Document:

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                           PROTECTIVE LIFE CORPORATION

                                       to

                              THE BANK OF NEW YORK
                         (as successor to AmSouth Bank)
                                   as Trustee

                          SUPPLEMENTAL INDENTURE No. 5

                           Dated as of August 22, 2001

                         7-1/2% Subordinated Debentures
                               Due 2031, Series D
                                  $103,093,000

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                           PROTECTIVE LIFE CORPORATION
                          SUPPLEMENTAL INDENTURE No. 5
                                  $103,093,000
                         7-1/2% Subordinated Debentures

                               Due 2031, Series D

                  SUPPLEMENTAL INDENTURE No. 5, dated as of August 22, 2001 from
PROTECTIVE LIFE CORPORATION, a Delaware corporation (the "Company"), to THE BANK
OF NEW YORK (as successor to AmSouth Bank), as trustee (the "Trustee").

                                    RECITALS

                  The Company has heretofore executed and delivered to the
Trustee a Subordinated Indenture, dated as of June 1, 1994 as supplemented and
amended by Supplemental Indenture No. 1, dated as of June 9, 1994, Supplemental
Indenture No. 2, dated as of August 1, 1994, Supplemental Indenture No. 3, dated
as of April 29, 1997 and Supplemental Indenture No. 4, dated as of November 20,
1997 (as so supplemented and amended, the "Indenture"), providing for the
issuance from time to time of series of the Company's Securities.

                  Section 3.1 of the Indenture provides for various matters with
respect to any series of Securities issued under the Indenture to be established
in an indenture supplemental to the Indenture.

                  Section 8.1(7) of the Indenture provides for the Company and
the Trustee to enter into an indenture supplemental to the Indenture to
establish the form or terms of Securities of any series as provided by Sections
2.1 and 3.1 of the Indenture.

                  For and in consideration of the premises and the issuance of
the series of Securities provided for herein, it is mutually covenanted and
agreed as follows for the equal and ratable benefit of the Holders of the
Securities of such series:

                                    ARTICLE 1

                       Relation to Indenture; Definitions

                  Section 1.1. This Supplemental Indenture No. 5 constitutes an
integral part of the Indenture.

                  Section 1.2. For all purposes of this Supplemental Indenture
No. 5:

                  (1) Capitalized terms used herein without definition shall
have the meanings specified in the Indenture;

                  (2) All references herein to Articles and Sections, unless
otherwise specified, refer to the corresponding Articles and Sections of this
Supplemental Indenture No. 5; and

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                  (3) The terms "herein", "hereof", "hereunder" and other words
of similar import refer to this Supplemental Indenture No. 5.

                                    ARTICLE 2

                            The Series of Securities

                  Section 2.1. TITLE OF THE SECURITIES. There shall be a series
of Securities designated the "7-1/2% Subordinated Debentures Due 2031, Series D"
(hereinafter, the "Securities").

                  Section 2.2. LIMITATION ON AGGREGATE PRINCIPAL AMOUNT; DATE OF
SECURITIES. The aggregate principal amount of the Securities shall be limited to
$103,093,000. Each Security shall be dated the date of its authentication.

                  Section 2.3. PRINCIPAL PAYMENT DATES. The principal amount of
the Securities Outstanding (together with any accrued and unpaid interest
thereon) shall be payable in a single installment on August 22, 2031.

                  Section 2.4. INTEREST AND INTEREST RATES. The rate of interest
on each Security shall be 7-1/2% per annum, accruing from August 22, 2001 and,
subject to Section 2.5, interest shall be payable, in arrears, on February 15,
May 15, August 15 and November 15 of each year (each an "Interest Payment
Date"), commencing November 15, 2001. The amount of interest payable on any
Interest Payment Date shall be computed on the basis of twelve 30-day months and
a 360-day year and, for any period that is shorter than a full 90-day quarter,
will be calculated on the basis of the actual number of days elapsed in such
period. In the event that any date on which interest is payable on a Security is
not a Business Day, then payment of the interest payable on such date will be
made on the next succeeding day which is a Business Day (and without any
interest or other payment in respect of any such delay), except that, if such
Business Day is in the next succeeding calendar year, such payment shall be made
on the immediately preceding Business Day, in each case with the same force and
effect as if made on such date. The interest so payable on any Security which is
punctually paid or duly provided for on any Interest Payment Date shall be paid
to the Person in whose name such Security is registered at the close of business
on the Regular Record Date for such Interest Payment Date, which, for purposes
of this Supplemental Indenture No. 5, shall be the Business Day preceding such
Interest Payment Date; provided, that in the event the Securities shall not
continue to remain in book-entry only form, the record dates shall be the
February 1, May 1, August 1 and November 1 prior to the applicable Interest
Payment Date. The interest so payable on any Security which is not punctually
paid or duly provided for on any Interest Payment Date shall forthwith cease to
be payable to the Person in whose name such Security is registered on the
relevant Regular Record Date, and such defaulted interest shall instead be
payable to the Person in whose name such Security is registered on the special
record date or other specified date determined in accordance with the Indenture.

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                  Section 2.5. EXTENSION OF INTEREST PAYMENT PERIOD.
Notwithstanding anything contained herein or in the Indenture to the contrary,
the Company shall have the right at any time, and from time to time, during the
term of the Securities to defer payments of interest by extending the interest
payment period to the next Interest Payment Date by one or more quarterly
periods not exceeding 20 consecutive quarters (each such period, an "Extension
Period"), but no such Extension Period may extend beyond August 22, 2031. At the
end of any such Extension Period, the Company shall pay all interest then
accrued and unpaid (including any Additional Interest, as hereinafter defined)
together with interest thereon compounded quarterly at the rate specified for
the Securities to the extent permitted by applicable law ("Compound Interest");
PROVIDED, that during any such Extension Period, (a) the Company shall not
declare or pay dividends on, make any distribution 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 the
Company's common stock in connection with the satisfaction by the Company of its
obligations under any employee benefit plans or the satisfaction by the Company
of its obligation pursuant to any contract or security requiring it to purchase
shares of its common stock, (ii) as a result of a reclassification of the
Company's capital stock or the exchange or conversion of one class or series of
the Company's capital stock for another class or series of its capital stock,
(iii) the purchase of fractional interests in shares of the Company's capital
stock pursuant to an acquisition or the conversion or exchange provisions of
such capital stock or the security being converted or exchanged, and (iv)
redemptions or purchases pursuant to the Company's Rights Agreement, dated
August 7, 1995, between the Company and The Bank of New York (as successor to
AmSouth Bank) as Rights Agent), (b) the Company shall not make any payment of
principal, premium, if any, or interest on or repay, repurchase or redeem any
debt securities issued by the Company that rank PARI PASSU with or junior to the
Securities and (c) the Company shall not make any guarantee payments with
respect to the foregoing (other than pursuant to the Preferred Securities
Guarantee Agreement, dated as of August 22, 2001 of the Company (the
"Guarantee") with respect to the 7-1/2% Trust Originated Preferred Securities
(the "Preferred Securities") issued by PLC Capital Trust III ("PLC Capital"),
the Common Securities Guarantee Agreement, dated as of August 22, 2001 of the
Company (the "Common Guarantee," and together with the Guarantee, the
"Guarantees") with respect to the 7-1/2% Trust Originated Common Securities (the
"Common Securities," and together with the Preferred Securities, the "Trust
Securities") issued by PLC Capital and the Preferred Securities Guarantee
Agreement, dated as of April 29, 1997 of the Company (the "Series B Preferred
Guarantee") with respect to the 8 1/4% Trust Originated Preferred Securities,
Series B of PLC Capital Trust I and the Common Securities Guarantee Agreement,
dated as of April 29, 1997 of the Company (the "Series B Common Guarantee") with
respect to the 8 1/4% Trust Originated Common Securities. Prior to the
termination of any such Extension Period, the Company may further defer payments
of interest by extending the interest payment period; PROVIDED, HOWEVER, that,
such Extension Period, including all such previous and further extensions, may
not exceed 20 consecutive quarters or beyond the Stated Maturity. Upon the
termination of any Extension Period and the payment of all amounts then due, the
Company may commence a new Extension Period, subject to the terms set forth in
this section. No interest shall be due and payable during any Extension Period,
except at the end thereof, but the Company may prepay at any time all or any
portion of the interest accrued during an Extension Period. If the Institutional
Trustee (as

