(Instr. 8)
5. Number of
Derivative Securities
Acquired (A) or
Disposed of (D)
(Instr. 3,4 and 5)
6. Date Exercisable
and Expiration
Date (Month/
Day/Year)
Code V (A) (D) Date
Exercisable
Expiration
Date
SAR 126.4903/03/03 A 15,000 03/03/0803/03/13
SAR 2       03/06/0503/06/10
SAR 3       03/04/0703/04/12
          
          
          
          
          
          
          

Table II Continued - Derivative Securities Acquired, Disposed of or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
7. Title and Amount of
Underlying Securities
(Instr. 3 and 4)
8. Price of
Derivative
Security
(Instr. 5)
9. Number of
Derivative Securities
Beneficially Owned
Following Reported
Transaction(s) (Instr. 4)
10. Ownership
Form of Deriv-
ative Securities:
Direct (D) or
Indirect (I)
(Instr. 4)
11. Nature of
Indirect Beneficial
Ownership (Instr. 4)
Title Amount or
Number of
Shares
SARs15,000--15,000D 
SARs10,000--10,000D 
SARs30,000--30,000D 
      
      
      
      
      
      
      
Explanation of Responses:
(1) Grant to reporting person of Stock Appreciation Right (SAR) in transaction exempt under Rule 16b-3.
(2) Previously reported Stock Appreciation Right (SAR) in transaction exempt under Rule 16b-3. Base price $22.31.
(3) Previously reported Stock Appreciation Right (SAR) in transaction exempt under Rule 16b-3. Base price $32.00.

/s/     JIMMY E. MASSENGALE       MARCH 5, 2003
**Signature of Reporting PersonDate
BY: Nancy Kane 
Attorney-in-Fact 

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

*If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**Intentional misstatements or omissions of facts constitute Federal Criminal Violations
See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a.).

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.