<Page>

                      COMMON SECURITIES GUARANTEE AGREEMENT


                              PLC CAPITAL TRUST III


                           DATED AS OF AUGUST 22, 2001

<Page>

                                TABLE OF CONTENTS

<Table>
<Caption>

                                                                                                               PAGE
                                                                                                               ----
<S>                                                                                                            <C>
ARTICLE I. DEFINITIONS AND INTERPRETATION
SECTION 1.1.  Definitions and Interpretation......................................................................1

ARTICLE II. TRUST INDENTURE ACT
SECTION 2.1.  Trust Indenture Act; Application....................................................................4
SECTION 2.2.  Lists of Holders of Securities......................................................................5
SECTION 2.3.  Reports by the Common Guarantee Trustee.............................................................5
SECTION 2.4.  Periodic Reports to Common Guarantee Trustee........................................................5
SECTION 2.5.  Evidence of Compliance with Conditions Precedent....................................................5
SECTION 2.6.  Events of Default; Waiver...........................................................................5
SECTION 2.7.  Event of Default; Notice............................................................................6
SECTION 2.8.  Conflicting Interests...............................................................................6

ARTICLE III. POWERS, DUTIES AND RIGHTS OF COMMON GUARANTEE TRUSTEE
SECTION 3.1.  Powers and Duties of the Common Guarantee Trustee...................................................6
SECTION 3.2.  Certain Rights of Common Guarantee Trustee..........................................................8
SECTION 3.3.  Not Responsible for Recitals or Issuance of Guarantee..............................................10

ARTICLE IV. COMMON GUARANTEE TRUSTEE
SECTION 4.1.  Common Guarantee Trustee; Eligibility..............................................................10
SECTION 4.2.  Appointment, Removal and Resignation of Common Guarantee Trustees..................................10

ARTICLE V. GUARANTEE
SECTION 5.1.  Guarantee..........................................................................................11
SECTION 5.2.  Waiver of Notice and Demand........................................................................11
SECTION 5.3.  Obligations Not Affected...........................................................................12
SECTION 5.4.  Rights of Holders..................................................................................13
SECTION 5.5.  Guarantee of Payment...............................................................................13
SECTION 5.6.  Subrogation........................................................................................13
SECTION 5.7.  Independent Obligations............................................................................13

ARTICLE VI. LIMITATION OF TRANSACTIONS; SUBORDINATION
SECTION 6.1.  Limitation of Transactions.........................................................................13
SECTION 6.2.  Ranking............................................................................................14

ARTICLE VII. TERMINATION
SECTION 7.1.  Termination........................................................................................14

ARTICLE VIII. INDEMNIFICATION
SECTION 8.1.  Exculpation........................................................................................15
SECTION 8.2.  Indemnification....................................................................................15


                                       i

<Page>

ARTICLE IX. MISCELLANEOUS
SECTION 9.1.  Successors and Assigns.............................................................................16
SECTION 9.2.  Amendments.........................................................................................16
SECTION 9.3.  Notices............................................................................................16
SECTION 9.4.  Benefit............................................................................................17
SECTION 9.5.  Governing Law......................................................................................17

</Table>


                                       ii

<Page>

         COMMON SECURITIES GUARANTEE AGREEMENT

         This GUARANTEE AGREEMENT (the "Common Securities Guarantee"), dated as
of August 22, 2001, is executed and delivered by Protective Life Corporation, a
Delaware corporation (the "Guarantor"), and Wilmington Trust Company, as trustee
(the "Common Guarantee Trustee"), for the benefit of the Holders (as defined
herein) from time to time of the Common Securities (as defined herein) of PLC
Capital Trust III, a Delaware statutory business trust (the "Issuer").

         WHEREAS, pursuant to an Amended and Restated Declaration of Trust (the
"Declaration"), dated as of August 22, 2001, among the trustees of the Issuer
named therein, the Guarantor, as sponsor, and the holders from time to time of
undivided beneficial interests in the assets of the Issuer, the Issuer is
issuing on the date hereof 4,000,000 preferred securities, having an aggregate
liquidation amount of $100,000,000, designated the 7-1/2% Trust Originated
Preferred Securities (the "Preferred Securities") and 123,720 common securities,
having an aggregate liquidation amount of $3,093,000, designated the 7-1/2%
Trust Originated Common Securities (the "Common Securities");

         WHEREAS, as incentive for the Holders to purchase the Common
Securities, the Guarantor desires irrevocably and unconditionally to agree, to
the extent set forth in this Common Securities Guarantee, to pay to the Holders
of the Common Securities the Guarantee Payments (as defined herein) and to make
certain other payments on the terms and conditions set forth herein; and

         WHEREAS, the Guarantor is also executing and delivering a guarantee
agreement (the "Preferred Securities Guarantee") in substantially identical
terms to this Common Securities Guarantee for the benefit of the holders of the
Preferred Securities (as defined herein), except that if an Event of Default (as
defined in the Indenture), has occurred and is continuing, the rights of holders
of the Common Securities to receive Guarantee Payments under this Common
Securities Guarantee are subordinated to the rights of Holders of Preferred
Securities to receive Guarantee Payments under the Preferred Securities
Guarantee.

         NOW, THEREFORE, in consideration of the purchase by each Holder of
Common Securities, which purchase the Guarantor hereby agrees shall benefit the
Guarantor, the Guarantor executes and delivers this Common Securities Guarantee
for the benefit of the Holders.

                                   ARTICLE I.

