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                                 UNITED STATES
                      SECURITIES AND EXCHANGE COMMISSION
                            Washington, D.C. 20549
                                        
                                  FORM 10-Q/A
                                        
                                Amendment No. 1
                                        
  (Mark One)
  [x]   Quarterly report pursuant to Section 13 or 15(d) of the Securities
         Exchange Act of 1934
   
         For the quarterly period ended  September 30, 1998
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                                       or
  [  ]  Transition report pursuant to Section 13 or 15(d) of the Securities
        Exchange Act of 1934
          For the transition period from ____________________ to
               ____________________

                         Commission file number  0-5486
                                                 ------
                                        

                         PRESIDENTIAL LIFE CORPORATION
                     ------------------------------------
            (Exact name of registrant as specified in its charter)

                Delaware                            13-2652144
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      (State or other jurisdiction of    (I.R.S. Employer Identification No.)
      incorporation or organization)

 
      69 Lydecker Street, Nyack, New York                  10960
     ---------------------------------------              --------
     (Address of principal executive offices)            (Zip Code)

                                (914) 358-2300
           --------------------------------------------------------
             (Registrant's telephone number, including area code)
                                        
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  (Former name, former address and former fiscal year, if changed since last
                                   report.)



    Indicate by check mark whether the registrant (1) has filed all reports
  required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
  1934 during the preceding 12 months (or for such shorter period that the
  registrant was required to file such reports), and (2) has been subject to
  such filing requirements for the past 90 days.  Yes  X       No _________
                                                     -----                 


  There were 31,743,989 shares of common stock, par value $.01 per share of the
  issuer's common stock, outstanding as of the close of business on November 12,
  1998.
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PART II.  OTHER INFORMATION

Item 6.  Exhibits and Reports on Form 8-K

The registrant's Form 10-Q for the quarterly period ended September 30, 1998 is 
hereby amended to add Exhibit 15.1 (Letter re: unaudited interim financial 
information) to Item 6(a).


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                                   Signature
                                   ---------

     Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.

                              PRESIDENTIAL LIFE CORPORATION

DATE: February 23, 1999          By:  /s/ Herbert Kurz
      -----------------               -------------------------------
                                          Herbert Kurz
                                          President and Duly Authorized 
                                          Officer of the Registrant

DATE: February 23, 1999          By:  /s/ Michael V. Oporto
      -----------------               --------------------------------
                                          Michael V. Oporto
                                          Principal Accounting Officer of the
                                          Registrant
 

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                                 EXHIBIT INDEX

The following Exhibits are included in this Quarterly Report on Form 10-Q:

 
 
 Exhibit                         Exhibit
  Number                         Description
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  15.1          Letter re: unaudited interim financial information.

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