Midwest Holding (MDWT) 10-K 15 Mar 21 2020 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2020	Mar. 12, 2021	Jun. 30, 2020
Document and Entity Information [Abstract]
Document Type	10-K
Document Period End Date	Dec. 31, 2020
Entity Registrant Name	MIDWEST HOLDING INC.
Title of 12(b) Security	Voting Common Stock, $0.001 par value
Trading Symbol	MDWT
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		3,737,564
Entity Public Float			$ 86,371,384
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Entity Central Index Key	0000355379
Amendment Flag	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Assets
Investments, available for sale, at fair value fixed maturities (amortized cost: $369,156,068 and $116,676,312, respectively) (See Note 4)	$ 377,163,358	$ 117,241,861
Mortgage loans on real estate, held for investment	94,989,970	13,810,041
Derivative instruments (See Note 5)	11,361,034	575,294
Other invested assets	21,897,130	2,468,947
Investment escrow	3,174,047	3,899,986
Preferred stock	3,897,980	500,000
Notes receivable	5,665,487
Policy loans.	45,573	106,014
Total investments	518,194,579	138,602,143
Cash and cash equivalents	151,679,274	43,716,205
Deferred acquisition costs, net	13,456,303
Premiums receivable	313,601	355,959
Accrued investment income	6,806,836	1,511,200
Reinsurance recoverables (See Note 8)	32,146,042	30,579,524
Intangible assets	700,000	700,000
Property and equipment, net	103,964	85,395
Operating lease right of use assets	348,198	470,132
Other assets	1,533,179	241,580
Assets associated with business held for sale (See Note 2)	1,118,783	3,653,748
Total assets	726,400,759	219,915,886
Liabilities:
Benefit reserves	12,775,773	16,319,912
Policy claims	161,703	225,228
Deposit-type contracts (See note 10)	597,868,472	171,168,785
Advance premiums	2,541	261
Deferred gain on coinsurance transactions	18,198,757	7,578,195
Lease liabilities (See Note 13):
Finance lease		1,860
Operating lease	396,911	524,248
Other liabilities	9,552,791	6,291,782
Liabilities associated with business held for sale (See Note 2)	1,114,312	3,646,867
Total liabilities	640,071,260	205,757,138
Contingencies and Commitments (See Note 12)
Stockholders' Equity:
Preferred stock, $0.001 par value; authorized 2,000,000 shares; no shares issued and outstanding as of December 31, 2020 or December 31, 2019
Voting common stock, $0.001 par value; authorized 20,000,000 shares; 3,737,564 and 2,042,670 shares issued and outstanding as of December 31, 2020 and 2019, respectively; non-voting common stock, $0.001 par value, 2,000,000 shares authorized; no shares issued and outstanding at December 31, 2020 or 2019	3,738	2,042
Additional paid-in capital.	133,592,605	54,494,355
Treasury stock	(175,333)
Accumulated deficit.	(53,522,078)	(41,081,710)
Accumulated other comprehensive income	6,430,567	619,584
Total Midwest Holding Inc.'s stockholders' equity	86,329,499	14,034,271
Noncontrolling interest		124,477
Total stockholders' equity	86,329,499	14,158,748
Total liabilities and stockholders' equity	$ 726,400,759	$ 219,915,886

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Amortized costs of fixed maturities (in dollars)	$ 369,156,068	$ 116,676,312
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized	2,000,000	2,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Voting common stock par value (in dollars per share)	$ 0.001	$ 0.001
Voting common stock, shares authorized	20,000,000	20,000,000
Voting common stock, shares issued	3,737,564	2,042,670
Voting common stock, shares outstanding	3,737,564	2,042,670
Non voting common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Non voting common stock, shares authorized	2,000,000	2,000,000
Non voting common stock, shares issued	0	0
Non voting common stock, shares outstanding	0	0

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Loss - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Revenues
Premiums	$ 24	$ (152)
Investment income, net of expenses	4,047,184	120,581
Net realized gains on investments (See Note 4)	2,550,396	353,602
Amortization of deferred gain on reinsurance	1,835,505	2,643,801
Service fee revenue, net of expenses	1,960,092	230,454
Other revenue	188,688	51,502
Total revenues	10,581,889	3,399,788
Expenses:
Interest credited	4,224,828	6,584
Benefits	(4,953)	34,436
Increase in benefit reserves		34,500
Amortization of deferred acquisition costs	670,233
Salaries and benefits	6,347,751	2,701,314
Other operating expenses	10,199,629	5,997,955
Total expenses	21,437,488	8,774,789
Loss from continuing operations before taxes	(10,855,599)	(5,375,001)
Income tax expense (See Note 7)	(1,584,769)	(234,180)
Net loss from continued operations	(12,440,368)	(5,609,181)
Less: Gain attributable to noncontrolling interest		(124,477)
Net loss attributable to Midwest Holding. Inc.	(12,440,368)	(5,733,658)
Comprehensive income:
Unrealized gains on investments arising during period, net of offsets, net of tax ($1,709,391 and $118,765, respectively)	7,398,432	2,645,015
Unrealized losses on foreign currency	(146,185)	146,185
Less: reclassification adjustment for net realized gains on investments, net of tax ($383,121)	(1,441,264)	(353,602)
Other comprehensive income	5,810,983	2,437,598
Comprehensive loss:	$ (6,629,385)	$ (3,296,060)
Net loss per common share
Basic	$ (4.88)	$ (4.99)
Diluted	$ (4.42)	$ (4.98)

Consolidated Statements of Co_2

Consolidated Statements of Comprehensive Loss (Parenthetical) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Income Statement [Abstract]
Unrealized gains on investments arising during period, net of tax	$ 1,709,391	$ 118,765
Reclassification adjustment for net realized gains on investments, net of tax	$ 383,121

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($)	Treasury Stock	Common stock	Additional Paid-In Capital	Accumulated Deficit	AOCI	Noncontrolling Interests	Total
Balance at Dec. 31, 2018		$ 41	$ 33,029,075	$ (35,348,052)	$ (1,818,014)		$ (4,136,950)
Net loss				(5,733,658)			(5,733,658)
Xenith note interest waived			845,536				845,536
Xenith note conversion		1,855	19,098,145				19,100,000
Class C preferred stock conversion		146	1,499,854				1,500,000
Employee stock options			21,745				21,745
Change in equity of noncontrolling interests						124,477	124,477
Unrealized gains on investments, net of taxes					2,291,413		2,291,413
Unrealized gains on foreign currency, net of taxes					146,185		146,185
Balance at Dec. 31, 2019		2,042	54,494,355	(41,081,710)	619,584	124,477	14,158,748
Net loss				(12,440,368)			(12,440,368)
Capital raise, net of $5,914,995 related expenses		1,696	79,310,109				79,311,805
Reverse stock split fractions retired	(175,333)						(175,333)
Employee stock options			163,664				163,664
Purchase of remaining 49% of 1505 Capital LLC			(375,523)			$ (124,477)	(500,000)
Unrealized gains on investments, net of taxes					5,957,168		5,957,168
Unrealized gains on foreign currency, net of taxes					(146,185)		(146,185)
Balance at Dec. 31, 2020	$ (175,333)	$ 3,738	$ 133,592,605	$ (53,522,078)	$ 6,430,567		$ 86,329,499