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defined in the Amended and Restated Declaration of Trust of PLC Capital,
dated as of August 22, 2001 (the "Declaration of Trust")) shall be the sole
holder of the Securities, the Company shall give the Regular Trustees (as
defined in the Declaration of Trust), the Institutional Trustee (as defined
in the Declaration of Trust) and the Indenture Trustee, notice of its
selection of such Extension Period one Business Day prior to the earlier of
(i) the date distributions on the Preferred Securities are payable or (ii)
the date the Regular Trustees are required to give notice of the record date
or the date such distribution is payable to the New York Stock Exchange (or
other applicable self-regulatory organization) or to holders of the Preferred
Securities, but in any event at least one Business Day before such record
date. If the Institutional Trustee shall not be the sole holder of the
Securities, the Company shall give the holders of the Securities notice of
its selection of such Extension Period at least 10 Business Days prior to the
earlier of (i) the Interest Payment Date or (ii) the date upon which the
Company is required to give notice of the record or payment date of such
interest payment to the New York Stock Exchange (or other applicable
self-regulatory organization) or to holders of the Securities. The quarter in
which any notice is given pursuant to this Section 2.5 shall be counted as
one of the 20 quarters permitted in the maximum Extension Period permitted
hereunder.

                  Section 2.6. PLACE OF PAYMENT. The Place of Payment where the
Securities issued in certificated form may be presented or surrendered for
payment, where such Securities may be surrendered for registration of transfer
or exchange and where notices and demands to and upon the Company in respect of
such Securities and the Indenture may be served shall be the Corporate Trust
Office of the Trustee; provided, however, that payment of interest may be made
at the option of the Company by checks mailed to the Holders at such addresses
as shall appear in the Register. Notwithstanding the foregoing, so long as the
Holder of any Securities is the Institutional Trustee, the payment of the
principal of and interest (including Compound Interest and Additional Interest,
if any) on such Securities held by the Institutional Trustee will be made at
such place and to such account as may be designated by the Institutional
Trustee.

                  Section 2.7. REDEMPTION. Subject to the terms and conditions
of Article 10 of the Indenture:

                  (1) OPTIONAL REDEMPTION. The Company may redeem the Securities
in whole at any time or in part from time to time, in each case on or after
August 22, 2006, but prior to the Stated Maturity, upon not less than 30 nor
more than 60 days' notice, at a redemption price equal to 100% of the principal
amount of the Securities to be redeemed plus any accrued and unpaid interest,
including Additional Interest, if any, to the date fixed for redemption (the
"Redemption Price").

                  (2) The Company will have the right at any time to dissolve
PLC Capital and cause the Securities to be distributed to the holders of the
Trust Securities in accordance with the Declaration of Trust.

                  (3) SPECIAL EVENT REDEMPTION.

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                           (i) If, at any time, a Tax Event or an Investment
Company Event (each as defined below, and each a "Special Event") has occurred
and is continuing, the Company shall have the right, upon not less than 30 nor
more than 60 days notice, to redeem the Securities in whole but not in part, for
cash in the amount of the Redemption Price, within 90 days following the
occurrence of such Special Event, and, following such redemption, Trust
Securities with an aggregate liquidation amount equal to the aggregate principal
amount of the Securities so redeemed shall be redeemed by PLC Capital at the
Redemption Price; PROVIDED, HOWEVER, that if at the time there is available to
the Company or the Trust the opportunity to eliminate, within such 90 day
period, the Tax Event by taking some ministerial action, such as filing a form
or making an election or pursuing some other similar reasonable measure that has
no adverse effect on PLC Capital, the Company or the holders of the Trust
Securities, the Company or PLC Capital will pursue such measure in lieu of a
redemption. If the Company does not elect either to distribute the Securities to
the holders of the Preferred Securities in liquidation of PLC Capital or to
redeem the Securities, the Trust Securities shall remain outstanding and, in the
event a Special Event is continuing, Additional Interest (as defined in Section
2.18) will be payable on the Securities.

                           (ii) "Tax Event" means the receipt by the Company of
an opinion of a nationally recognized independent tax counsel experienced in
such matters to the effect that, as a result of (A) any amendment to, or change
(including any announced prospective change) in, on or after the day before the
date of issuance of the Preferred Securities under the Declaration of Trust, the
laws (or any regulations thereunder) of the United States or any political
subdivision or taxing authority thereof or therein or (B) any interpretation or
application of, or pronouncement with respect to, such laws or regulations by
any legislative body, court, governmental agency or regulatory authority, which
amendment or change is effective or which interpretation, application or
pronouncement is announced on or after the day before the date of issuance of
the Preferred Securities under the Declaration of Trust, there is more than an
insubstantial increase in the risk that (x) PLC Capital is, or will be within 90
days of the date thereof, subject to U.S. federal income tax with respect to
income received or accrued on the Securities, (y) interest payable by the
Company on the Securities is not, or within 90 days of the date thereof, will
not be, deductible, in whole or in part, for U.S. federal income tax purposes,
or (z) PLC Capital is, or will be within 90 days of the date thereof, subject to
more than a de minimis amount of other taxes, duties or other governmental
charges.

                           (iii) "Investment Company Event" means that the
Regular Trustees shall have received an opinion of a nationally recognized
independent counsel experienced in practice under the Investment Company Act (an
"Investment Company Event Opinion") that, as a result of the occurrence of a
change in law or regulation or a written change in interpretation or application
of law or regulation by any legislative body, court, governmental agency or
regulatory authority (a "Change in 1940 Act Law"), there is a more than an
insubstantial risk that the Trust is or will be considered an Investment Company
which is required to be registered under the Investment Company Act, which
Change in 1940 Act Law becomes effective on or after the date of the Prospectus
Supplement dated August 17, 2001 relating to the offer and sale of the Preferred
Securities (the "Prospectus Supplement").

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                  (4) The Securities are not entitled to the benefit of any
sinking fund.

                  (5) If Securities are distributed to the holders of the
Preferred Securities, (i) the Company will use its best efforts to cause the
Securities to be listed on the New York Stock Exchange or on such other exchange
as the Preferred Securities are then listed, and (ii) the Indenture, this
Supplemental Indenture No. 5 and the terms of the Securities may, thereafter, be
modified or amended with the consent of not less than 66-2/3% in principal
amount of the Securities at any time outstanding, PROVIDED, HOWEVER, that no
such modification or amendment may, without the consent of the Holder of each
Security affected thereby, (A) extend the stated maturity of the principal of
any Security, or reduce the principal amount thereof or reduce the rate or
extend the time of payment of interest thereon (other than as provided in
Section 2.5 or this Supplemental Indenture No. 5), or reduce any amount payable
on redemption thereof or change the currency in which the principal thereof or
interest thereon is payable or impair the right to institute suit for the
enforcement of any payment on any Security when due, or (B) reduce the aforesaid
principal amount of Securities, the consent of the Holders of which is required
for any such modification.

                  Section 2.8. PREFERRED SECURITY HOLDERS' RIGHTS. If an Event
of Default constituting the failure to pay interest or principal on the
Securities on the date such interest or principal is otherwise payable has
occurred and is continuing, then a holder of Preferred Securities may directly
institute a proceeding for enforcement of payment to such holder directly of the
principal of or interest on the Securities having a principal amount equal to
the aggregate liquidation amount of the Preferred Securities of such holder on
or after the respective due date specified in the Securities. The holders of
Preferred Securities will not be able to exercise directly any other remedy
available to the holders of the Securities under this Supplemental Indenture No.
5 or under the Indenture unless the Institutional Trustee fails to do so.