                         DEFINITIONS AND INTERPRETATION

         SECTION 1.1. DEFINITIONS AND INTERPRETATION. In this Common Securities
Guarantee, unless the context otherwise requires:

                  (a) Capitalized terms used in this Common Securities Guarantee
         but not defined in the preamble above have the respective meanings
         assigned to them in this Section 1.1;

<Page>

                  (b) a term defined anywhere in this Common Securities
         Guarantee has the same meaning throughout;

                  (c) all references to "the Common Securities Guarantee" or
         "this Common Securities Guarantee" are to this Common Securities
         Guarantee as modified, supplemented or amended from time to time;

                  (d) all references in this Common Securities Guarantee to
         Articles and Sections are to Articles and Sections of this Common
         Securities Guarantee, unless otherwise specified;

                  (e) a term defined in the Trust Indenture Act has the same
         meaning when used in this Common Securities Guarantee, unless otherwise
         defined in this Common Securities Guarantee or unless the context
         otherwise requires; and

                  (f)  a reference to the singular includes the plural and vice
          versa.

         "Affiliate" has the same meaning as given to that term in Rule 405 of
the Securities Act of 1933, as amended, or any successor rule thereunder.

         "Authorized Officer" of a Person means any Person that is authorized to
bind such Person.

         "Business Day" means any day other than a day on which banking
institutions in the City of New York, New York are authorized or required by any
applicable law to close.

         "Common Guarantee Trustee" means Wilmington Trust Company until a
Successor Common Guarantee Trustee has been appointed and has accepted such
appointment pursuant to the terms of this Common Securities Guarantee and
thereafter means each such Successor Common Guarantee Trustee.

         "Common Securities" means the securities representing common undivided
beneficial interests in the assets of the Issuer.

         "Corporate Trust Office" means the office of the Common Guarantee
Trustee at which the corporate trust business of the Common Guarantee Trustee
shall, at any particular time, be principally administered, which office at the
date of execution of this Agreement is located at Wilmington Trust Company,
Rodney Square North, 1100 North Market Street, Wilmington, Delaware 19890,
Attention: Corporate Trust Administration.

         "Covered Person" means any Holder or beneficial owner of Common
Securities.

         "Debentures" means the series of junior subordinated debt securities of
the Guarantor q


                                       2

<Page>

designated the 7-1/2% Subordinated Debentures due 2031, Series D held by the
Institutional Trustee (as defined in the Declaration) of the Issuer.

         "Event of Default" means a default by the Guarantor on any of its
payment or other obligations under this Common Securities Guarantee.

         "Guarantee Payments" means the following payments or distributions,
without duplication, with respect to the Common Securities, to the extent not
paid or made by the Issuer: (I) any accrued and unpaid Distributions (as defined
in the Declaration) that are required to be paid on such Common Securities to
the extent the Issuer shall have funds available therefor, (II) the redemption
price, including all accrued and unpaid Distributions to the date of redemption
(the "Redemption Price") to the extent the Issuer has funds available therefor,
with respect to any Common Securities called for redemption by the Issuer, and
(III) upon a voluntary or involuntary dissolution, winding-up or termination of
the Issuer (other than in connection with the distribution of Debentures to the
Holders in exchange for Common Securities as provided in the Declaration), the
lesser of (A) the aggregate of the liquidation amount and all accrued and unpaid
Distributions on the Common Securities to the date of payment, to the extent the
Issuer shall have funds available therefor, and (B) the amount of assets of the
Issuer remaining available for distribution to Holders in liquidation of the
Issuer (in either case, the "Liquidation Distribution"). If an event of default
under the Indenture has occurred and is continuing, the rights of holders of the
Common Securities to receive payments hereunder are subordinated to the rights
of Holders of Preferred Securities to receive Guarantee Payments under the
Preferred Securities Guarantee Agreement.

         "Holder" shall mean any holder, as registered on the books and records
of the Issuer of any Common Securities; provided, however, that, in determining
whether the holders of the requisite percentage of Common Securities have given
any request, notice, consent or waiver hereunder, "Holder" shall not include the
Guarantor or any Affiliate of the Guarantor.

         "Indemnified Person" means the Common Guarantee Trustee, any Affiliate
of the Common Guarantee Trustee, or any officers, directors, shareholders,
members, partners, employees, representatives, nominees, custodians or agents of
the Common Guarantee Trustee.

         "Indenture" means the Subordinated Indenture dated as of June 1, 1994,
among the Guarantor (the "Debenture Issuer") and The Bank of New York (as
successor to AmSouth Bank as trustee, and any indenture supplemental thereto
pursuant to which certain subordinated debt securities of the Debenture Issuer
are to be issued to the Institutional Trustee of the Issuer.

         "Majority in liquidation amount of the Securities" means, except as
provided by the Trust Indenture Act, a vote by Holder(s) of Common Securities,
voting separately as a class, of more than 50% of the liquidation amount
(including the stated amount that would be paid on redemption, liquidation or
otherwise, plus accrued and unpaid Distributions to the date upon which the
voting percentages are determined) of all Common Securities.

         "Officers' Certificate" means, with respect to any Person, a
certificate signed by two


                                       3

<Page>

Authorized Officers of such Person. Any Officers' Certificate delivered with
respect to compliance with a condition or covenant provided for in this
Common Securities Guarantee shall include:

                  (a) a statement that each officer signing the Officers'
         Certificate has read the covenant or condition and the definition
         relating thereto;

                  (b) a brief statement of the nature and scope of the
         examination or investigation undertaken by each officer in rendering
         the Officers' Certificate;

                  (c) a statement that each such officer has made such
         examination or investigation as, in such officer's opinion, is
         necessary to enable such officer to express an informed opinion as to
         whether or not such covenant or condition has been complied with; and

                  (d) a statement as to whether, in the opinion of each such
         officer, such condition or covenant has been complied with.