Consolidated Statements of St_2

Consolidated Statements of Stockholders' Equity (Parenthetical)	12 Months Ended
	Dec. 31, 2020USD ($)
Issuance costs	$ 5,914,995
1505 Capital LLC
Ownership percentage acquired	49.00%

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Cash Flows from Operating Activities:
Net loss	$ (12,440,368)	$ (5,733,658)
Adjustments to arrive at cash provided by operating activities:
Net premium and discount on investments	(423,300)	113,880
Depreciation and amortization	57,419	58,761
Stock options	163,664	21,745
Net transfers to noncontrolling interest		124,477
Amortization of deferred acquisition costs	463,826
Deferred acquisition costs capitalized	(13,974,666)
Net realized (gains) losses on investments	(2,550,396)	(353,602)
Deferred coinsurance ceding commission	10,620,562	3,678,196
Notes payable interest accrued		845,536
Changes in operating assets and liabilities:
Reinsurance recoverables	(4,477,126)	(7,478,880)
Interest and dividends due and accrued	(5,295,636)	(1,310,492)
Premiums receivable	42,358	(9,089)
Policy liabilities	10,042,046	2,963,219
Other assets and liabilities	1,525,320	4,745,274
Other assets and liabilities - discontinued operations	2,410	(122,543)
Net cash used by operating activities	(16,243,887)	(2,457,176)
Securities available for sale:
Purchases	(339,281,650)	(103,078,444)
Proceeds from sale or maturity	89,135,618	5,780,475
Mortgage loans on real estate, held for investment purchases
Purchases	(99,356,435)	(15,036,179)
Proceeds from sale	18,391,849	1,226,138
Derivatives
Purchases	(8,588,537)	(490,831)
Proceeds from sale	1,269,069
Other invested assets
Purchases	(73,996,775)	(20,533,761)
Proceeds from sale	54,517,558	14,849,555
Notes receivable for Chelsea Midwest	(5,665,487)	(500,000)
Preferred stock	(3,897,980)
Net change in policy loans	60,441	(62,171)
Net purchases of property and equipment	(69,333)	(45,634)
Net cash used in investing activities	(367,481,662)	(117,890,852)
Cash Flows from Financing Activities:
Finance lease	(111)	(444)
Capital contribution	79,311,805
Repurchase of common stock	(175,333)
Acquisition of noncontrolling interest	(500,000)
Receipts on deposit-type contracts	415,561,302	161,392,700
Withdrawals on deposit-type contracts	(2,509,045)	(160,590)
Net cash provided by financing activities	491,688,618	161,231,666
Net increase in cash and cash equivalents	107,963,069	40,883,638
Cash and cash equivalents:
Beginning	43,716,205	2,832,567
Ending	151,679,274	43,716,205
Supplementary information
Cash paid for taxes	$ 350,400
Conversion of notes payable and preferred stock
Book value of note payable		(19,100,000)
Book value of preferred stock		(1,500,000)
Common stock, note payable ($927,680) and preferred stock ($72,855)		1,000,535
Additional paid in capital, note payable ($18,172,320) and preferred stock ($1,427,145)		$ 19,599,465

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows (Parenthetical)	12 Months Ended
	Dec. 31, 2020USD ($)
Statement of Cash Flows [Abstract]
Notes payable, common stock	$ 927,680
Preferred stock, common stock	72,855
Notes payable, additional paid in capital	18,172,320
Preferred stock, additional paid in capital	$ 1,427,145