                  Section 2.9. ADDITIONAL COVENANTS. The Company agrees that if
(i) there shall have occurred any event that would constitute an Event of
Default (as defined herein) or (ii) the Company shall be in default with respect
to its payment of any obligations under the Guarantee or Common Guarantee, or
(iii) the Company shall have given notice of its election to defer payments of
interest on such Securities by extending the interest payment period as provided
in this Supplemental Indenture No. 5 and such period, or any extension thereof,
shall be continuing, then (a) the Company shall not declare or pay any dividend
on, make any distribution 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 the Company's common stock in connection
with the satisfaction by the Company of its obligations under any employee
benefit plans or the satisfaction by the Company of its obligation pursuant to
any contract or security requiring it to purchase shares of its common stock,
(ii) as a result of a reclassification of the Company's capital stock or the
exchange or conversion of one class or series of the Company's capital stock for
another class or series of its capital stock, (iii) the purchase of fractional
interests in shares of the Company's capital stock pursuant to an acquisition or
the conversion or exchange provisions of such capital stock or the security
being converted or exchanged, and (iv)

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redemptions or purchases pursuant to the Company's Rights Agreement, dated
August 7, 1995, between the Company and The Bank of New York (as successor to
AmSouth Bank) as Rights Agent), (b) the Company shall not make any payment of
principal, premium, if any, or interest on or repay, repurchase or redeem any
debt securities issued by the Company that rank PARI PASSU with or junior to
the Securities, and (c) the Company shall not make any guarantee payments
with respect to the foregoing (other than pursuant to either of the
Guarantees or the Series A Guarantee).

                  The Company agrees (i) to directly or indirectly maintain 100%
ownership of the Common Securities; PROVIDED, HOWEVER, that any permitted
successor of the Company under the Indenture may succeed to the Company's
ownership of such Common Securities, (ii) not to voluntarily terminate, wind-up
or liquidate PLC Capital, except (a) in connection with a distribution of
Securities to the holders of the Preferred Securities in liquidation of PLC
Capital, or (b) in connection with certain mergers, consolidations or
amalgamations permitted by the Declaration of Trust and (iii) to use its
reasonable efforts, consistent with the terms and provisions of the Declaration
of Trust, to cause PLC Capital to remain a grantor trust and not to be
classified as an association taxable as a corporation for United States federal
income tax purposes.

                  Section 2.10. DENOMINATION. The Securities shall be issuable
in denominations of $1,000 and integral multiples thereof.

                  Section 2.11. CURRENCY. Principal and interest on the
Securities shall be payable in Dollars.

                  Section 2.12. REGISTERED SECURITIES; FORM. Except as provided
in Section 2.13, the Securities shall be issued as Registered Securities,
without coupons and shall be registered in the name of Wilmington Trust Company,
as Institutional Trustee, and its permitted registered assigns. The Securities
shall be substantially in the form attached as Exhibit A hereto.

                  Section 2.13. GLOBAL SECURITIES UPON LIQUIDATION OF TRUST.

                  (1) If, in accordance with the Declaration of Trust, PLC
Capital is to be dissolved and the Securities held by the Institutional Trustee
are to be distributed to the holders of the Trust Securities:

                           (a) the Securities in certificated form shall be
presented to the Trustee by the Institutional Trustee in exchange for a global
Security in an aggregate principal amount equal to the aggregate principal
amount of all outstanding Securities (a "Global Security") to be registered in
the name of the Depository (as defined in the Declaration of Trust), or its
nominee, and delivered by the Trustee to the Depository for crediting to the
accounts of its participants pursuant to the instructions of the Regular
Trustees (as defined in the Declaration of Trust). The Company upon any such
presentation shall execute a Global Security in such aggregate principal amount
and deliver the same to the Trustee for authentication and delivery in
accordance with

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the Indenture and this Supplemental Indenture No. 5. Payments on Securities
issued as Global Securities will be made to the Depository; and

                           (b) if any Preferred Securities are held in non
book-entry certificated form, the Securities in certificated form may be
presented to the Trustee by the Institutional Trustee and any Preferred Security
Certificate (as defined in the Declaration of Trust) which represents Preferred
Securities other than Preferred Securities held by the Clearing Agency (as
defined in the Declaration of Trust) or its nominee ("Non Book-Entry Preferred
Securities") will be deemed to represent beneficial interests in Securities
presented to the Trustee by the Institutional Trustee having an aggregate
principal amount equal to the aggregate liquidation amount of the Non Book-Entry
Preferred Securities until such Preferred Security Certificates are presented to
the Registrar for transfer or reissuance at which time such Preferred Security
Certificates will be canceled and a Security, registered in the name of the
holder of the Preferred Security Certificate or the transferee of the holder of
such Preferred Security Certificate, as the case may be, with an aggregate
principal amount equal to the aggregate liquidation amount of the Preferred
Security Certificate canceled, will be executed by the Company and delivered to
the Trustee for authentication and delivery in accordance with the Indenture and
this Supplemental Indenture No. 5. On issue of such Securities, Securities with
an equivalent aggregate principal amount that were presented by the
Institutional Trustee to the Trustee will be deemed to have been canceled.

                  (2) Unless and until it is exchanged for the Securities in
registered form, a Global Security may be transferred, in whole but not in part,
only to another nominee of the Depository, or to a successor Depository selected
or approved by the Company or to a nominee of such successor Depository.

                  (3) If at any time the Depository notifies the Company that it
is unwilling or unable to continue as Depository or if at any time the
Depository for such series shall no longer be registered or in good standing
under the Securities Exchange Act of 1934, as amended, or other applicable
statute or regulation, and a successor Depository for such series is not
appointed by the Company within 90 days after the Company receives such notice
or becomes aware of such condition, as the case may be, the Company will
execute, and, subject to Article III of the Indenture, the Trustee, upon written
notice from the Company, will authenticate and deliver the Securities in
definitive registered form without coupons, in authorized denominations, and in
an aggregate principal amount equal to the principal amount of the Global
Security in exchange for such Global Security. In addition, the Company may at
any time determine that the Securities shall no longer be represented by a
Global Security. In such event the Company will execute, and subject to Section
3.3 of the Indenture, the Trustee, upon receipt of an Officer's Certificate
evidencing such determination by the Company, will authenticate and deliver the
Securities in definitive registered form without coupons, in authorized
denominations, and in an aggregate principal amount equal to the principal
amount of the Global Security in exchange for such Global Security. Upon the
exchange of the Global Security for such Securities in definitive registered
form without coupons, in authorized denominations, the Global Security shall be
canceled by the Trustee. Such Securities in definitive registered form issued in
exchange for the Global Security shall be registered in such names and in such
authorized denominations as the

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Depository, pursuant to instructions from its direct or indirect participants
or otherwise, shall instruct the Trustee. The Trustee shall deliver such
Securities to the Depository for delivery to the Persons in whose names such
Securities are so registered.

                  Section 2.14. DEFEASANCE AND COVENANT DEFEASANCE. The
provisions of Sections 4.4 and 4.5 of the Indenture shall apply to the
Securities.

                  Section 2.15. REGISTRAR AND PAYING AGENT. The Trustee shall
initially serve as Registrar and Paying Agent.

                  Section 2.16. ADDITIONAL PROVISIONS REGARDING AMENDMENTS. So
long as the Holder of the Securities is PLC Capital, the terms of the Securities
may be amended by mutual consent of the Company and PLC Capital in the manner
they shall agree; PROVIDED, HOWEVER, that, so long as any of the Preferred
Securities remain outstanding, no such amendment shall be made that adversely
affects the holders of the Preferred Securities, no termination of the
Securities shall occur, and no Event of Default or compliance with any covenant
under the Securities may be waived by PLC Capital, without the prior approval of
the holders of at least 66-2/3% in liquidation preference of all Preferred
Securities then outstanding, in writing or at a duly constituted meeting of such
holders.