         "Person" means a legal person, including any individual, corporation,
estate, partnership, joint venture, association, joint stock company, limited
liability company, trust, unincorporated association, or government or any
agency or political subdivision thereof, or any other entity of whatever nature.

         "Responsible Officer" means, with respect to the Common Guarantee
Trustee, any officer within the Corporate Trust Office of the Common Guarantee
Trustee, including any vice-president, any assistant vice-president, any
assistant secretary, the treasurer, any assistant treasurer or other officer of
the Corporate Trust Office of the Common Guarantee Trustee customarily
performing functions similar to those performed by any of the above designated
officers and also means, with respect to a particular corporate trust matter,
any other officer to whom such matter is referred because of that officer's
knowledge of and familiarity with the particular subject.

         "Successor Common Guarantee Trustee" means a successor Common Guarantee
Trustee possessing the qualifications to act as Common Guarantee Trustee under
Section 4.1.

         "Trust Indenture Act" means the Trust Indenture Act of 1939, as
amended.


                                       4

<Page>

ARTICLE II.

                               TRUST INDENTURE ACT

         SECTION 2.1. TRUST INDENTURE ACT; APPLICATION. (a) This Common
Securities Guarantee is subject to the provisions of the Trust Indenture Act
that are required to be part of this Common Securities Guarantee and shall, to
the extent applicable, be governed by such provisions; and

         (b) if and to the extent that any provision of this Common Securities
Guarantee limits, qualifies or conflicts with the duties imposed by Section 310
to 317, inclusive, of the Trust Indenture Act, such imposed duties shall
control.

         SECTION 2.2. LISTS OF HOLDERS OF SECURITIES (a) The Guarantor shall
provide the Common Guarantee Trustee with a list, in such form as the Common
Guarantee Trustee may reasonably require, of the names and addresses of the
Holders of the Common Securities ("List of Holders") as of such date (i)
concurrently with the provision of such a list to the Institutional Trustee
pursuant to the Declaration, and (ii) at any time within 30 days of receipt by
the Guarantor of a written request for a List of Holders as of a date no more
than 14 days before such List of Holders is given to the Common Guarantee
Trustee provided, that the Guarantor shall not be obligated to provide such List
of Holders at any time the List of Holders does not differ from the most recent
List of Holders given to the Common Guarantee Trustee by the Guarantor. The
Common Guarantee Trustee may destroy any List of Holders previously given to it
on receipt of a new List of Holders.

         (b) The Common Guarantee Trustee shall comply with its obligations
under Section 311(a), 311(b) and Section 312(b) of the Trust Indenture Act.

         SECTION 2.3. REPORTS BY THE COMMON GUARANTEE TRUSTEE. Within 60 days
after May 15 of each year, the Common Guarantee Trustee shall provide to the
Holders of the Common Securities such reports as are required by Section 313 of
the Trust Indenture Act, if any, in the form and in the manner provided by
Section 313 of the Trust Indenture Act. The Common Guarantee Trustee shall also
comply with the requirements of Section 313(d) of the Trust Indenture Act.

         SECTION 2.4. PERIODIC REPORTS TO COMMON GUARANTEE TRUSTEE. The
Guarantor shall provide to the Common Guarantee Trustee such documents, reports
and information as required by Section 314 (if any) and the compliance
certificate required by Section 314 of the Trust Indenture Act in the form, in
the manner and at the times required by Section 314 of the Trust Indenture Act.

         SECTION 2.5. EVIDENCE OF COMPLIANCE WITH CONDITIONS PRECEDENT. The
Guarantor shall provide to the Common Guarantee Trustee such evidence of
compliance with any conditions precedent, if any, provided for in this Common
Securities Guarantee that relate to any of the


                                       5

<Page>

matters set forth in Section 314(c) of the Trust Indenture Act. Any certificate
or opinion required to be given by an officer pursuant to Section 314(c)(1)
may be given in the form of an Officers' Certificate.

         SECTION 2.6. EVENTS OF DEFAULT; WAIVER. The Holders of a Majority in
liquidation amount of Common Securities may, by vote, on behalf of the Holders
of all of the Common Securities, waive any past Event of Default and its
consequences. Upon such waiver, any such Event of Default shall cease to exist,
and any Event of Default arising therefrom shall be deemed to have been cured,
for every purpose of this Common Securities Guarantee, but no such waiver shall
extend to any subsequent or other default or Event of Default or impair any
right consequent thereon.

         SECTION 2.7. EVENT OF DEFAULT; NOTICE. (a) The Common Guarantee Trustee
shall, within 90 days after the occurrence of an Event of Default, transmit by
mail, first class postage prepaid, to the Holders of the Common Securities,
notices of all Events of Default actually known to a Responsible Officer of the
Common Guarantee Trustee, unless such defaults have been cured before the giving
of such notice, provided, that, the Common Guarantee Trustee shall be protected
in withholding such notice if and so long as a Responsible Officer of the Common
Guarantee Trustee in good faith determines that the withholding of such notice
is in the interests of the Holders of the Common Securities.

         (b) The Common Guarantee Trustee shall not be deemed to have knowledge
of any Event of Default unless the Common Guarantee Trustee shall have received
written notice, or unless a Responsible Officer of the Common Guarantee Trustee
charged with the administration of the Declaration shall have obtained actual
knowledge thereof.

         SECTION 2.8. CONFLICTING INTERESTS. The Declaration shall be deemed to
be specifically described in this Common Securities Guarantee for the purposes
of clause (i) of the first proviso contained in Section 310(b) of the Trust
Indenture Act.