Nature of Operations and Summar

Nature of Operations and Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Nature of Operations and Summary of Significant Accounting Policies	Note 1. Nature of Operations and Summary of Significant Accounting Policies Nature of operations: Midwest Holding Inc. (“Midwest,” “the Company,” “we,” “our,” or “us”) was incorporated in Nebraska on October 31, 2003 for the primary purpose of operating a financial services company. The Company redomesticated from the State of Nebraska to the state of Delaware on August 27, 2020. The Company is in the life and annuity insurance business and operates through its wholly owned subsidiaries, American Life & Security Corp. (“American Life”), 1505 Capital LLC (“1505 Capital”). and through its sponsored captive reinsurance company, Seneca Reinsurance Company, LLC (“Seneca Re”) American Life is a Nebraska-domiciled life insurance company, which is also commercially domiciled in Texas, that is currently licensed to sell, underwrite, and market life insurance and annuity products in 21 states and the District of Columbia. As discussed in Note 3, on June 28, 2018, the Company underwent a change in control as a result of the closing of a Loan, Convertible Preferred Stock and Convertible Senior Secured Note Purchase Agreement (the “Xenith Agreement”) with a then non-affiliated third-party, Xenith Holdings LLC (“Xenith”). Xenith was a wholly controlled subsidiary of Vespoint LLC (“Vespoint”), which was also the manager of Xenith. Vespoint is owned and managed by investment funds controlled by Michael Minnich and A. Michael Salem. Pursuant to the Xenith Agreement, the Company issued Series C Preferred Stock and convertible senior secured notes to Xenith between June and December 2018. Of the funds received from Xenith, we contributed $20.5 million to American Life through capital contributions. At the closing of the Xenith Agreement, Messrs. Minnich and Salem were subsequently appointed as executive officers of American Life and later as our Executive Chairman and Chief Executive Officer, respectively, in 2019. On April 2, 2019, we obtained a 51% ownership in 1505 Capital, a Delaware limited liability company, that was established in 2018 to provide financial and investment advisory and management services to clients and related investment activities. On June 15, 2020, we purchased the remaining 49% ownership in 1505 Capital for $500,000. 1505 Capital’s financial results have been consolidated with the Company’s since the date of its acquisition. Effective March 12, 2020, Seneca Reinsurance Company, LLC (“Seneca Re”), a Vermont limited liability company, was formed by Midwest to operate as a sponsored captive insurance company for the purpose of insuring and reinsuring various types of risks of its participants through one or more protected cells and to conduct any other business or activity that is permitted for sponsored captive insurance companies under Vermont insurance regulations. On March 30, 2020, Seneca Re received its Certification of Authority to transact the business of a captive insurance company. On May 12, 2020, Midwest contributed $300,000 to Seneca Re for a 100% ownership interest. As of December 31, 2020, Seneca Re had established Protected Cell-2020-01 (“SRC1”). Midwest contributed $3,000,000 to capitalize SRC1. Crestline Management, L.P. (“Crestline”), a Delaware limited partnership, owns approximately 12% of our voting common stock. On July 23, 2020, the Nebraska Department of Insurance (“NDOI”) approved the Funds Withheld Coinsurance and Modified Coinsurance Agreement with Seneca Incorporated Cell, LLC 2020-02 (“SRC2”) of Seneca Re, now known as Crestline SP1.Effective December 8, 2020, American Life entered into a novation agreement with SRC2 and Crestline Re SPC, an exempted segregated portfolio company incorporated under the laws of the Cayman Islands, for and on behalf of Crestline SP1, a segregated portfolio company of Crestline Re SPC, under which the above described reinsurance, trust and related asset management agreements were novated and replaced with substantially similar agreements entered into by American Life and Crestline SP1. On April 24, 2020, Midwest entered into a Securities Purchase Agreement with Crestline Assurance Holdings LLC (“Crestline”), a Delaware limited liability company (“Crestline”) and Xenith, Vespoint LLC, a Delaware limited liability company (“Vespoint”), and Pursuant to the Agreement, Crestline purchased 444,444 shares of the Company’s voting common stock, par value $0.001 per share (“common stock”), at a purchase price of $22.50 per share for $10.0 million. Also, effective as of April 24, 2020, in a separate transaction, Midwest sold 231,655 shares of common stock to various investors at $22.50 per share for $5.227 million. Under the Crestline agreement, the Company contributed $5.0 million to American Life and the remaining proceeds are to be used for general working capital and corporate purposes. Also, effective April 24, 2020, American life entered into a Master Letter Agreement with Seneca Re and Crestline regarding a flow of annuity reinsurance and related asset management, whereby Crestline agreed to provide reinsure funding for a quota share percentage of 25% of the liabilities of American Life arising from its multi-year guaranteed annuities (“MYGA”) and a quota share percentage of 40% for American Life’s fixed indexed annuity (“FIA”) products. This agreement expires on April 24, 2023. In December 2020, the Company completed a public offering of its voting common stock for gross proceeds of $70,000,000 (see Note 17). In connection therewith, the Company's voting common stock was approved for listing and began trading on the Nasdaq Capital Market upon the closing of the public offering. Management evaluates the Company as one reporting segment in the life insurance industry. The Company is primarily engaged in the underwriting and marketing of annuity products and life insurance through American Life and then reinsuring such products with third-party reinsurers and, since April 24, 2020, with the SRC1 entity. The Company’s historical product offerings consisted of a multi-benefit life insurance policy that combined cash value life insurance with a tax deferred annuity and a single premium term life product. These product offerings were underwritten, marketed, and managed as a group of similar products on an overall portfolio basis. American Life presently offers five products, two multi-year guaranteed annuities (“MYGAs”), a fixed indexed annuity (“FIA”), and two bonus plans associated with the FIA product. Basis of presentation: These consolidated financial statements for the year ended December 31, 2020 and 2019 have been prepared in conformity with generally accepted accounting principles in the United States of America (“GAAP”). All intercompany accounts and transactions have been eliminated in consolidation and certain immaterial reclassifications have been made to the prior period results to conform to the current period’s presentation with no impact on results of operations or total stockholders’ equity. Investments All fixed maturities owned by the Company are considered available-for-sale and are included in the consolidated financial statements at their fair value as of the financial statement date. Bond premiums and discounts are amortized using the scientific-yield method over the term of the bonds. Realized gains and losses on securities sold during the year are determined using the specific identification method. Unrealized holding gains and losses, net of applicable income taxes, are included in accumulated other comprehensive income. Declines in the fair value of available-for-sale securities below their amortized cost are evaluated to assess whether any other-than-temporary impairment loss should be recorded. In determining if these losses are expected to be other-than-temporary, the Company considers severity of impairment, duration of impairment, forecasted recovery period, industry outlook, the financial condition of the issuer, issuer credit ratings, and the intent and ability of the Company to hold the investment until the recovery of the cost. The recognition of other-than-temporary impairment losses on debt securities is dependent on the facts and circumstances related to the specific security. If the Company intends to sell a security or it is more likely than not that the Company would be required to sell a security prior to recovery of the amortized cost, the difference between amortized cost and fair value is recognized in the statement of comprehensive income as an other-than-temporary impairment. If the Company does not expect to recover the amortized basis, does not plan to sell the security and if it is not more likely than not that the Company would be required to sell a security before the recovery of its amortized cost, the recognition of the other-than temporary impairment is bifurcated. The Company recognizes the credit loss portion in the income statement and the noncredit loss portion in accumulated other comprehensive loss. The credit component of an other than-temporary impairment is determined by comparing the net present value of projected cash flows with the amortized cost basis of the debt security. The net present value is calculated by discounting the Company’s best estimate of projected future cash flows at the effective interest rate implicit in the fixed income security at the date of acquisition. Cash flow estimates are driven by assumptions regarding probability of default, including changes in credit ratings, and estimates regarding timing and amount of recoveries associated with a default. The Company has analyzed the securities portfolio and determined that a impairment should be recorded for one security and a valuation allowance should be established on one lease. The remaining investments were not impaired as of December 31, 2020. The Company had no impairment recognized at December 31, 2019. Investment income consists of interest, dividends, gains and losses from equity method investments, and real estate income, which are recognized on an accrual basis and amortization of premiums and discounts. Certain available-for-sales investments are maintained as collateral under funds withheld and modified coinsurance agreements but the assets and total returns or losses on the asset portfolios belong to the third-party reinsurers. American Life has treaties with several third-party reinsurers that have funds withheld and modified coinsurance provisions. In a modified coinsurance arrangement (“Modco”), the ceding entity retains the assets equal to the modified coinsurance reserves retained. In a funds withheld coinsurance agreement (“FW”); assets that would normally be paid over to a reinsurer are withheld by the ceding company to permit