                  Section 2.17. ADDITIONAL PROVISIONS REGARDING ASSIGNMENT. The
Company shall have the right at all times to assign any of its rights or
obligations under the Securities to a direct or indirect wholly-owned subsidiary
of the Company; PROVIDED, HOWEVER, that, in the event of any such assignment,
the Company shall remain jointly and severally liable for all such obligations.
So long as PLC Capital is the Holder of the Securities, PLC Capital may not
assign any of its rights under the Securities, other than in connection with a
merger or consolidation or sale of assets or exchange permitted under the terms
of the Preferred Securities. Subject to the foregoing, the Securities shall be
binding upon and inure to the benefit of the Company and PLC Capital and their
respective permitted successors and assigns. Any assignment by the Company or
PLC Capital in contravention of such provisions will be null and void.

                  Section 2.18. MISCELLANEOUS EXPENSES.

                  (1) In connection with the offering, sale and issuance of the
Securities to the Institutional Trustee and in connection with the sale of the
Trust Securities by PLC Capital, the Company, in its capacity as borrower with
respect to the Securities, shall pay (a) all costs and expenses relating to the
offering, sale and issuance of the Trust Securities and the Securities,
including commissions to the underwriters payable pursuant to the Purchase
Agreement and compensation of the Trustee under the Indenture, (b) all costs and
expenses of PLC Capital (including, but not limited to, costs and expenses
relating to the organization of PLC Capital, the offering sale and issuance of
the Trust Securities (including commissions to the underwriters in connection
therewith), the fees and expenses of the Institutional Trustee and the Delaware
Trustee, the costs and expenses relating to the operation of PLC Capital,
including, without limitation, costs and expenses of accountants, attorneys,
statistical or bookkeeping services,

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expenses for printing and engraving and computing or accounting equipment,
paying agent(s), registrar(s), transfer agent(s), duplicating, travel and
telephone and other telecommunications expenses and costs and expenses
incurred in connection with the acquisition, financing, and disposition of
PLC Capital's assets), and (c) the enforcement by the Institutional Trustee
(as defined in the Declaration of Trust) of the rights of the holders of the
Preferred Securities. The Company fully and unconditionally guarantees the
payment of such expenses.

                  (2) If at any time PLC Capital shall be required to pay any
taxes, duties, assessments or governmental charges of whatever nature (other
than withholding taxes) imposed by the United States, or any other domestic
taxing authority, then, in any such case, the Company agrees to pay, as
additional interest ("Additional Interest") such additional amounts as shall be
required so that the net amounts received and retained by PLC Capital with
respect to the Securities after paying any such taxes, duties, assessments or
other governmental charges, as well as all liabilities, costs and expenses of
PLC Capital with respect to any such items, will be not less than the amounts
PLC Capital would have received had no such taxes, duties, assessments or other
governmental charges been imposed and no such liabilities, costs and expenses
with respect thereto been incurred.

                                    ARTICLE 3

                            Miscellaneous Provisions

                  Section 3.1. The Indenture, as supplemented and amended by
this Supplemental Indenture No. 5, is in all respects hereby adopted, ratified
and confirmed.

                  Section 3.2. This Supplemental Indenture No. 5 may be executed
in any number of counterparts, each of which shall be an original, but such
counterparts shall together constitute but one and the same instrument.

                  SECTION 3.3. THIS SUPPLEMENTAL INDENTURE NO. 5 AND EACH
SECURITY SHALL BE DEEMED TO BE A CONTRACT MADE UNDER THE LAWS OF THE STATE OF
NEW YORK AND SHALL BE GOVERNED AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE
STATE OF NEW YORK WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW.

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                  IN WITNESS WHEREOF, the parties hereto have caused this
Supplemental Indenture No. 5 to be duly executed, as of the day and year first
written above.

                                     PROTECTIVE LIFE CORPORATION

                                     By:
                                         -----------------------------------
                                           Name:  Richard J. Bielen
                                           Title: Senior Vice President,
                                                  Investments

                                     By:
                                         -----------------------------------
                                           Name:  Jerry W. DeFoor
                                           Title: Vice President and Controller
                                                  and Chief Accounting Officer

[Seal]

Attest:
        ----------------------------------
         Name:  Deborah J. Long
         Title: Senior Vice President,
                Secretary and General Counsel

                                   THE BANK OF NEW YORK, AS TRUSTEE

                                   By:  The Bank of New York Trust Company of
                                            Florida, N.A., as Agent

                                            By:
                                                ------------------------------
                                                Authorized Signatory

[Seal]

Attest:
       ------------------------------
         Name:
         Title:

                                      11
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                [FORM OF FACE OF SERIES D SUBORDINATED DEBENTURE]

THIS SERIES D SUBORDINATED DEBENTURE IS REGISTERED IN THE NAME OF WILMINGTON
TRUST COMPANY, AS INSTITUTIONAL TRUSTEE, AND MAY NOT BE TRANSFERRED, SOLD OR
OTHERWISE DISPOSED OF OTHER THAN AS PERMITTED IN THE SUPPLEMENTAL INDENTURE NO.
5 DATED AS OF AUGUST 22, 2001, A COPY OF WHICH IS ON FILE WITH THE SECRETARY OF
THE COMPANY.

[IF THE DEBENTURE IS TO BE A GLOBAL SECURITY INSERT - This Subordinated
Debenture is Global Security within the meaning of the Indenture hereinafter
referred to and is registered in the name of a Depository or a nominee of a
Depository. This Subordinated Debenture is exchangeable for Subordinated
Debentures registered in the name of a person other than the Depository or its
nominee only in the limited circumstances described in the Indenture, and no
transfer of this Subordinated Debenture (other than a transfer of this
Subordinated Debenture as a whole by the Depository to a nominee of the
Depository or by a nominee of the Depository to the Depository or another
nominee of the Depository) may be registered except in limited circumstances.

Unless this Subordinated Debenture is presented by an authorized representative
of The Depository Trust Company (55 Water Street, New York, New York) to the
issuer or its agent for registration of transfer, exchange or payment, and any
Subordinated Debenture issued is registered in the name of Cede & Co. or such
other name as requested by an authorized representative of the Depository Trust
Company and any payment hereon is made to Cede & Co., ANY TRANSFER, PLEDGE OR
OTHER USE HEREOF FOR VALUE OR OTHERWISE BY A PERSON IS WRONGFUL since the
registered owner hereof, Cede & Co., has an interest herein.]

<Page>

                           PROTECTIVE LIFE CORPORATION

CUSIP #743674 AP 8
                         7-1/2% Subordinated Debentures
                          Due August 22, 2031, Series D

No. 1    $103,093,000

         PROTECTIVE LIFE CORPORATION, a corporation duly organized and existing
under the laws of the State of Delaware (herein called the "Company", which term
includes any successor corporation under the Indenture (as defined on the
reverse hereof)), for value received, hereby promises to pay to
______________________, the principal sum of $______________ Dollars on August
22, 2031 (such date is hereinafter referred to as the "Stated Maturity") and to
pay interest thereon from August 22, 2001. Interest shall be payable on this
Subordinated Debenture, in arrears, on February 15, May 15, August 15 and
November 15 of each year (each an "Interest Payment Date") commencing November
15, 2001, at the rate of 7-1/2% per annum, until the principal hereof is paid or
made available for payment; PROVIDED that any such installment of interest,
which is overdue shall bear interest at the rate of 7-1/2% per annum (to the
extent that the payment of such interest shall be legally enforceable) from the
dates such amounts are due until they are paid or made available for payment,
and such interest shall be payable on demand; PROVIDED FURTHER that,
notwithstanding anything contained in the Indenture and Supplemental Indenture
No. 5 (as defined on the reverse hereof) to the contrary, the Company shall have
the right at any time, and from time to time, during the term of this
Subordinated Debenture to defer payments of interest by extending the interest
payment period to the next Interest Payment Date by one or more quarterly
periods not exceeding 20 consecutive quarters (each such period, an "Extension
Period"), but no such Extension Period may extend beyond August 22, 2031, or
such other date to which the Stated Maturity may have been shortened or extended
as described below. At the end of any such Extension Period, the Company shall
pay all interest then accrued and unpaid (including any Additional Interest, as
defined in Supplement Indenture No. 5), together with interest thereon
compounded quarterly at the rate specified for this Subordinated Debenture to
the extent permitted by applicable law; PROVIDED, that during any such Extension
Period, (a) the Company shall not declare or pay dividends on, make any
distribution 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 the Company's common stock in connection with the
satisfaction by the Company of its obligations under any employee benefit plans
or the satisfaction by the Company of its obligation pursuant to any contract or
security requiring it to purchase shares of its common stock, (ii) as a result
of a reclassification of the Company's capital stock or the exchange or
conversion of one class or series of the Company's capital stock for another
class or series of its capital stock, (iii) the purchase of fractional interests
in shares of the Company's capital stock pursuant to an acquisition or the
conversion or exchange provisions of such capital stock or the security being
converted or exchanged, and (iv) redemptions or purchases pursuant to the
Company's Rights Agreement, dated August 7, 1995, between the Company and The
Bank of New York (as successor to AmSouth Bank) as Rights Agent), (b) the
Company shall not

