SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                                    Form 8-K

                                 CURRENT REPORT


Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934


Date of Report (Date of earliest event reported): June 29, 1999


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


    Texas                   0-7288               22-1890938
(State or other          (Commission           (I.R.S. Employer
 jurisdiction             File Number)         Identification No.)
of incorporation)


                    701 Brazos, Suite 1400, Austin, Texas         78701
                   (Address of principal executive offices)     (Zip Code)


Registrant's telephone number, including area code:  (512) 404-5050



          (Former name or former address, if changed since last report)



<PAGE>



Item 5.  Other Events

On June 29, 1999,  InterContinental Life Corporation ("ILCO") announced that its
Board of Directors has approved a stock  repurchase  plan.  Under the plan, ILCO
will be able to repurchase up to 5% of its issued and  outstanding  common stock
in the open market or in "block" transactions, within the meaning of Rule 10b-18
under the  Securities  Exchange  Act of 1934,  as amended.  In  authorizing  the
repurchases, the Board of Directors intends that the plan will enhance the value
of the Registrant's  common stock and to manage its capital.  The Board's action
permits  management to commence  repurchases  at its  discretion and to continue
making  purchases , without  further  Board  action,  within the  discretion  of
management.

The plan  contemplates  that  repurchases  will be made in  accordance  with the
provisions  of Rule  10b- 18 of the  Regulations  issued  under  the  Securities
Exchange Act of 1934.

A copy of the press release announcing the adoption of the stock repurchase plan
is attached hereto as Exhibit 99.


                                       -2-

<PAGE>






                                   SIGNATURES

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

                                      INTERCONTINENTAL LIFE CORPORATION



                                       By: /s/ James M. Grace
                                           James M. Grace
                                           Vice President and Treasurer



Date: June 30, 1999


                                       -3-

<PAGE>





                                  EXHIBIT INDEX


         Exhibit No.                        Description

            99                              Press Release of the Registrant
                                            released on June 30, 199



                                       -4-

<PAGE>



                                   Exhibit 99

FOR IMMEDIATE RELEASE
June 29, 1999

FOR MORE INFORMATION CONTACT
Robert S. Cox
512-404-5128

                        INTERCONTINENTAL LIFE CORPORATION
                         ANNOUNCES STOCK REPURCHASE PLAN

AUSTIN,  TEXAS --  InterContinental  Life Corporation (ILCO) today reported that
the Company's Board of Directors has adopted a stock  repurchase plan. Under the
plan, ILCO is authorized to repurchase shares up to 5% of its outstanding common
stock at times deemed appropriate.  Roy F. Mitte, Chairman,  President and Chief
Executive  Officer  stated that "The Board's  action was based on its conclusion
that the ability to repurchase stock under certain circumstances will assist the
Company to enhance the value of its common stock for its shareholders and manage
its capital.

The  Company  intends to make all  repurchases  in  compliance  with  applicable
regulatory requirements and to administer the plan in accordance with applicable
securities and other laws, including SEC Rule 10b-18.

As of March 31, 1999,  ILCO had assets of $1.3 billion,  shareholders  equity of
$155.4 million and 8,791,516 shares outstanding.

InterContinental Life Corporation, through its various subsidiaries, markets and
underwrites individual life insurance and annuity products. The Company's NASDAQ
symbol is ILCO.

                                       -5-

<PAGE>
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{"company-data": {"conformed-name": "INTERCONTINENTAL LIFE CORP", "cik": "0000050982", "assigned-sic": "6311", "irs-number": "221890938", "state-of-incorporation": "NJ", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-07288", "film-number": "99656908"}, "business-address": {"street1": "THE AUSTIN CENTRE", "street2": "701 BRAZOS 12TH FL", "city": "AUSTIN", "state": "TX", "zip": "78701", "phone": "5124045050"}, "mail-address": {"street1": "701 BRAZOS STE 1400", "street2": "ATTN KELLYE S SEEKATZ", "city": "AUSTIN", "state": "TX", "zip": "78701"}, "former-company": [{"former-conformed-name": "INTERCONTINENTAL FINANCIAL CORP", "date-changed": "19781019"}, {"former-conformed-name": "INTERCONTINENTAL LIFE CO", "date-changed": "19600201"}]}
SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    Form 8-K

                                 CURRENT REPORT

Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): June 29, 1999

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

    Texas                   0-7288               22-1890938
(State or other          (Commission           (I.R.S. Employer
 jurisdiction             File Number)         Identification No.)
of incorporation)

                    701 Brazos, Suite 1400, Austin, Texas         78701
                   (Address of principal executive offices)     (Zip Code)

Registrant's telephone number, including area code:  (512) 404-5050

          (Former name or former address, if changed since last report)
Item 5.  Other Events

On June 29, 1999,  InterContinental Life Corporation ("ILCO") announced that its
Board of Directors has approved a stock  repurchase  plan.  Under the plan, ILCO
will be able to repurchase up to 5% of its issued and  outstanding  common stock
in the open market or in "block" transactions, within the meaning of Rule 10b-18
under the  Securities  Exchange  Act of 1934,  as amended.  In  authorizing  the
repurchases, the Board of Directors intends that the plan will enhance the value
of the Registrant's  common stock and to manage its capital.  The Board's action
permits  management to commence  repurchases  at its  discretion and to continue
making  purchases , without  further  Board  action,  within the  discretion  of
management.

The plan  contemplates  that  repurchases  will be made in  accordance  with the
provisions  of Rule  10b- 18 of the  Regulations  issued  under  the  Securities
Exchange Act of 1934.

A copy of the press release announcing the adoption of the stock repurchase plan
is attached hereto as Exhibit 99.

                                       -2-
SIGNATURES

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

                                      INTERCONTINENTAL LIFE CORPORATION

                                       By: /s/ James M. Grace
                                           James M. Grace
                                           Vice President and Treasurer

Date: June 30, 1999

                                       -3-
EXHIBIT INDEX

         Exhibit No.                        Description

            99                              Press Release of the Registrant
                                            released on June 30, 199

                                       -4-
Exhibit 99

FOR IMMEDIATE RELEASE
June 29, 1999

FOR MORE INFORMATION CONTACT
Robert S. Cox
512-404-5128

                        INTERCONTINENTAL LIFE CORPORATION
                         ANNOUNCES STOCK REPURCHASE PLAN

AUSTIN,  TEXAS --  InterContinental  Life Corporation (ILCO) today reported that
the Company's Board of Directors has adopted a stock  repurchase plan. Under the
plan, ILCO is authorized to repurchase shares up to 5% of its outstanding common
stock at times deemed appropriate.  Roy F. Mitte, Chairman,  President and Chief
Executive  Officer  stated that "The Board's  action was based on its conclusion
that the ability to repurchase stock under certain circumstances will assist the
Company to enhance the value of its common stock for its shareholders and manage
its capital.

The  Company  intends to make all  repurchases  in  compliance  with  applicable
regulatory requirements and to administer the plan in accordance with applicable
securities and other laws, including SEC Rule 10b-18.

As of March 31, 1999,  ILCO had assets of $1.3 billion,  shareholders  equity of
$155.4 million and 8,791,516 shares outstanding.

InterContinental Life Corporation, through its various subsidiaries, markets and
underwrites individual life insurance and annuity products. The Company's NASDAQ
symbol is ILCO.

                                       -5-