                                  ARTICLE III.

                          POWERS, DUTIES AND RIGHTS OF
                            COMMON GUARANTEE TRUSTEE

         SECTION 3.1. POWERS AND DUTIES OF THE COMMON GUARANTEE TRUSTEE. (a)
This Common Securities Guarantee shall be held by the Common Guarantee Trustee
for the benefit of the Holders of the Common Securities, and the Common
Guarantee Trustee shall not transfer this Common Securities Guarantee to any
Person except a Holder of Common Securities exercising his or her rights
pursuant to Section 5.4(b) or to a Successor Common Guarantee Trustee on
acceptance by such Successor Common Guarantee Trustee of its appointment to act
as Successor Common Guarantee Trustee. The right, title and interest of the
Common Guarantee Trustee shall automatically vest in any Successor Common
Guarantee Trustee, and such vesting and cessation of title shall be effective
whether or not conveyancing documents have been


                                       6

<Page>

executed and delivered pursuant to the appointment of such Successor Common
Guarantee Trustee.

         (b) If an Event of Default actually known to a Responsible Officer of
the Common Guarantee Trustee has occurred and is continuing, the Common
Guarantee Trustee shall enforce this Common Securities Guarantee for the benefit
of the Holders of the Common Securities.

         (c) The Common Guarantee Trustee, before the occurrence of any Event of
Default and after the curing of all Events of Default that may have occurred,
shall undertake to perform only such duties as are specifically set forth in
this Common Securities Guarantee, and no implied covenants shall be read into
this Common Securities Guarantee against the Common Guarantee Trustee. In case
an Event of Default has occurred (that has not been cured or waived pursuant to
Section 2.6) and is actually known to a Responsible Officer of the Common
Guarantee Trustee, the Common Guarantee Trustee shall exercise such of the
rights and powers vested in it by this Common Securities Guarantee, and use the
same degree of care and skill in its exercise thereof, as a prudent person would
exercise or use under the circumstances in the conduct of his or her own
affairs.

         (d) No provision of this Common Securities Guarantee shall be construed
to relieve the Common Guarantee Trustee from liability for its own negligent
action, its own negligent failure to act, or its own willful misconduct, except
that:

                  (i) prior to the occurrence of any Event of Default and after
         the curing or waiving of all such Events of Default that may have
         occurred:

                           (A) the duties and obligations of the Common
                  Guarantee Trustee shall be determined solely by the express
                  provisions of this Common Securities Guarantee, and the Common
                  Guarantee Trustee shall not be liable except for the
                  performance of such duties and obligations as are specifically
                  set forth in this Common Securities Guarantee, and no implied
                  covenants or obligations shall be read into this Common
                  Securities Guarantee against the Common Guarantee Trustee; and

                           (B) in the absence of bad faith on the part of the
                  Common Guarantee Trustee, the Common Guarantee Trustee may
                  conclusively rely, as to the truth of the statements and the
                  correctness of the opinions expressed therein, upon any
                  certificates or opinions furnished to the Common Guarantee
                  Trustee and conforming to the requirements of this Common
                  Securities Guarantee; but in the case of any such certificates
                  or opinions that by any provision hereof are specifically
                  required to be furnished to the Common Guarantee Trustee, the
                  Common Guarantee Trustee shall be under a duty to examine the
                  same to determine whether or not they conform to the
                  requirements of this Common Securities Guarantee;

                  (ii) the Common Guarantee Trustee shall not be liable for any
                  error of judgment


                                       7

<Page>

         made in good faith by a Responsible Officer of the Common Guarantee
         Trustee, unless it shall be proved that the Common Guarantee Trustee
         was negligent in ascertaining the pertinent facts upon which such
         judgment was made;

                  (iii) the Common Guarantee Trustee shall not be liable with
         respect to any action taken or omitted to be taken by it in good faith
         in accordance with the direction of the Holders of not less than a
         Majority in liquidation amount of the Common Securities relating to the
         time, method and place of conducting any proceeding for any remedy
         available to the Common Guarantee Trustee, or exercising any trust or
         power conferred upon the Common Guarantee Trustee under this Common
         Securities Guarantee; and

                  (iv) no provision of this Common Securities Guarantee shall
         require the Common Guarantee Trustee to expend or risk its own funds or
         otherwise incur personal financial liability in the performance of any
         of its duties or in the exercise of any of its rights or powers, if the
         Common Guarantee Trustee shall have reasonable grounds for believing
         that the repayment of such funds or liability is not reasonably assured
         to it under the terms of this Common Securities Guarantee or indemnity,
         reasonably satisfactory to the Common Guarantee Trustee, against such
         risk or liability is not reasonably assured to it.

         SECTION 3.2. CERTAIN RIGHTS OF COMMON GUARANTEE TRUSTEE. (a) Subject to
the provisions of Section 3.1:

                  (i) The Common Guarantee Trustee may conclusively rely, and
         shall be fully protected in acting or refraining from acting upon, any
         resolution, certificate, statement, instrument, opinion, report,
         notice, request, direction, consent, order, bond, debenture, note,
         other evidence of indebtedness or other paper or document believed by
         it to be genuine and to have been signed, sent or presented by the
         proper party or parties.

                  (ii) Any direction or act of the Guarantor contemplated by
         this Common Securities Guarantee shall be sufficiently evidenced by a
         Direction (as defined in the Declaration) or an Officers' Certificate.

                  (iii) Whenever, in the administration of this Common
         Securities Guarantee, the Common Guarantee Trustee shall deem it
         desirable that a matter be proved or established before taking,
         suffering or omitting any action hereunder, the Common Guarantee
         Trustee (unless other evidence is herein specifically prescribed) may,
         in the absence of bad faith on its part, request and conclusively rely
         upon an Officers' Certificate which, upon receipt of such request,
         shall be promptly delivered by the Guarantor.