<Page>

make any payment of principal, premium, if any, or interest on or repay,
repurchase or redeem any debt securities issued by the Company that rank PARI
PASSU with or junior to the Securities (as defined in Supplemental Indenture
No. 5) and (c) the Company shall not make any guarantee payments with respect
to the foregoing (other than pursuant to the Preferred Securities Guarantee
Agreement, dated as of August 22, 2001 of the Company (the "Guarantee") with
respect to the 7-1/2% Trust Originated Preferred Securities (the "Preferred
Securities") issued by PLC Capital Trust III ("PLC Capital"), the Common
Securities Guarantee Agreement, dated as of August 22, 2001 of the Company
(the "Common Guarantee," and together with the Guarantee, the "Guarantees")
with respect to the 7-1/2% Trust Originated Common Securities (the "Common
Securities," and together with the Preferred Securities, the "Trust
Securities") issued by PLC Capital and the Preferred Securities Guarantee
Agreement, dated as of April 29, 1997 of the Company (the "Series B Preferred
Guarantee") with respect to the 8 1/4% Trust Originated Preferred Securities,
Series B of PLC Capital Trust I and the Common Securities Guarantee
Agreement, dated as of April 29, 1997 of the Company (the Series B Common
Guarantee with respect to the 8 1/4% Trust Originated Common Securities).
Prior to the termination of any such Extension Period, the Company may
further defer payments of interest by extending the interest payment period;
PROVIDED, HOWEVER, that, such Extension Period, including all such previous
and further extensions, may not exceed 20 consecutive quarters or beyond the
Stated Maturity. Upon the termination of any Extension Period and the payment
of all amounts then due, the Company may commence a new Extension Period,
subject to the terms set forth below. No interest shall be due and payable
during any Extension Period, except at the end thereof, but the Company may
prepay at any time all or any portion of the interest accrued during any
Extension Period. If the Institutional Trustee (as defined in the Amended and
Restated Declaration of Trust of PLC Capital (the "Declaration of Trust")
shall be the sole holder of the Securities, the Company shall give the
Regular Trustees (as defined in the Declaration of Trust) and the
Institutional Trustee (as defined in the Declaration of Trust), notice of its
selection of such Extension Period one Business Day prior to the earlier of
(i) the date distributions on the Preferred Securities are payable or (ii)
the date the Regular Trustees are required to give notice of the record date
or the date such distribution is payable to the New York Stock Exchange (or
other applicable self-regulatory organization) or to holders of the Preferred
Securities, but in any event at least one Business Day before such record
date. If the Institutional Trustee shall not be the sole holder of the
Securities, the Company shall give the holders of the Securities notice of
its selection of such Extension Period at least 10 Business Days prior to the
earlier of (i) the Interest Payment Date or (ii) the date upon which the
Company is required to give notice of the record or payment date of such
interest payment to the New York Stock Exchange (or other applicable
self-regulatory organization) or to holders of the Securities. The quarter in
which any notice is given in accordance with the foregoing provisions shall
be counted as one of the 20 quarters permitted in the maximum Extension
Period permitted hereunder.

<Page>

         The amount of interest payable on any Interest Payment Date shall be
computed on the basis of twelve 30-day months and a 360-day year and, for any
period that is shorter than a full 90-day quarter, will be calculated on the
basis of the actual number of days elapsed in such period. In the event that any
date on which interest is payable on this Security is not a Business Day, then
payment of the interest payable on such date will be made on the next succeeding
day which is a Business Day (and without any interest or other payment in
respect of any such delay), except that, if such Business Day is in the next
succeeding calendar year, such payment shall be made on the immediately
preceding Business Day, in each case with the same force and effect as if made
on such date. The interest so payable on any Interest Payment Date which is
punctually paid or duly provided for on any Interest Payment Date will, as
provided in the Indenture referred to on the reverse hereof, be paid to the
Person in whose name this Subordinated Debenture is registered at the close of
business on the Regular Record Date for such Interest Payment Date, which shall
be the Business Day next preceding such Interest Payment Date. Any such interest
not so punctually paid or duly provided for will forthwith cease to be payable
to the Person in whose name this Security is registered on the relevant Regular
Record Date, and such defaulted interest shall instead be payable to the person
in whose name this Subordinated Debenture is registered on the special record
date for such defaulted interest or other specified date determined in
accordance with the Indenture and the Supplemental Indenture No. 5 referred to
on the reverse hereof.

         Payment of the principal of and any such interest on this Subordinated
Debenture will be made at the Corporate Trust Office of the Trustee, in such
coin or currency of the United States of America as at the time of payment is
legal tender for payment of public and private debts, PROVIDED, HOWEVER, that at
the option of the Company payment of interest may be paid (i) by check mailed to
the address of the person entitled thereto as such address shall appear in the
Register of Holders of the Subordinated Debentures or (ii) by wire transfer to
an account maintained by the Person entitled thereto as specified in the
Register of Holders of the Securities.

         Reference is hereby made to the further provisions of this Subordinated
Debenture set forth on the reverse hereof, which further provisions shall for
all purposes have the same effect as if set forth at this place.

         Unless the certificate of authentication hereon has been executed by
the Trustee referred to on the reverse hereof by manual signature, this
Subordinated Debenture shall not be entitled to any benefit under the Indenture
and Supplemental Indenture No. 5 referred to on the reverse hereof or be valid
or obligatory for any purpose.

                  IN WITNESS WHEREOF, the Company has caused this instrument to
be duly executed under its corporate seal.

Dated:
                           PROTECTIVE LIFE CORPORATION

                                            By:
                                               ------------------------------

<Page>

                                                  Name:
                                                  Title:

                                            By:
                                               ------------------------------
                                                  Name:
                                                  Title:
[CORPORATE SEAL]

<Page>

                  This is one of the Securities of the series described in the
within-mentioned Indenture.

                                  THE BANK OF NEW YORK, AS TRUSTEE

                                  By:  The Bank of New York Trust Company of
                                           Florida, N.A., as Agent

                                           By:
                                               ------------------------------
                                                  Authorized Signatory

<Page>

              [FORM OF REVERSE OF SERIES D SUBORDINATED DEBENTURE]

         This Subordinated Debenture is one of a duly authorized issue of
securities of the Company (herein called the "Securities"), issued and to be
issued in one or more series under a Subordinated Indenture, dated as of June 1,
1994 (herein, together with all indentures supplemental thereto, including
Supplemental Indenture No. 1, dated as of June 9, 1994, Supplemental Indenture
No. 2, dated August 1, 1994, Supplemental Indenture No. 3, dated April 29, 1997,
Supplemental Indenture No. 4, dated November 20, 1997 and Supplemental Indenture
No. 5, dated August 22, 2001 called the "Indenture"), from the Company to The
Bank of New York (as successor to AmSouth Bank) (herein called the "Trustee",
which term includes any successor trustee under the Indenture), to which
Indenture reference is hereby made for a statement of the respective rights,
limitations of rights, duties and immunities thereunder of the Company, the
Trustee, the holders of Senior Indebtedness and the Holders of the Securities
and of the terms upon which the Securities are, and are to be, authenticated and
delivered. This Security is one of the series designated on the face hereof,
limited in aggregate principal amount to $103,093,000 and is issued pursuant to
Supplemental Indenture No. 5, dated as of August 22, 2001 from the Company to
the Trustee, relating to the Securities of this series (herein called
"Supplemental Indenture No. 5").

