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):May 2,  2000


                        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) 404-5000



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


<PAGE>



Item 5.  Other Events


Under  its  Stock  Repurchase  Plan,   InterContinental   Life  Corporation  has
purchased,  since the  inception of the plan,  a total of 643,590  shares of its
common  stock,  or  approximately  7.8 % of the  current  number of  outstanding
shares.

The purchases were made in a series of  transactions,  either in the open market
or in  "block"  transactions,  within  the  meaning  of Rule  10b-18  under  the
Securities Exchange Act of 1934, as amended. The plan, which was approved by the
Company's  Board of Directors  on June 29, 1999,  and amended on March 29, 2000,
authorizes the repurchase of up to 10% of the issued and  outstanding  shares of
the Company's common stock.


                                       -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: May 2,  2000



t:\ilco.8k\2000.05


                                       -3-


<PAGE>
[{"type": "8-K", "sequence": "1", "secsgml_size_bytes": 2409}]
{"company-data": {"conformed-name": "INTERCONTINENTAL LIFE CORP", "cik": "0000050982", "assigned-sic": "6311", "irs-number": "221890938", "state-of-incorporation": "TX", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-07288", "film-number": "617188"}, "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):May 2,  2000

                        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) 404-5000

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

Under  its  Stock  Repurchase  Plan,   InterContinental   Life  Corporation  has
purchased,  since the  inception of the plan,  a total of 643,590  shares of its
common  stock,  or  approximately  7.8 % of the  current  number of  outstanding
shares.

The purchases were made in a series of  transactions,  either in the open market
or in  "block"  transactions,  within  the  meaning  of Rule  10b-18  under  the
Securities Exchange Act of 1934, as amended. The plan, which was approved by the
Company's  Board of Directors  on June 29, 1999,  and amended on March 29, 2000,
authorizes the repurchase of up to 10% of the issued and  outstanding  shares of
the Company's common stock.

                                       -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: May 2,  2000

t:\ilco.8k\2000.05

                                       -3-