                  (iv) The Common Guarantee Trustee shall have no duty to see to
         any recording, filing or registration of any instrument (or any
         rerecording, refiling or registration thereof).

                  (v) The Common Guarantee Trustee may consult with counsel, and
         the written


                                       8
<Page>

         advice or opinion of such counsel with respect to legal matters
         shall be full and complete authorization and protection in respect
         of any action taken, suffered or omitted by it hereunder in good
         faith and in accordance with such advice or opinion. Such counsel
         may be counsel to the Guarantor or any of its Affiliates and may
         include any of its employees. The Common Guarantee Trustee shall have
         the right at any time to seek instructions concerning the
         administration of this Common Securities Guarantee from any court of
         competent jurisdiction.

                  (vi) The Common Guarantee Trustee shall be under no obligation
         to exercise any of the rights or powers vested in it by this Common
         Securities Guarantee at the request or direction of any Holder, unless
         such Holder shall have provided to the Common Guarantee Trustee such
         security and indemnity, reasonably satisfactory to the Common Guarantee
         Trustee, against the costs, expenses (including attorneys' fees and
         expenses and the expenses of the Common Guarantee Trustee's agents,
         nominees or custodians) and liabilities that might be incurred by it in
         complying with such request or direction, including such reasonable
         advances as may be requested by the Common Guarantee Trustee; provided
         that, nothing contained in this Section 3.2(a)(vi) shall be taken to
         relieve the Common Guarantee Trustee, upon the occurrence of an Event
         of Default, of its obligation to exercise the rights and powers vested
         in it by this Common Securities Guarantee.

                  (vii) The Common Guarantee Trustee shall not be bound to make
         any investigation into the facts or matters stated in any resolution,
         certificate, statement, instrument, opinion, report, notice, request,
         direction, consent, order, bond, debenture, note, other evidence of
         indebtedness or other paper or document, but the Common Guarantee
         Trustee, in its discretion, may make such further inquiry or
         investigation into such facts or matters as it may see fit.

                  (viii) The Common Guarantee Trustee may execute any of the
         trusts or powers hereunder or perform any duties hereunder either
         directly or by or through agents, nominees, custodians or attorneys,
         and the Common Guarantee Trustee shall not be responsible for any
         misconduct or negligence on the part of any agent or attorney appointed
         with due care by it hereunder.

                  (ix) Any action taken by the Common Guarantee Trustee or its
         agents hereunder shall bind the Holders of the Common Securities, and
         the signature of the Common Guarantee Trustee or its agents alone shall
         be sufficient and effective to perform any such action. No third party
         shall be required to inquire as to the authority of the Common
         Guarantee Trustee to so act or as to its compliance with any of the
         terms and provisions of this Common Securities Guarantee, both of which
         shall be conclusively evidenced by the Common Guarantee Trustee's or
         its agent's taking such action.

                  (x) Whenever in the administration of this Common Securities
         Guarantee the Common Guarantee Trustee shall deem it desirable to
         receive instructions with respect to


                                       9
<Page>

         enforcing any remedy or right or taking any other action hereunder,
         the Common Guarantee Trustee (I) may request instructions from the
         Holders of a Majority in liquidation amount of the Common
         Securities, (II) may refrain from enforcing such remedy or right or
         taking such other action until such instructions are received, and
         (III) shall be protected in conclusively relying on or acting in
         accordance with such instructions.

         (b) No provision of this Common Securities Guarantee shall be deemed to
impose any duty or obligation on the Common Guarantee Trustee to perform any act
or acts or exercise any right, power, duty or obligation conferred or imposed on
it in any jurisdiction in which it shall be illegal, or in which the Common
Guarantee Trustee shall be unqualified or incompetent in accordance with
applicable law, to perform any such act or acts or to exercise any such right,
power, duty or obligation. No permissive power or authority available to the
Common Guarantee Trustee shall be construed to be a duty.

                  SECTION 3.3. NOT RESPONSIBLE FOR RECITALS OR ISSUANCE OF
GUARANTEE. The recitals contained in this Guarantee shall be taken as the
statements of the Guarantor, and the Common Guarantee Trustee does not assume
any responsibility for their correctness. The Common Guarantee Trustee makes no
representation as to the validity or sufficiency of this Common Securities
Guarantee.

                                   ARTICLE IV.

                            COMMON GUARANTEE TRUSTEE

         SECTION 4.1. COMMON GUARANTEE TRUSTEE; ELIGIBILITY. (a) There shall at
all times be a Common Guarantee Trustee which shall:

                  (i)  not be an Affiliate of the Guarantor; and

                  (ii) be a corporation organized and doing business under the
         laws of the United States of America or any State or Territory thereof
         or of the District of Columbia, or a corporation or Person permitted by
         the Securities and Exchange Commission to act as an institutional
         trustee under the Trust Indenture Act, authorized under such laws to
         exercise corporate trust powers, having a combined capital and surplus
         of at least 50 million U.S. dollars ($50,000,000), and subject to
         supervision or examination by Federal, State, Territorial or District
         of Columbia authority. If such corporation publishes reports of
         condition at least annually, pursuant to law or to the requirements of
         the supervising or examining authority referred to above, then, for the
         purposes of this Section 4.1(a)(ii), the combined capital and surplus
         of such corporation shall be deemed to be its combined capital and
         surplus as set forth in its most recent report of condition so
         published.