statutory credit for unauthorized reinsurers to reduce the potential credit risk. The unrealized gains/losses on those investments are passed through to the third-party reinsurers as either a realized gain or loss on the consolidated statement of income. Mortgage loans on real estate, held for investment Mortgage loans on real estate, held for investment are carried at unpaid principal balances. Interest income on mortgage loans on real estate, held for investment is recognized in net investment income at the contract interest rate when earned. A mortgage loan is considered to be impaired when it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the mortgage agreement. Valuation allowances on mortgage loans are established based upon losses expected by management to be realized in connection with future dispositions or settlements of mortgage loans, including foreclosures. The Company establishes valuation allowances for estimated impairments on an individual loan basis as of the balance sheet date. Such valuation allowances are based on the excess carrying value of the loan over the present value of expected future cash flows discounted at the loan’s original effective interest rate. These evaluations are revised as conditions change and new information becomes available. No such valuation allowance was established as of December 31, 2020 or 2019, respectively. Investment escrow The Company held in escrow $3,174,047 and $3,899,986 as of December 31, 2020 and 2019, respectively. The cash was used to settle other invested assets that closed in January 2021 and a mortgage loan that closed in January 2020, respectively. Other invested assets The Company purchases and sells equipment leases in its investment portfolio. Other invested assets also includes loans held for investments. The Company entered into a fund investment originated by Crestline Management LLP. Derivative Instruments Derivatives are used to hedge the risks experienced in our ongoing operations, such as equity, interest rate and cash flow risks, or for other risk management purposes, which primarily involve managing liability risks associated with our indexed annuity products and reinsurance agreements. Derivatives are financial instruments whose values are derived from interest rates, foreign exchange rates, financial indices, or other underlying notional amounts. Derivative assets and liabilities are carried at fair value on the consolidated balance sheets. To qualify for hedge accounting, at the inception of the hedging relationship, we would formally document our designation of the hedge as a cash flow or fair value hedge and our risk management objective and strategy for undertaking the hedging transaction. In this documentation, we would identify how the hedging instrument is expected to hedge the designated risks related to the hedged item, the method that would be used to retrospectively and prospectively assess the hedging instrument’s effectiveness and the method which would be used to measure ineffectiveness. A derivative designated as a hedging instrument must be assessed as being highly effective in offsetting the designated risk of the hedged item. Hedge effectiveness is formally assessed at inception and periodically throughout the life of the designated hedging relationship. In the late 2019, the Company began investing in options to hedge our interest rate risks on our FIA product. We did not have the formal documentation and hedge effectiveness completed at the time we entered into those equity options; therefore, they do not qualify for hedge accounting. The options fair market values were recorded on our income statement as realized gains or (losses). During the last quarter of 2020, the Company began investing in foreign currency futures to hedge the fluctuations in the foreign currency. The formal documentation and hedge effectiveness was also not completed at the date we entered into those futures contracts; therefore, they do not qualify for hedge accounting. The futures fair market values were recorded on our income statement as realized gains or (losses). Additionally, reinsurance agreements written on a funds withheld or Modco basis contain embedded derivatives on our fixed indexed annuity product. Gains or (losses) associated with the performance of assets maintained in the modified coinsurance deposit and funds withheld accounts are reflected as realized gains or (losses) in the income statement. Preferred Stock Preferred stock of a non-affiliated company was purchased for $500,000 during the third quarter of 2019. An impairment analysis of the preferred stock was performed as of June 30, 2020, due to a change in valuation of an invested asset held by the non-affiliated company. The investment asset had collateral supporting the investment that was less than the book value of the asset; therefore, the Company impaired the full amount of $500,000. This was recorded as a reduction of the asset on the balance sheet and a bad debt expense on the Consolidated Statements of Comprehensive Loss. There was no impairment of preferred stock as of December 31, 2019. The Company entered into a series of transaction between American Life and Ascona Group Holdings Ltd (“AGH”), an investment originated by Crestline Management LLP. One of the transactions involved the acquisition of GBP 3,642,090 of preferred equity in Ascona Group Holdings Ltd along with warrants bearing no initial assigned value as of September 28, 2020. American Life created a special purpose vehicle called Ascona Asset Holding LLC (“AAH”). American Life and Crestline SP1 own 74% and 26%, respectively, of AAH. Notes receivable The Company held in notes receivable as of December 31, 2020, a note of $5,665,487 between American Life and a related party that was rated by a nationally recognized statistical rating organization (“NRSRO”). This note is being carried at the fair market value. The Company did not hold any notes receivable as of December 31, 2019. Policy loans Policy loans are carried at unpaid principal balances. Interest income on policy loans is recognized in net investment income at the contract interest rate when earned. No valuation allowance is established for these policy loans as the amount of the loan is fully secured by the death benefit of the policy and cash surrender value. Cash and cash equivalents The Company considers all liquid investments with original maturities of three months or less when purchased to be cash equivalents. At December 31, 2020 and 2019, the Company had no cash equivalents. At December 31, 2020 and December 31, 2019, the Company held approximately 505,349 and 1.8 million in Pound Sterling (“GBP”) in several of our custody accounts, respectively. The USD equivalent held was approximately $690,787 and $2.3 million, respectively. As of December 31, 2020, the Company held approximately 87,633 in Euro and none as of December 31, 2019. The USD equivalent held was approximately $107,000. As of December 31, 2020, we had realized gains of approximately $45,000 related to the change in the foreign currency exchange rate of the GBP and Euro that was recorded in realized (losses) gains on investments on the income statement. The Company had money market investments of approximately $100.6 million and $26.2 million as of December 31, 2020 and 2019, respectively. Deferred acquisition costs Deferred acquisition costs (“DAC”) consist of incremental direct costs, net of amounts ceded to third-party reinsurers, that result directly from and are essential to the contract acquisition transaction and would not have been incurred by the Company had the contract acquisition not occurred. These costs are capitalized, to the extent recoverable, and amortized over the life of the premiums produced. The Company evaluates the types of acquisition costs it capitalizes. The Company capitalizes agent compensation and benefits and other expenses that are directly related to the successful acquisition of contracts. The Company also capitalizes expenses directly related to activities performed by the Company, such as underwriting, policy issuance, and processing fees incurred in connection with successful contract acquisitions. Recoverability of deferred acquisition costs is evaluated periodically by comparing the current estimate of the present value of expected pretax future profits to the unamortized asset balance. If this current estimate is less than the existing balance, the difference is charged to expense. The Company performs a recoverability analysis annually in the fourth quarter unless events occur which require an immediate review. The Company had reinsurance contracts with commission and administration allowances from each reinsurer that offset all the DAC costs incurred during 2019, as a result not DAC was recorded and no recovery analysis was deem necessary as of December 31, 2019. The Company performed a recoverability analysis during the fourth quarter of 2020 and determined that all DAC balances were recoverable as of December 31, 2020. Property and equipment Property and equipment are stated at cost net of accumulated depreciation. Annual depreciation is primarily computed using straight-line methods for financial reporting and straight-line and accelerated methods for tax purposes. Furniture and equipment is depreciated over 3 to 7 years and computer software and equipment is generally depreciated over 3 years. Depreciation expense totaled $47,853 and $40,000 for the years ended December 31, 2020 and 2019, respectively. The accumulated depreciation net of disposals totaled $1,023,334 and $975,480 as of December 31, 2020 and 2019, respectively. Maintenance and repairs are expensed as incurred. Replacements and improvements which extend the useful life of the asset are capitalized. The net book value of assets sold or retired are removed from the accounts, and any resulting gain or loss is reflected in earnings. Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized if the carrying amount of an asset may not be recoverable and exceeds estimated future undiscounted cash flows of the asset. A recognized impairment loss reduces the carrying amount of the asset to its fair value. The Company determined that no such events occurred that would indicate the carrying amounts may not be recoverable. Reinsurance In the normal course of business, the Company seeks to limit any single exposure to losses on large risks by purchasing reinsurance. The amounts reported in the consolidated balance sheets as reinsurance recoverable include amounts billed to reinsurers on losses paid as well as estimates of amounts expected to be recovered from reinsurers on insurance liabilities that have not yet been paid. Reinsurance recoverable on unpaid losses are estimated based upon assumptions consistent with those used in establishing the liabilities related to the underlying reinsured contracts. Insurance liabilities are reported gross of reinsurance recoverable. Management believes the recoverables are appropriately established. The Company generally strives to diversify its credit risks related to reinsurance ceded. Reinsurance premiums are generally reflected in income in a manner consistent with the recognition of premiums on the reinsured contracts. Reinsurance does not extinguish the Company’s primary liability under the policies written. Therefore, the Company regularly evaluates the financial condition of its reinsurers including their activities with respect to claim settlement practices and commutations, and establishes allowances for uncollectible reinsurance recoverable as appropriate. There were no allowances established as of December 31, 2020 or 2019. We expect to reinsure substantially all of our new insurance policies with a variety of reinsurers in exchange for upfront ceding commissions, expense reimbursements and administrative fees. Under these reinsurance agreements, we expect there will be a monthly or quarterly settlement of premiums, claims, surrenders, collateral, and other administration fees. We believe this will help preserve American Life’s capital while supporting its growth because American Life will have lower capital requirements when its business is reinsured due to lower overall financial exposure versus retaining the insurance policy business itself. See Note 8 below for further discussion of our reinsurance activities. There are two main categories of reinsurance transactions: 1) “indemnity,” where we cede a portion of our risk but retain the legal responsibility to our policyholders should our reinsurers not meet their financial obligations; and 2) “assumption,” where we transfer the risk and legal responsibilities to the reinsurers. The reinsurers are required to acquire the appropriate regulatory and policyholder approvals to convert indemnity policies to assumption policies. Our reinsurers may be domestic or foreign capital markets investors or traditional reinsurance companies seeking to assume U.S. insurance business. We plan to mitigate the credit risk relating to reinsurers generally by requiring other financial commitments from the reinsurers to secure the reinsured risks (such as posting substantial collateral). It should be noted that under indemnity reinsurance agreements American Life remains exposed to the credit risk of its reinsurers. If one or more reinsurers become insolvent or are otherwise unable or unwilling to pay claims under the terms of the applicable reinsurance agreement, American Life retains legal responsibility to pay policyholder claims, which, in such event would likely materially and adversely affect the capital and surplus of American Life. As indicated above under “Nature of operations,” Midwest formed Seneca Re in early 2020. On April 15, 2020, Midwest entered into an operating agreement with Seneca Re and as of December 31, 2020, Seneca Re had one Protected Cell 2020-01 (“SRC1”) which is consolidated in our financial statements. Effective December 8, 2020, American Life entered into a novation agreement with SRC2 and Crestline Re SPC, an exempted segregated portfolio company incorporated under the laws of the Cayman Islands, for and on behalf of Crestline SP1, a segregated portfolio company of Crestline Re SPC, under which the above described reinsurance, trust and related asset management agreements were novated and replaced with substantially similar agreements entered into by American Life and Crestline SP1. Some reinsurers are not and may not be “accredited” or qualified as reinsurers under Nebraska Law. In order to enter into reinsurance agreements with such reinsurers and to reduce potential credit risk, American Life holds a deposit or withholds funds from the reinsurer or requires the reinsurer to maintain a trust that holds assets backing up the reinsurer’s obligation to pay claims on the business it assumes. The reinsurer may also appoint an investment manager for such funds, which in some cases may be our investment adviser subsidiary, 1505 Capital, to manage these assets pursuant to guidelines adopted by us that are consistent with state investment statutes and reinsurance regulations. American Life currently has treaties with several third-party reinsurers and one related party reinsurer. Of the third-party reinsurers, only three have funds withheld or modified coinsurance provisions. In a modified coinsurance arrangement, the ceding entity retains the assets equal to the modified coinsurance reserves retained. In a funds withheld coinsurance agreement, assets that would normally be paid over to a reinsurer are withheld by the ceding company to permit statutory credit for unauthorized reinsurers, to reduce the potential credit risk. Under those provisions with third-party reinsurers, the assets backing the treaties are maintained by American Life as investments but the assets and total returns or losses on the investments are owned by the reinsurers. Under GAAP, this arrangement is considered an embedded derivative as discussed in Note 5 below. As a result of recent market volatility, assets carried as investments on American Life’s financial statements for the third-party reinsurers contained unrealized gains of approximately $2.9 million as of December 31, 2020. The terms of the contracts with the third-party reinsurers provide that unrealized gains on the portfolios accrue to the third-party reinsurers. Accordingly, the unrealized gains on the assets held by American Life were offset by a loss in the embedded derivative of $2.9 million. We account for this unrealized loss pass-through by recording equivalent realized losses on our income statement and in amount payable to our third-party reinsurers on our balance sheet. Benefit reserves The Company establishes liabilities for amounts payable under insurance policies, including traditional life insurance and annuities. Generally, amounts are payable over an extended period of time. Liabilities for future policy benefits of traditional life insurance have been computed by a net level premium method based upon estimates at the time of issue for investment yields, mortality and withdrawals. These estimates include provisions for experience less favorable than initially expected. Mortality assumptions are based on industry experience expressed as a percentage of standard mortality tables. Policy claims Policy claims are based on reported claims plus estimated incurred but not reported claims developed from trends of historical data applied to current exposure. Deposit-type contracts Deposit-type contracts consist of amounts on deposit associated with deferred annuity riders, premium deposit funds and supplemental contracts without life contingencies. Notes payable Notes payable consist of the convertible notes entered into due to the Xenith transaction and were recorded net of issuance costs. The notes were converted into our voting common stock on June 18, 2019. Deferred gain on ceding commissions American Life has entered into several indemnity reinsurance contracts where it is earning ceding commissions. These ceding commissions are recorded as a deferred liability and amortized over the life of the business ceded. American Life receives commission, administrative, and option allowances from reinsurance transactions that represent recovery of acquisition costs. These allowances first reduce the DAC associated with that reinsured block of business with the remainder being included in the deferred gain on ceding commissions to also be amortized. Income taxes The Company is subject to income taxes in the U.S. federal and various state jurisdictions. Tax regulations within each jurisdiction are subject to the interpretation of the related tax laws and regulations and require significant judgment to apply. With few exceptions, the Company is no longer subject to U.S. federal, state, or local tax examinations by tax authorities for the years before 2016. The Company is not currently under examination for any open years. The provision for income taxes is based on income as reported in the financial statements. The income tax provision is calculated under the asset and liability method. Deferred tax assets are recorded based on the differences between the financial statement and tax basis of assets and liabilities at the enacted tax rates. The principal assets and liabilities giving rise to such differences are investments, insurance reserves, and deferred acquisition costs. A deferred tax asset valuation allowance is established when there is uncertainty that such assets would be realized. The Company has no uncertain tax positions that it believes are more-likely-than not that the benefit will not to be realized. When applicable, the Company recognizes interest accrued related to unrecognized tax benefits and penalties in income tax expense. Revenue recognition and related expenses Amounts received as payment for annuities are recognized as deposits to policyholder account balances and included in future insurance policy benefits. Revenues from these contracts are comprised of fees earned for administrative and contract-holder services and cost of insurance, which are recognized over the period of the contracts, and included in revenue. Deposits are shown as a financing activity in the consolidated statements of cash flows. Revenues on traditional life insurance products consist of direct and assumed premiums reported as earned when due. Liabilities for future policy benefits are provided and acquisition costs are amortized by associating benefits and expenses with earned premiums to recognize related profits over the life of the contracts. Acquisition costs are amortized over the expected life of the annuity contracts. Revenues on service fees and third-party administration fees are recorded as income when incurred. Comprehensive loss Comprehensive loss is comprised of net loss and other comprehensive income. Other comprehensive income includes unrealized gains and losses from marketable securities classified as available for sale and unrealized gains and losses from foreign currency transactions, net of applicable taxes. American Life has treaties with several third-party reinsurers that have funds withheld and modified coinsurance provisions. Under those provisions, the assets backing the treaties are maintained by American Life as collateral but are owned by the third-party reinsurers, thus, the total return on the asset portfolio belongs to the third-party reinsurers. Under GAAP this is considered an embedded derivative as discussed in Note 5 below. As a result of recent market volatility, the investments carried by American Life for the third-party reinsurers contained unrealized gains of approximately $2.9 million as of December