         The indebtedness evidenced by this Security is to the extent provided
in the Indenture, subordinate and junior in right of payment to all Senior
Indebtedness, and this Security is issued subject to the provisions of the
Indenture with respect thereto. Each holder of this Security, by accepting the
same, (a) agrees to and shall be bound by such provisions, (b) authorizes and
directs the Trustee on his behalf to take such action as may be necessary or
appropriate to acknowledge or effectuate the subordination so provided and (c)
appoints the Trustee his attorney-in-fact for any and all such purposes. Each
Holder hereof, by his acceptance hereof, hereby waives all notice of the
acceptance of the subordination provisions contained herein and in the Indenture
by each holder of Senior Indebtedness, whether now outstanding or hereafter
incurred, and waives reliance by each such holder upon said provisions.

         The Securities of this series are subject to redemption at any time in
whole or from time to time in part, on or after August 22, 2006, but prior to
their stated maturity, upon not less than 30 nor more than 60 days' notice, at a
redemption price equal to 100% of the principal amount of the Securities to be
redeemed plus any accrued and unpaid interest, including Additional Interest (as
defined in Supplemental Indenture No. 5), if any, to the date fixed for
redemption (the "Redemption Price").

                  The Company will have the right at any time to dissolve PLC
Capital and cause the Securities to be distributed to the holders of the Trust
Securities in accordance with the Declaration of Trust.

                  If, at any time, a Tax Event or an Investment Company Event
(each as defined below, and each a "Special Event") has occurred and is
continuing, the Company shall have the right, upon not less than 30 nor more
than 60 days notice, to redeem the Securities in whole but

<Page>

not in part, for cash in the amount of the Redemption Price, within 90 days
following the occurrence of such Special Event, and, following such
redemption, Trust Securities with an aggregate liquidation amount equal to
the aggregate principal amount of the Securities so redeemed shall be
redeemed by PLC Capital at the Redemption Price; PROVIDED, HOWEVER, that if
at the time there is available to the Company or the Trust the opportunity to
eliminate, within such 90 day period, the Tax Event by taking some
ministerial action, such as filing a form or making an election or pursuing
some other similar reasonable measure that has no adverse effect on PLC
Capital, the Company or the holders of the Trust Securities, the Company or
PLC Capital will pursue such measure in lieu of a redemption. If the Company
does not elect either to distribute the Securities to the holders of the
Preferred Securities in liquidation of PLC Capital or to redeem the
Securities, the Trust Securities shall remain outstanding and, in the event a
Special Event is continuing, Additional Interest (as defined in Section 2.18
of Supplemental Indenture No. 5) will be payable on the Securities.

                  "Tax Event" means the receipt by the Company of an opinion of
a nationally recognized independent tax counsel experienced in such matters to
the effect that, as a result of (A) any amendment to, or change (including any
announced prospective change) in, on or after the day before the date of
issuance of the Preferred Securities under the Declaration of Trust, the laws
(or any regulations thereunder) of the United States or any political
subdivision or taxing authority thereof or therein or (B) any interpretation or
application of, or pronouncement with respect to, such laws or regulations by
any legislative body, court, governmental agency or regulatory authority, which
amendment or change is effective or which interpretation, application or
pronouncement is announced on or after the day before the date of issuance of
the Preferred Securities under the Declaration of Trust, there is more than an
insubstantial increase in the risk that (x) PLC Capital is, or will be within 90
days of the date thereof, subject to U.S. federal income tax with respect to
income received or accrued on the Securities, (y) interest payable by the
Company on the Securities is not, or within 90 days of the date thereof, will
not be, deductible, in whole or in part, for U.S. federal income tax purposes,
or (z) PLC Capital is, or will be within 90 days of the date thereof, subject to
more than a de minimis amount of other taxes, duties or other governmental
charges.

                  "Investment Company Event" means that the Regular Trustees
shall have received an opinion of a nationally recognized independent counsel
experienced in practice under the Investment Company Act (an "Investment Company
Event Opinion") that, as a result of the occurrence of a change in law or
regulation or a written change in interpretation or application of law or
regulation by any legislative body, court, governmental agency or regulatory
authority (a "Change in 1940 Act Law"), there is a more than an insubstantial
risk that the Trust is or will be considered an Investment Company which is
required to be registered under the Investment Company Act, which Change in 1940
Act Law becomes effective on or after the date of the Prospectus Supplement (as
defined in Supplemental Indenture No. 5).

         In the event of redemption of this Security in part only, a new
Security or Securities of this series and of like tenor for the unredeemed
portion hereof will be issued in the name of the Holder hereof upon the
cancellation hereof.

<Page>

         If an Event of Default with respect to Securities of this series shall
occur and be continuing, the principal of the Securities of this series may be
declared due and payable in the manner and with the effect provided in the
Indenture.

         The Indenture contains provisions for defeasance at any time of the
indebtedness of this Security or of certain restrictive covenants and Events of
Default with respect to this Security, in each case upon compliance by the
Company with certain conditions set forth therein, which provisions apply to
this Security.

         The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the
Company and the rights of the Holders of the Securities of each series to be
affected under the Indenture at any time by the Company and the Trustee with the
consent of the Holders of at least a majority in aggregate principal amount of
the Securities at the time outstanding of each series to be affected. The
Indenture also contains provisions permitting the Holders of specified
percentages in principal amount of the Securities of each series at the time
Outstanding, on behalf of the Holders of all Securities of such series, to waive
compliance by the Company with certain provisions of the Indenture and certain
past defaults under the Indenture and their consequences. Any such consent or
waiver by the Holder of the Security shall be conclusive and binding upon such
Holder and upon all future Holders of this Security and of any Security issued
upon the registration of transfer hereof or in exchange herefor or in lieu
hereof, whether or not notation of such consent or waiver is made upon this
Security.

         No reference herein to the Indenture or to Supplemental Indenture No. 5
and no provision of this Security or of the Indenture or of Supplemental
Indenture No. 5 shall alter or impair the obligation of the Company, which is
absolute and unconditional, to pay the principal of, and interest on, this
Security at the times, place and rate, and in the coin or currency, herein
prescribed.

         As provided in the Indenture and subject to certain limitations as
therein set forth, the transfer of this Security is registrable in the Register,
upon surrender of this Security for registration of transfer at the office or
agency of the Company in any place where the principal of and interest on this
Security are payable, duly endorsed by, or accompanied by a written instrument
of transfer in form satisfactory to the Company, the Trustee and the Registrar
duly executed by the Holder hereof or his attorney duly authorized in writing,
and thereupon one or more new Securities of this series and of like tenor, of
authorized denominations and for the same aggregate principal amount, will be
issued to the designated transferee or transferees.

         The Securities of this series are issuable only in registered form
without coupons in denominations of $1,000 and any integral multiple thereof. As
provided in the Indenture and subject to certain limitations therein set forth,
Securities of this series are exchangeable for a like aggregate principal amount
of Securities of this series of like tenor of a different authorized
denomination, as requested by the Holder surrendering the same.

<Page>

         No service charge shall be made for any such registration of transfer
or exchange, but the Company may require payment of a sum sufficient to cover
any tax or other governmental charge payable in connection therewith.

         Prior to due presentment of this Security for registration of transfer,
the Company, the Trustee and any agent of the Company or the Trustee may treat
the person in whose name this Security is registered as the owner hereof for all
purposes, whether or not the Security be overdue, and neither the Company, the
Trustee nor any such agent shall be affected by notice to the contrary.