         (b) If at any time the Common Guarantee Trustee shall cease to be
eligible to so act under Section 4.1(a), the Common Guarantee Trustee shall
immediately resign in the manner and


                                       10
<Page>

with the effect set out in Section 4.2 (c).

         (c) If the Common Guarantee Trustee has or shall acquire any
"conflicting interest" within the meaning of Section 310(b) of the Trust
Indenture Act, the Common Guarantee Trustee and Guarantor shall in all respects
comply with the provisions of Section 310(b) of the Trust Indenture Act.

         SECTION 4.2. APPOINTMENT, REMOVAL AND RESIGNATION OF COMMON GUARANTEE
TRUSTEES. (a) Subject to Section 4.2(b), the Common Guarantee Trustee may be
appointed or removed without cause at any time by the Guarantor.

         (b) The Common Guarantee Trustee shall not be removed in accordance
with Section 4.2(a) until a Successor Common Guarantee Trustee has been
appointed and has accepted such appointment by written instrument executed by
such Successor Common Guarantee Trustee and delivered to the Guarantor.

         (c) The Common Guarantee Trustee appointed to office shall hold office
until a Successor Common Guarantee Trustee shall have been appointed or until
its removal or resignation. The Common Guarantee Trustee may resign from office
(without need for prior or subsequent accounting) by an instrument in writing
executed by the Common Guarantee Trustee and delivered to the Guarantor, which
resignation shall not take effect until a Successor Common Guarantee Trustee has
been appointed and has accepted such appointment by instrument in writing
executed by such Successor Common Guarantee Trustee and delivered to the
Guarantor and the resigning Common Guarantee Trustee.

         (d) If no Successor Common Guarantee Trustee shall have been appointed
and accepted appointment as provided in this Section 4.2 within 60 days after
delivery to the Guarantor of an instrument of resignation, the resigning Common
Guarantee Trustee may petition any court of competent jurisdiction for
appointment of a Successor Common Guarantee Trustee. Such court may thereupon,
after prescribing such notice, if any, as it may deem proper, appoint a
Successor Common Guarantee Trustee.

         (e) No Common Guarantee Trustee shall be liable for the acts or
omissions to act of any Successor Common Guarantee Trustee.

         (f) Upon termination of this Common Securities Guarantee or removal or
resignation of the Common Guarantee Trustee pursuant to this Section 4.2, the
Guarantor shall pay to the Common Guarantee Trustee all amounts accrued to the
date of such termination, removal or resignation.


                                       11
<Page>




                                   ARTICLE V.

                                    GUARANTEE

         SECTION 5.1. GUARANTEE. The Guarantor irrevocably and unconditionally
agrees to pay in full to the Holders the Guarantee Payments (without duplication
of amounts theretofore paid by the Issuer), as and when due, regardless of any
defense, right of set-off or counterclaim that the Issuer may have or assert.
The Guarantor's obligation to make a Guarantee Payment may be satisfied by
direct payment of the required amounts by the Guarantor to the Holders or by
causing the Issuer to pay such amounts to the Holders.

         SECTION 5.2. WAIVER OF NOTICE AND DEMAND. The Guarantor hereby waives
notice of acceptance of this Common Securities Guarantee and of any liability to
which it applies or may apply, presentment, demand for payment, any right to
require a proceeding first against the Issuer or any other Person before
proceeding against the Guarantor, protest, notice of nonpayment, notice of
dishonor, notice of redemption and all other notices and demands.

         SECTION 5.3. OBLIGATIONS NOT AFFECTED. The obligations, covenants,
agreements and duties of the Guarantor under this Common Securities Guarantee
shall in no way be affected or impaired by reason of the happening from time to
time of any of the following:

                  (a) the release or waiver, by operation of law or otherwise,
         of the performance or observance by the Issuer of any express or
         implied agreement, covenant, term or condition relating to the Common
         Securities to be performed or observed by the Issuer;

                  (b) the extension of time for the payment by the Issuer of all
         or any portion of the Distributions, Redemption Price, Liquidation
         Distribution or any other sums payable under the terms of the Common
         Securities or the extension of time for the performance of any other
         obligation under, arising out of, or in connection with, the Common
         Securities (other than an extension of time for payment of
         Distributions, Redemption Price, Liquidation Distribution or other sum
         payable that results from the extension of any interest payment period
         on the Debentures or any extension of the maturity date of the
         Debentures permitted by the Indenture);

                  (c) any failure, omission, delay or lack of diligence on the
         part of the Holders to enforce, assert or exercise any right,
         privilege, power or remedy conferred on the Holders pursuant to the
         terms of the Common Securities, or any action on the part of the Issuer
         granting indulgence or extension of any kind;

                  (d) the voluntary or involuntary liquidation, dissolution,
         sale of any collateral, receivership, insolvency, bankruptcy,
         assignment for the benefit of creditors, reorganization, arrangement,
         composition or readjustment of debt of, or other similar proceedings
         affecting, the Issuer or any of the assets of the Issuer;

                  (e)  any invalidity of, or defect or deficiency in, the Common
         Securities;



                                       12
<Page>

                  (f)  the settlement or compromise of any obligation guaranteed
         hereby or hereby incurred; or

                  (g) any other circumstance whatsoever that might otherwise
         constitute a legal or equitable discharge or defense of a guarantor, it
         being the intent of this Section 5.3 that the obligations of the
         Guarantor hereunder shall be absolute and unconditional under any and
         all circumstances.

         There shall be no obligation of the Holders to give notice to, or
obtain consent of, the Guarantor with respect to the happening of any of the
foregoing.