Assets and Liabilities Held for

Assets and Liabilities Held for Sale	12 Months Ended
	Dec. 31, 2020
Discontinued Operations and Disposal Groups [Abstract]
Assets and Liabilities Held for Sale	Note 2. Assets and Liabilities Held for Sale On November 30, 2018, American Life entered into an Assumption and Indemnity Reinsurance Agreement (“Reinsurance Agreement”) with Unified Life Insurance Company (“Unified”), a Texas domiciled stock insurance company. The Reinsurance Agreement provides that American Life ceded and Unified agreed to reinsure, on an indemnity reinsurance basis, 100% of the liabilities and obligations under substantially all of American Life’s life, annuity and health policies (“Policies”). The Agreement closed on December 10, 2018, as previously disclosed in Midwest’s Current Report on Form 8‑K filed with the Securities and Exchange Commission (the “SEC”) on December 12, 2018. The effective date of the Agreement was July 1, 2018. After the closing of the Reinsurance Agreement, Unified began the process of preparing and delivering certificates of assumption and other materials to policyholders of American Life in order to effect an assumption of the Policies by Unified such that all of American Life’s rights and obligations under the policies arising on and after July 1, 2018 would be completely assumed by Unified without further indemnification or other obligations, except for liabilities, claims and obligations incurred before July 1, 2018. Unified is obligated to indemnify American Life against all liabilities and claims and all of its policy obligations from and after July 1, 2018. As of December 31, 2020, and 2019, 90% and 79%, respectively, of the indemnity policies were converted to assumptive policies thereby releasing American Life from its legal obligations related to those policies. The consideration paid by Unified to American Life under the Reinsurance Agreement upon closing was $3,500,000 (“Ceding Commission”), subject to minor settlement adjustments. At closing, American Life transferred the Statutory Reserves and Liabilities, as defined in the Reinsurance Agreement, directly related to the policies, to Unified. The Ceding Commission is being amortized on a straight-line basis over the life of the policies. When the policies are converted to assumptive, meaning American Life has no liability exposure for those policies, the remaining Ceding Commission will be recognized in our income statement. Our balance sheet was required to be restated for all periods shown with the assets and liabilities which were ceded by American Life to Unified into separate line items as assets and liabilities held for sale. The table below summarizes the assets and liabilities that are included in discontinued operations as of December 31, 2020 and 2019: As of December 31, As of December 31, 2020 2019 Carrying amounts of major classes of assets included as part of discontinued operations: Policy loans $ 33,161 $ 50,387 Reinsurance recoverables 1,061,979 3,569,849 Premiums receivable 23,643 33,512 Total assets held for sale in the Consolidated Balance Sheets $ 1,118,783 $ 3,653,748 Carrying amounts of major classes of liabilities included as part of discontinued operations: Benefit reserves $ 594,710 $ 1,403,953 Policy claims 35,302 28,203 Deposit-type contracts 482,966 2,209,195 Advance premiums 71 2,226 Accounts payable and accrued expenses 1,263 3,290 Total liabilities held for sale in the Consolidated Balance Sheets $ 1,114,312 $ 3,646,867 There were no items in 2020 or 2019 that were reclassified as discontinued operations in the income statement.

Non-controlling Interest

Non-controlling Interest	12 Months Ended
	Dec. 31, 2020
Noncontrolling Interest [Abstract]
Non-controlling Interest	Note 3. Non-controlling Interest On April 2, 2019, Midwest entered into a contract to acquire a 51% ownership in 1505 Capital LLC (“1505 Capital”), a Delaware limited liability company. 1505 Capital was organized to provide financial and investment advisory and management services to clients and any related investment, trading, or financial activities. Midwest purchased for $1.00 its 51% ownership and on June 15, 2020, we purchased the remaining 49% ownership in 1505 Capital for $500,000. Midwest used the equity method of accounting for the purchase of the controlling interest eliminating the non-controlling interest and recording the difference to additional paid in capital. Midwest had consolidated the 1505 Capital income of $252,113 into its consolidated financials from April 2, 2019, through December 31, 2019. Midwest’s portion of income was $127,636 and the non-controlling interest income was $124,477 .

