Citizens Inc. has agreed to acquire Ozark National Life Insurance Company for $58.06 per share.

Ozark National, Little Rock, Ark., has 137,788 shares of capital stock outstanding, according to Citizens, Austin, Texas, an insurance holding company.

Ozark National primarily sells funeral insurance. At the end of 2007, it had $18.5 million in assets and annual premiums of $4 million.

The deal is subject to approval by Ozark National’s shareholders and by regulators.

Citizens hopes to complete the deal by Dec. 31.