         SECTION 5.4. RIGHTS OF HOLDERS. (a) The Holders of a Majority in
liquidation amount of the Common Securities have the right to direct the time,
method and place of conducting of any proceeding for any remedy available to the
Common Guarantee Trustee in respect of this Common Securities Guarantee or
exercising any trust or power conferred upon the Common Guarantee Trustee under
this Common Securities Guarantee.

         (b) If the Common Guarantee Trustee fails to enforce this Common
Securities Guarantee with respect to the right of any Holders to receive any
Guarantee Payment in accordance herewith, such Holder may directly institute a
proceeding against the Guarantor for enforcement of the Common Security
Guarantee for such payment. The Guarantor waves any right or remedy to require
that any action be brought first against the Issuer or any other Person or
entity before proceeding directly against the Guarantor.

         SECTION 5.5. GUARANTEE OF PAYMENT. This Common Securities Guarantee
creates a guarantee of payment and not of collection.

         SECTION 5.6. SUBROGATION. The Guarantor shall be subrogated to all (if
any) rights of the Holders of Common Securities against the Issuer in respect of
any amounts paid to such Holders by the Guarantor under this Common Securities
Guarantee; provided, however, that the Guarantor shall not (except to the extent
required by mandatory provisions of law) be entitled to enforce or exercise any
right that it may acquire by way of subrogation or any indemnity, reimbursement
or other agreement, in all cases as a result of payment under this Common
Securities Guarantee, if, at the time of any such payment, any amounts are due
and unpaid under this Common Securities Guarantee. If any amount shall be paid
to the Guarantor in violation of the preceding sentence, the Guarantor agrees to
hold such amount in trust for the Holders and to pay over such amount to the
Holders.

         SECTION 5.7. INDEPENDENT OBLIGATIONS. The Guarantor acknowledges that
its obligations hereunder are independent of the obligations of the Issuer with
respect to the Common Securities, and that the Guarantor shall be liable as
principal and as debtor hereunder to make Guarantee Payments pursuant to the
terms of this Common Securities Guarantee notwithstanding the occurrence of any
event referred to in subsections (a) through (g), inclusive,


                                       13
<Page>

of Section 5.3 hereof.

                                   ARTICLE VI.

                    LIMITATION OF TRANSACTIONS; SUBORDINATION

         SECTION 6.1. LIMITATION OF TRANSACTIONS. So long as any Common
Securities remain outstanding, if there shall have occurred an Event of
Default or an event of default under the Declaration, then (A) the Guarantor
shall not declare or pay any dividend on, make any distributions with respect
to, or redeem, purchase, acquire or make a liquidation payment with respect
to, any of its capital stock (other than (I) purchases or acquisitions of
shares of its common stock in connection with the satisfaction by the
Guarantor of its obligations under any employee benefit plans or the
satisfaction by the Guarantor of its obligations pursuant to any contract or
security requiring the Guarantor to purchase shares of its common stock, (II)
as a result of a reclassification of its capital stock or the exchange or
conversion of one class or series of its capital stock for another class or
series of its capital stock, (III) the purchase of fractional interests in
shares of its capital stock pursuant to an acquisition, the conversion or
exchange provisions of such capital stock or the security being converted or
exchanged, and (iv) redemptions or purchases pursuant to the Guarantor's
Rights Agreement, dated August 7, 1995, between the Guarantor and The Bank of
New York (as successor to AmSouth Bank) as Rights Agent, (b) the Guarantor
shall not make any payment of interest, principal or premium, if any, on or
repay, repurchase or redeem any debt securities (including guarantees) issued
by the Guarantor which rank pari passu with or junior to the Debentures and
(c) the Guarantor shall not make any guarantee payments with respect to the
foregoing (other than pursuant to the Preferred Securities Guarantee, dated
as of August 22, 2001 of the Guarantor with respect to the 7-1/2% Trust
Originated Preferred Securities, this Agreement, the Preferred Securities
Guarantee, dated as of April 29, 1997 and the Common Securities Guarantee
dated as of April 29, 1997 of the Company with respect to the 8 1/4% Trust
Originated Preferred Securities, Series B of PLC Capital Trust I).

         SECTION 6.2. RANKING. This Common Securities Guarantee will
constitute an unsecured obligation of the Guarantor and will rank (I)
subordinate and junior in right of payment to all Senior Indebtedness as such
term is defined in the Indenture (ii) PARI PASSU with the Debentures and the
Guarantor's Preferred Securities Guarantee of PLC Capital Trust's 8 1/4%
Trust Originated Preferred Securities, Series B and any other liabilities or
obligations that may be PARI PASSU by their terms and (iii) senior to the
Guarantor's common stock, the most senior preferred or preference stock now
or hereafter issued by the Guarantor and with any guarantee now or hereafter
entered into by the Guarantor in respect of any preferred or preference stock
of any affiliate of the Guarantor.

                  If an Event of Default has occurred and is continuing under
the Declaration, the rights of the Holders of the Common Securities to
receive Guarantee Payments under this Common Securities Guarantee shall be
subordinated to the rights of the holders of the Preferred Securities to
receive payment of all amounts due and owing under the terms of the Preferred
Securities Guarantee.



                                       14
<Page>


                                  ARTICLE VII.

                                   TERMINATION

         SECTION 7.1. TERMINATION. This Common Securities Guarantee shall
terminate upon (I) full payment of the Redemption Price of all Common
Securities, (II) upon the distribution of the Debentures to the Holders of
all of the Common Securities or (III) upon full payment of the amounts
payable in accordance with the Declaration upon liquidation of the Issuer.
Notwithstanding the foregoing, this Common Securities Guarantee will continue
to be effective or will be reinstated, as the case may be, if at any time any
Holder of Common Securities must restore payment of any sums paid under the
Common Securities or under this Common Securities Guarantee.