Investments

Investments	12 Months Ended
	Dec. 31, 2020
Marketable Securities [Abstract]
Investments	Note 4. Investments The amortized cost and estimated fair value of investments classified as available-for-sale as of December 31, 2020 and 2019 are as follows: Cost or Gross Gross Amortized Unrealized Unrealized Estimated Cost Gains Losses Fair Value December 31, 2020: Fixed maturities: U.S. government obligations $ 5,744,221 $ 426,427 $ 5,665 $ 6,164,983 Mortgage-backed securities 14,638,299 276,219 157,104 14,757,414 Asset-backed securities 216,500,672 5,623,083 350,146 221,773,609 States and political subdivisions -- general obligations 106,528 10,802 — 117,330 States and political subdivisions -- special revenue 5,293,365 908,986 147 6,202,204 Trust preferred 2,218,142 66,674 — 2,284,816 Corporate 124,654,841 1,379,513 171,352 125,863,002 Total fixed maturities $ 369,156,068 $ 8,691,704 $ 684,414 $ 377,163,358 Mortgage loans on real estate, held for investment 94,989,970 — — 94,989,970 Derivatives 8,532,252 3,257,069 428,287 11,361,034 Other invested assets 21,897,130 — — 21,897,130 Investment escrow 3,174,047 — — 3,174,047 Preferred stock 3,897,980 — — 3,897,980 Notes receivable 5,665,487 — — 5,665,487 Policy loans 45,573 — — 45,573 Total fixed maturities $ 507,358,507 $ 11,948,773 $ 1,112,701 $ 518,194,579 December 31, 2019: Fixed maturities: U.S. government obligations 2,091,710 7,073 17,559 2,081,224 Mortgage-backed securities 819,678 — 21,070 798,608 Asset-backed securities 95,006,241 646,335 404,752 95,247,824 States and political subdivisions -- general obligations 240,494 8,788 — 249,282 States and political subdivisions -- special revenue 25,112 179 — 25,291 Corporate 18,493,077 501,022 154,467 18,839,632 Total fixed maturities 116,676,312 1,163,397 597,848 117,241,861 Mortgage loans on real estate, held for investment 13,810,041 — — 13,810,041 Derivatives 490,831 87,684 3,221 575,294 Other invested assets 2,468,947 — — 2,468,947 Investment escrow 3,899,986 — — 3,899,986 Preferred stock 500,000 — — 500,000 Policy loans 106,014 — — 106,014 Total fixed maturities $ 137,952,131 $ 1,251,081 $ 601,069 $ 138,602,143 The following table summarizes, for all securities in an unrealized loss position at December 31, 2020 and 2019 the estimated fair value, pre-tax gross unrealized loss and number of securities by length of time that those securities have been continuously in an unrealized loss position. December 31, 2020 December 31, 2019 Gross Number Gross Number Estimated Unrealized of Estimated Unrealized of Fair Value Loss Securities (1) Fair Value Loss Securities (1) Fixed Maturities: Less than 12 months: U.S. government obligations $ 54,910 $ 180 2 $ 1,518,772 $ 14,935 9 Asset-backed securities 14,878,370 246,969 19 39,114,732 404,752 26 Mortgage-backed securities 5,707,617 157,104 5 160,010 4,844 4 States and political subdivisions -- special revenue 5,584 147 1 — — — Corporate 3,859,616 104,262 7 2,800,815 13,618 4 Greater than 12 months: U.S. government obligations 119,700 5,485 4 353,834 2,624 2 Asset-backed securities 7,020,479 103,177 6 — — — Mortgage-backed securities — — — 638,598 16,226 14 Corporate 287,473 67,090 3 2,201,658 140,849 13 Total fixed maturities $ 31,933,749 $ 684,414 47 $ 46,788,419 $ 597,848 72 (1) We may reflect a security in more than one aging category based on various purchase dates. Due to market price increases in 2020, our securities positions resulted in unrealized gains as of December 31, 2020. We performed an analysis of the unrealized losses and determined we would record approximately $35,000 impairment on one of our fixed maturities. During the impairment analysis performed at year-end, one of our assets had been in a loss position for over two years and had a decrease in its credit rating since 2019. Management performed cashflow testing on that security and determined an impairment exists. Management believes the Company will fully recover its cost basis in the remaining securities and management does not have the intent to sell, nor is it more likely than not that the Company will be required to sell, such securities until they recover or mature. The majority of the unrealized losses are related to our collateralized loan obligations (“CLOs”). CLOs are typically illiquid and are intended to be held to maturity. Thus, risk of loss is minimal. The Company has monitored the underlying unrealized losses and believes they pose little chance of loss in the long-term due to the quality of the underlying credits. See the discussion above under “Comprehensive loss” in Note 1 regarding unrealized gains/losses on investments that are owned by our reinsurers and the corresponding offset carried as a gain in the associated embedded derivative. The Company purchases and sells equipment leases in its investment portfolio. As of December 31, 2020, the Company owned several leases. An impairment test, as of December 31, 2020, was completed on the only non-performing lease in the portfolio and it was determined that the underlying collateral value was substantially less than the outstanding remaining lease payments of $3.6 million. The Company established a valuation allowance on the asset of $776,973 and will continue to monitor the value the underlying collateral. The valuation allowance was recorded as a bad debt expense; however, this asset is owned by a third-party reinsurer. Therefore, the valuation allowance was passed through as a receivable from the reinsurers, offsetting the valuation allowance. The amortized cost and estimated fair value of fixed maturities at December 31, 2020, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. No securities are due in the next year to further support management’s decision not to recognize an other-than-temporary impairment. Amortized Estimated Cost Fair Value Due in one year or less $ 24,785,681 $ 24,846,859 Due after one year through five years 122,361,585 123,915,080 Due after five years through ten years 196,058,708 200,370,657 Due after ten years through twenty years 13,424,333 13,869,258 Due after twenty years 12,525,761 14,161,504 $ 369,156,068 $ 377,163,358 The Company is required to hold assets on deposit for the benefit of policyholders in accordance with insurance rules and regulations. At December 31, 2020 and 2019, these required deposits had a total amortized cost of $3,406,950 and $3,611,292 and fair values of $3,598,352 and $3,612,844, respectively. The following table presents a reconciliation of the beginning balance for the mortgage loan investments measured at fair value on a recurring basis using Level 3 (See Note #6) inputs at December 31, 2020 and 2019: Carrying Value Interest Income Interest Income December 31, 2020: Industrial $ 1,250,000 $ 38,097 $ 136,365 Commercial mortgage loan - multi-family 66,916,151 2,224,689 3,767,725 Other 26,823,819 572,716 626,540 Total mortgage loans $ 94,989,970 $ 2,835,502 $ 4,530,630 December 31, 2019: Industrial $ 500,000 $ — $ 15,889 Commercial mortgage loan - multi-family 11,320,924 116,860 329,684 Other 1,989,117 195,168 7,386 Total mortgage loans $ 13,810,041 $ 312,028 $ 352,959 Geographic Locations: As of December 31, 2020, the commercial mortgages loans were secured by properties geographically dispersed throughout the United States (with the largest concentrations in New York (28%), Pennsylvania (14%), California (14%)) and included loans secured by properties in Europe (12%). The loan-to-value ratio is expressed as a percentage of the amount of the loan relative to the value of the underlying property. A loan-to-value ratio in excess of 100% indicates the unpaid loan amount exceeds the underlying collateral. The following represents the loan-to-value ratio of the commercial mortgage loan portfolio, excluding those under development, net of valuation allowances. Commercial Mortgage Loans December 31, 2020 December 31, 2019 Loan-to-Value Ratio: 0%-59.99% $ 49,279,601 $ 7,164,476 60%-69.99% 22,349,295 3,249,234 70%-79.99% 23,361,074 3,396,331 80% or greater — — Total mortgage loans $ 94,989,970 $ 13,810,041 The components of net investment income for the years ended December 31, 2020 and 2019 are as follows: Year ended December 31, 2020 2019 Fixed maturities $ 3,661,098 $ 292,453 Mortgage loans 992,300 — Other 102,801 38,397 Gross investment income 4,756,199 330,850 Less: investment expense (709,015) (210,269) Investment income, net of expenses $ 4,047,184 $ 120,581 Proceeds for the years ended December 31, 2020 and 2019 from sales of investments classified as available-for-sale were $89,135,618 and $5,752,910, respectively. Gross gains of $2,212,818 and $268,848 and gross losses of $388,434 and $30,885 were realized on sales and the realized losses on sales during the year ended December 31, 2020 and 2019, respectively.