         The Company and the Holder of this Security agree (i) that for United
States federal, state and local tax purposes it is intended that this Security
constitute indebtedness and (ii) to file all United States federal, state and
local tax returns and reports on such basis (unless the Company or such Holder,
as the case may be, shall have received an opinion of independent nationally
recognized tax counsel to the effect that as a result of a change in law after
the date of the issuance of this Security the Company or such Holder, as the
case may be, is prohibited from filing on such basis).

         All terms used in this Security which are defined in the Indenture
shall have the meanings assigned to them in the Indenture.<Page>

                    PREFERRED 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......................................................4
SECTION 2.3.  Reports by the Preferred Guarantee Trustee..........................................5
SECTION 2.4.  Periodic Reports to Preferred 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............................................................5
SECTION 2.8.  Conflicting Interests...............................................................6

ARTICLE III. POWERS, DUTIES AND RIGHTS OF PREFERRED GUARANTEE TRUSTEE
SECTION 3.1.  Powers and Duties of the Preferred Guarantee Trustee................................6
SECTION 3.2.  Certain Rights of Preferred Guarantee Trustee.......................................8
SECTION 3.3.  Not Responsible for Recitals or Issuance of Guarantee...............................9

ARTICLE IV. PREFERRED GUARANTEE TRUSTEE
SECTION 4.1.  Preferred Guarantee Trustee; Eligibility...........................................10
SECTION 4.2.  Appointment, Removal and Resignation of Preferred 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...........................................................11
SECTION 5.4.  Rights of Holders..................................................................12
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

                                       i

<Page>

ARTICLE VIII. INDEMNIFICATION
SECTION 8.1.  Exculpation........................................................................14
SECTION 8.2.  Indemnification....................................................................15

ARTICLE IX. MISCELLANEOUS
SECTION 9.1.  Successors and Assigns.............................................................15
SECTION 9.2.  Amendments.........................................................................15
SECTION 9.3.  Notices............................................................................16
SECTION 9.4.  Benefit............................................................................16
SECTION 9.5.  Governing Law......................................................................16
</Table>

                                       ii
<Page>

         PREFERRED SECURITIES GUARANTEE AGREEMENT

         This GUARANTEE AGREEMENT (the "Preferred 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 "Preferred Guarantee Trustee"), for the benefit of the Holders (as
defined herein) from time to time of the Preferred 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 Preferred
Securities, the Guarantor desires irrevocably and unconditionally to agree, to
the extent set forth in this Preferred Securities Guarantee, to pay to the
Holders of the Preferred 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 "Common Securities Guarantee") in substantially identical terms
to this Preferred Securities Guarantee for the benefit of the holders of the
Common 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 the Common
Securities Guarantee are subordinated to the rights of Holders of Preferred
Securities to receive Guarantee Payments under this Preferred Securities
Guarantee.

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

                                   ARTICLE I.

                         DEFINITIONS AND INTERPRETATION

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

         (a) Capitalized terms used in this Preferred 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 Preferred Securities Guarantee has
the same meaning throughout;

                                      2

<Page>

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

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

         (e) a term defined in the Trust Indenture Act has the same meaning when
used in this Preferred Securities Guarantee, unless otherwise defined in this
Preferred 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 Securities" means the securities representing
common undivided beneficial interests in the assets of the Issuer.

         "Corporate Trust Office" means the office of the Preferred Guarantee
Trustee at which the corporate trust business of the Preferred 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 Preferred
Securities.

         "Debentures" means the series of junior subordinated debt securities of
the Guarantor 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 Preferred Securities Guarantee.

         "Guarantee Payments" means the following payments or distributions,
without duplication, with respect to the Preferred 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 Preferred 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 Preferred Securities called for redemption by the Issuer,
and (III) upon a voluntary or involuntary

<Page>

dissolution, winding-up or termination of the Issuer (other than in
connection with the distribution of Debentures to the Holders in exchange for
Preferred Securities as provided in the Declaration), the lesser of (A) the
aggregate of the liquidation amount and all accrued and unpaid Distributions
on the Preferred 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 under the Common
Securities Guarantee Agreement are subordinated to the rights of Holders of
Preferred Securities to receive Guarantee Payments.

         "Holder" shall mean any holder, as registered on the books and records
of the Issuer of any Preferred Securities; provided, however, that, in
determining whether the holders of the requisite percentage of Preferred
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 Preferred Guarantee Trustee, any
Affiliate of the Preferred Guarantee Trustee, or any officers, directors,
shareholders, members, partners, employees, representatives, nominees,
custodians or agents of the Preferred 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 Preferred
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 Preferred Securities.

         "Officers' Certificate" means, with respect to any Person, a
certificate signed by two Authorized Officers of such Person. Any Officers'
Certificate delivered with respect to compliance with a condition or covenant
provided for in this Preferred 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

<Page>

         (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.

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

         "Responsible Officer" means, with respect to the Preferred Guarantee
Trustee, any officer within the Corporate Trust Office of the Preferred
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 Preferred 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 Preferred Guarantee Trustee" means a successor Preferred
Guarantee Trustee possessing the qualifications to act as Preferred Guarantee
Trustee under Section 4.1. "Trust Indenture Act" means the Trust Indenture Act
of 1939, as amended.

                                   ARTICLE II.

                               TRUST INDENTURE ACT

         SECTION 2.1. TRUST INDENTURE ACT; APPLICATION. (a) This Preferred
Securities Guarantee is subject to the provisions of the Trust Indenture Act
that are required to be part of this Preferred 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 Preferred
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 Preferred Guarantee Trustee with a list, in such form as the
Preferred Guarantee Trustee may reasonably require, of the names and addresses
of the Holders of the Preferred 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

<Page>

List of Holders is given to the Preferred 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 Preferred Guarantee Trustee by the Guarantor. The Preferred
Guarantee Trustee may destroy any List of Holders previously given to it on
receipt of a new List of Holders.

         (b) The Preferred 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 PREFERRED GUARANTEE TRUSTEE. Within 60 days
after May 15 of each year, the Preferred Guarantee Trustee shall provide to the
Holders of the Preferred 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 Preferred Guarantee Trustee shall
also comply with the requirements of Section 313(d) of the Trust Indenture Act.

         SECTION 2.4. PERIODIC REPORTS TO PREFERRED GUARANTEE TRUSTEE. The
Guarantor shall provide to the Preferred 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 Preferred Guarantee Trustee such evidence of
compliance with any conditions precedent, if any, provided for in this Preferred
Securities Guarantee that relate to any of the 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 Preferred Securities may, by vote, on behalf of the
Holders of all of the Preferred 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 Preferred 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 Preferred 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 Preferred
Securities, notices of all Events of Default actually known to a Responsible
Officer of the Preferred Guarantee Trustee, unless such defaults have been cured
before the giving of such notice, provided, that, the Preferred Guarantee
Trustee shall be protected in withholding such notice if and so long as a
Responsible Officer of the Preferred Guarantee Trustee in good faith determines
that the withholding of such notice is in the interests of the Holders of the
Preferred Securities.

<Page>

         (b) The Preferred Guarantee Trustee shall not be deemed to have
knowledge of any Event of Default unless the Preferred Guarantee Trustee shall
have received written notice, or unless a Responsible Officer of the Preferred
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 Preferred 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
                           PREFERRED GUARANTEE TRUSTEE

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

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

         (c) The Preferred 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 Preferred Securities Guarantee, and no implied covenants shall be read into
this Preferred Securities Guarantee against the Preferred 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
Preferred Guarantee Trustee, the Preferred Guarantee Trustee shall exercise such
of the rights and powers vested in it by this Preferred 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 Preferred Securities Guarantee shall be
construed to relieve the Preferred Guarantee Trustee from liability for its own
negligent action, its own negligent failure to act, or its own willful
misconduct, except that:

<Page>

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

                           (B) in the absence of bad faith on the part of the
                  Preferred Guarantee Trustee, the Preferred 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 Preferred Guarantee
                  Trustee and conforming to the requirements of this Preferred
                  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 Preferred Guarantee Trustee,
                  the Preferred Guarantee Trustee shall be under a duty to
                  examine the same to determine whether or not they conform to
                  the requirements of this Preferred Securities Guarantee;

                  (ii) the Preferred Guarantee Trustee shall not be liable for
         any error of judgment made in good faith by a Responsible Officer of
         the Preferred Guarantee Trustee, unless it shall be proved that the
         Preferred Guarantee Trustee was negligent in ascertaining the pertinent
         facts upon which such judgment was made;

                  (iii) the Preferred 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 Preferred Securities relating to
         the time, method and place of conducting any proceeding for any remedy
         available to the Preferred Guarantee Trustee, or exercising any trust
         or power conferred upon the Preferred Guarantee Trustee under this
         Preferred Securities Guarantee; and

                  (iv) no provision of this Preferred Securities Guarantee shall
         require the Preferred 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 Preferred 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 Preferred Securities
         Guarantee or indemnity, reasonably satisfactory to the Preferred
         Guarantee Trustee, against such risk or liability is not reasonably
         assured to it.