                                  ARTICLE VIII.

                                 INDEMNIFICATION

         SECTION 8.1. EXCULPATION. (a) No Indemnified Person shall be liable,
responsible or accountable in damages or otherwise to the Guarantor or any
Covered Person for any loss, damage or claim incurred by reason of any act or
omission performed or omitted by such Indemnified Person in good faith in
accordance with this Common Securities Guarantee and in a manner that such
Indemnified Person reasonably believed to be within the scope of the
authority conferred on such Indemnified Person by this Common Securities
Guarantee or by law, except that an Indemnified Person shall be liable for
any such loss, damage or claim incurred by reason of such Indemnified
Person's negligence or willful misconduct with respect to such acts or
omissions.

         (b) An Indemnified Person shall be fully protected in relying in
good faith upon the records of the Guarantor and upon such information,
opinions, reports or statements presented to the Guarantor by any Person as
to matters the Indemnified Person reasonably believes are within such other
Person's professional or expert competence and who has been selected with
reasonable care by or on behalf of the Guarantor, including information,
opinions, reports or statements as to the value and amount of the assets,
liabilities, profits, losses, or any other facts pertinent to the existence
and amount of assets from which Distributions to Holders of Common Securities
might properly be paid.

         SECTION 8.2. INDEMNIFICATION. (a) To the fullest extent permitted by
applicable law, the Guarantor shall indemnify and hold harmless each
Indemnified Person from and against any loss, damage or claim incurred by
such Indemnified Person by reason of any act or omission performed or omitted
by such Indemnified Person in good faith in accordance with this Guarantee
Agreement and in a manner such Indemnified Person reasonably believed to be
within the scope of authority conferred on such Indemnified Person by this
Guarantee Agreement, except that no Indemnified Person shall be entitled to
be indemnified in respect of any loss,


                                       15
<Page>


damage or claim incurred by such Indemnified Person by reason of negligence
or willful misconduct with respect to such acts or omissions.

         (b) To the fullest extent permitted by applicable law, reasonable
expenses (including legal fees) incurred by an Indemnified Person in
defending any claim, demand, action, suit or proceeding shall, from time to
time, be advanced by the Guarantor prior to the final disposition of such
claim, demand, action, suit or proceeding upon receipt by the Guarantor of an
undertaking by or on behalf of the Indemnified Person to repay such amount if
it shall be determined that the Indemnified Person is not entitled to be
indemnified as authorized in Section 8.2(a).

         (c) The obligation to indemnify as set forth in this Section 8.2
shall survive the termination of the Common Securities Guarantee.

                                   ARTICLE IX.

                                  MISCELLANEOUS

         SECTION 9.1. SUCCESSORS AND ASSIGNS. All guarantees and agreements
contained in this Common Securities Guarantee shall bind the successors,
assigns, receivers, trustees and representatives of the Guarantor and shall
inure to the benefit of the Holders of the Common Securities then outstanding.

         SECTION 9.2. AMENDMENTS. Except with respect to any changes that do
not adversely affect the rights of Holders (in which case no consent of
Holders will be required), this Common Securities Guarantee may only be
amended with the prior approval of the Holders of at least a Majority in
liquidation amount (including the stated amount that would be paid on
redemption, liquidation or otherwise, plus accrued and unpaid Distributions
to the date upon which the voting percentages are determined) of all the
outstanding Common Securities. The provisions of Section 12.2 of the
Declaration with respect to meetings of Holders of the Securities apply to
the giving of such approval.

         SECTION 9.3. NOTICES. All notices provided for in this Common
Securities Guarantee shall be in writing, duly signed by the party giving
such notice, and shall be delivered, telecopied or mailed by registered or
certified mail, as follows:

         (a) if given to the Common Guarantee Trustee, at the Common
Guarantee Trustee's mailing address set forth below (or such other address as
the Common Guarantee Trustee may give notice of to the Holders of the Common
Securities):

                           Wilmington Trust Company
                           Rodney Square North
                           1100 North Market Street
                           Wilmington, Delaware 19890


                                       16
<Page>

                           Attention: Corporate Trust Administration

         (b) If given to the Guarantor, at the Guarantor's mailing address set
forth below (or such other address as the Guarantor may give notice of to the
Holders of the Common Securities):

                           Protective Life Corporation
                           2801 Highway 280 South
                           Birmingham, Alabama 35223
                           Attention:  Secretary

         (c) If given to any Holder of Common Securities, at the address set
forth on the books and records of the Issuer.

         All such notices shall be deemed to have been given when received in
person, telecopied with receipt confirmed, or mailed by first class mail,
postage prepaid except that if a notice or other document is refused delivery or
cannot be delivered because of a changed address of which no notice was given,
such notice or other document shall be deemed to have been delivered on the date
of such refusal or inability to deliver.

         SECTION 9.4. BENEFIT. This Common Securities Guarantee is solely for
the benefit of the Holders of the Common Securities and, subject to Section
3.1(a), is not separately transferable from the Common Securities.

         SECTION 9.5. GOVERNING LAW. THIS COMMON SECURITIES GUARANTEE SHALL BE
GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE
STATE OF NEW YORK.

         THIS COMMON SECURITIES GUARANTEE is executed as of the day and year
first above written.

                                      PROTECTIVE LIFE CORPORATION, as Guarantor



                                      By:
                                            Name:
                                            Title:





                                       17
<Page>


                                      WILMINGTON TRUST COMPANY, as Common
                                      Guarantee Trustee

                                      By:
                                           ------------------------------------
                                             Name:
                                             Title:






                                       18