<Page>

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

                  (i) The Preferred 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 Preferred 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 Preferred
         Securities Guarantee, the Preferred Guarantee Trustee shall deem it
         desirable that a matter be proved or established before taking,
         suffering or omitting any action hereunder, the Preferred 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 Preferred 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 Preferred Guarantee Trustee may consult with counsel,
         and the written 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 Preferred Guarantee Trustee shall
         have the right at any time to seek instructions concerning the
         administration of this Preferred Securities Guarantee from any court of
         competent jurisdiction.

                  (vi) The Preferred Guarantee Trustee shall be under no
         obligation to exercise any of the rights or powers vested in it by this
         Preferred Securities Guarantee at the request or direction of any
         Holder, unless such Holder shall have provided to the Preferred
         Guarantee Trustee such security and indemnity, reasonably satisfactory
         to the Preferred Guarantee Trustee, against the costs, expenses
         (including attorneys' fees and expenses and the expenses of the
         Preferred 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 Preferred Guarantee Trustee; provided that, nothing contained in
         this Section 3.2(a)(vi) shall be taken to relieve the Preferred
         Guarantee Trustee, upon the occurrence of an Event of Default, of its
         obligation to exercise the rights and powers vested in it by this
         Preferred Securities Guarantee.

<Page>

                  (vii) The Preferred 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
         Preferred Guarantee Trustee, in its discretion, may make such further
         inquiry or investigation into such facts or matters as it may see fit.

                  (viii) The Preferred 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 Preferred 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 Preferred Guarantee Trustee or
         its agents hereunder shall bind the Holders of the Preferred
         Securities, and the signature of the Preferred 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 Preferred Guarantee Trustee to so act or as to its compliance
         with any of the terms and provisions of this Preferred Securities
         Guarantee, both of which shall be conclusively evidenced by the
         Preferred Guarantee Trustee's or its agent's taking such action.

                  (x) Whenever in the administration of this Preferred
         Securities Guarantee the Preferred Guarantee Trustee shall deem it
         desirable to receive instructions with respect to enforcing any remedy
         or right or taking any other action hereunder, the Preferred Guarantee
         Trustee (i) may request instructions from the Holders of a Majority in
         liquidation amount of the Preferred 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 Preferred Securities Guarantee shall be deemed
to impose any duty or obligation on the Preferred 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
Preferred 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 Preferred 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 Preferred Guarantee Trustee does not assume any
responsibility for their correctness. The Preferred Guarantee Trustee makes no
representation as to the validity or sufficiency of this Preferred Securities
Guarantee.

<Page>

                                   ARTICLE IV.

                           PREFERRED GUARANTEE TRUSTEE

         SECTION 4.1. PREFERRED GUARANTEE TRUSTEE; ELIGIBILITY. (a) There shall
at all times be a Preferred 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 Preferred Guarantee Trustee shall cease to be
eligible to so act under Section 4.1(a), the Preferred Guarantee Trustee shall
immediately resign in the manner and with the effect set out in Section 4.2 (c).

         (c) If the Preferred Guarantee Trustee has or shall acquire any
"conflicting interest" within the meaning of Section 310(b) of the Trust
Indenture Act, the Preferred 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 PREFERRED
GUARANTEE TRUSTEES. (a) Subject to Section 4.2(b), the Preferred Guarantee
Trustee may be appointed or removed without cause at any time by the Guarantor.

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

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

<Page>

writing executed by such Successor Preferred Guarantee Trustee and delivered
to the Guarantor and the resigning Preferred Guarantee Trustee.

         (d) If no Successor Preferred 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 Preferred Guarantee Trustee may petition any court of competent
jurisdiction for appointment of a Successor Preferred Guarantee Trustee. Such
court may thereupon, after prescribing such notice, if any, as it may deem
proper, appoint a Successor Preferred Guarantee Trustee.

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

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

                                   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 Preferred 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 Preferred 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 Preferred 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

<Page>

terms of the Preferred Securities or the extension of time for the
performance of any other obligation under, arising out of, or in connection
with, the Preferred 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 Preferred 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 Preferred
Securities;

         (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 Preferred Securities have the right to direct the
time, method and place of conducting of any proceeding for any remedy available
to the Preferred Guarantee Trustee in respect of this Preferred Securities
Guarantee or exercising any trust or power conferred upon the Preferred
Guarantee Trustee under this Preferred Securities Guarantee.

         (b) If the Preferred Guarantee Trustee fails to enforce this Preferred
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 Preferred Security
Guarantee for such payment. The Guarantor waives 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 Preferred Securities Guarantee
creates a guarantee of payment and not of collection.

<Page>

         SECTION 5.6. SUBROGATION. The Guarantor shall be subrogated to all (if
any) rights of the Holders of Preferred Securities against the Issuer in respect
of any amounts paid to such Holders by the Guarantor under this Preferred
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
Preferred Securities Guarantee, if, at the time of any such payment, any amounts
are due and unpaid under this Preferred 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 Preferred Securities, and that the Guarantor shall be liable as
principal and as debtor hereunder to make Guarantee Payments pursuant to the
terms of this Preferred Securities Guarantee notwithstanding the occurrence of
any event referred to in subsections (a) through (g), inclusive, of Section 5.3
hereof.

                                   ARTICLE VI.

                    LIMITATION OF TRANSACTIONS; SUBORDINATION

         SECTION 6.1. LIMITATION OF TRANSACTIONS. So long as any Preferred
Securities remain outstanding, if there shall have occurred and be continuing 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 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 this
Agreement, the Common Securities Guarantee, dated as of 29, 1997 August 22, 2001
of the Guarantor with respect to the 7-1/2% Trust Originated Common Securities
of the Trust and the Preferred Securities Guarantee dated as of April 29, 1997
and the Common Securities Guarantee, dated as of April 29, 1997 of the Guarantor
with respect to the 8 1/4% Trust Originated Preferred Securities, Series B of
PLC Capital Trust I).

<Page>

         SECTION 6.2. RANKING. This Preferred 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 I'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.

                                  ARTICLE VII.

                                   TERMINATION

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

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pertinent to the existence and amount of assets from which Distributions to
Holders of Preferred 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,
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 Preferred Securities Guarantee.

                                   ARTICLE IX.

                                  MISCELLANEOUS

         SECTION 9.1. SUCCESSORS AND ASSIGNS. All guarantees and agreements
contained in this Preferred 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 Preferred 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 Preferred 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 Preferred 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 Preferred
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:

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

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

                           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 Preferred Securities):

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

         (c) If given to any Holder of Preferred 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 Preferred Securities Guarantee is solely for
the benefit of the Holders of the Preferred Securities and, subject to Section
3.1(a), is not separately transferable from the Preferred Securities.

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

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

                          PROTECTIVE LIFE CORPORATION, as Guarantor

                                  BY:
                                      Name:  Richard J. Bielen
                                      Title: Senior Vice President, Investments

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                                WILMINGTON TRUST COMPANY, as Preferred
                                Guarantee Trustee

                                By:
                                     Name:
                                     Title:

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