Derivative Instruments

Derivative Instruments	12 Months Ended
	Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	Note 5. Derivative Instruments The Company entered into derivative instruments to hedge fixed indexed annuity products that guarantee the return of principal to the policyholders and credit interest based on a percentage of the gain in a specified market index. To hedge against adverse changes in equity indices, the Company entered into contracts to buy equity indexed options. The following is a summary of the asset derivatives not designated as hedges embedded derivatives in our FIA product as of December 31, 2020 and 2019: December 31, 2020 December 31, 2019 Location in the Consolidated Derivatives Not Designated Statement of Notional Number of Estimated Notional Number of Estimated as Hedging Instruments Balance Sheets Amount Contracts Fair Value Amount Contracts Fair Value Equity-indexed options Derivatives $ 272,853,853 252 $ 11,361,034 $ 9,698,863 24 $ 575,294 Equity-indexed Deposit-type 311,964,195 2,101 84,501,492 10,720,324 108 576,634 For December 31, 2020 reporting, the methodology used to bifurcate the GAAP liability into host contract and embedded derivative was refined. In prior reporting periods a simplified approach was followed given the size of the block, which set the value of the embedded derivative equal to the market value of the options held to provide for the current indexed crediting obligation. At December 31, 2020, the value of the embedded derivative now considers all amounts projected to be paid in excess of the minimum guarantee (the amounts payable without any indexation increases) over future periods. The host contract reflects the minimum guaranteed values. For informational purposes only, the GAAP liability at December 31, 2020 under the old approach would have been $320,306,031, split as $308,608,885 host contract and $11,697,146 embedded derivative. Due to significant price increases in the capital markets, our securities positions resulted in a substantial unrealized gains at December 31, 2020, reported in accumulated other comprehensive income on the balance sheet. The embedded derivative related to the asset portfolio belonging to the third-party reinsurers offset these unrealized losses by recording a realized loss in other comprehensive income. The following table summarizes the impact of those embedded derivatives related to the funds withheld provision where the total return on the asset portfolio belongs to the third-party reinsurers: December 31, 2020 Book Value of Market Value of Total Return Portfolio Assets Assets Swap Value Ironbound $ 98,714,156 $ 99,747,812 $ (1,033,656) SDA 27,224,279 27,479,836 (255,557) US Alliance 35,707,207 36,360,501 (653,294) Crestline Re SP 1 62,162,766 63,130,867 (968,101) Total $ 223,808,408 $ 226,719,016 $ (2,910,608) The total return swap value was recorded as a decrease in our amounts recoverable from reinsurers of $2,910,608 on our balance sheet and a realized loss of $2,910,608 on our income statement. No total return swap value was recorded as of December 31, 2019.

Fair Values of Financial Instru

Fair Values of Financial Instruments	12 Months Ended
	Dec. 31, 2020
Investments, All Other Investments [Abstract]
Fair Values of Financial Instruments	Note 6. Fair Values of Financial Instruments Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. We use valuation techniques that are consistent with the market approach, the income approach and/or the cost approach. Inputs to valuation techniques refer to the assumptions that market participants would use in pricing the asset or liability. Inputs may be observable, meaning those that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from independent sources, or unobservable, meaning those that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. In that regard, accounting standards establish a fair value hierarchy for valuation inputs that gives the highest priority to quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The fair value hierarchy is as follows: · Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. · Level 2: Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. · Level 3: Significant unobservable inputs that reflect a reporting entity’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. A review of fair value hierarchy classifications is conducted on a quarterly basis. Changes in the valuation inputs, or their ability to be observed, may result in a reclassification for certain financial assets or liabilities. Reclassifications impacting Level 3 of the fair value hierarchy are reported as transfers in/out of the Level 3 category as of the beginning of the period in which the reclassifications occur. A description of the valuation methodologies used for assets measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy, is set forth below. Level 1 measurements Cash equivalents: The carrying value of cash equivalents and short-term investments approximate the fair value because of the short maturity of the instruments. Level 2 measurements Cash: The carrying value of cash approximates the fair value because of the short maturity of the instruments. Investment escrow: The Company holds in escrow as of December 31, 2020, cash that will be used to settle a mortgage loan that did not close until January 2021. Fixed maturities: Fixed maturities are recorded at fair value on a recurring basis utilizing a third-party pricing source such as the Clearwater AVS+ SVO pricing. The valuations are reviewed and validated quarterly through random testing by comparisons to separate pricing models or other third-party pricing services. For the year ended December 31, 2020 and 2019, there were no material changes to the valuation methods or assumptions used to determine fair values, and no broker or third-party prices were changed from the values received. Derivatives: Derivatives are reported at fair market value utilizing a third-party pricing source such as the Standard & Poor’s (“S&P’) 500 index and the S&P Multi-Asset Risk Control (“MARC”) 5% index. Notes receivable : The Company held in notes receivable as of December 31, 2020, a note of $5,665,487, that includes paid-in-kind (“PIK”) interest, between American Life and a third-party that was rated by a NRSRO. This note is being carried at the fair market value. Level 3 measurements Fixed maturities: The carrying value of assets classified as fixed maturities are generally carried as unpaid principle. These fixed maturities include term loans. The inputs used to measure the fair value of these assets are classified as Level 3 within the fair value hierarchy. Embedded derivative for equity-indexed contracts : The Company has embedded derivatives in our policyholder contracts. These embedded derivatives are being carried at the fair market value as of December 31, 2020. Mortgage loans on real estate, held for investment: Mortgage loans are generally stated at principal amounts outstanding, net of deferred expenses and allowance for loan loss. Interest on loans is recognized on an accrual basis at the applicable interest rate on the principal amount outstanding. Loan origination fees and direct costs, as well as premiums and discounts, are amortized as level yield adjustments over the respective loan terms. Unamortized net fees or costs are recognized upon early repayment of the loans. Loan commitment fees are generally deferred and amortized on an effective yield basis over the term of the loan. Impaired loans are generally carried on a non-accrual status. Loans are ordinarily placed on non-accrual status when, in management’s opinion, the collection of principal or interest is unlikely, or when the collection of principal or interest is 90 days or more past due. Other invested assets: The carrying value of assets classified as other investments approximates fair value. Other invested assets include equipment leases, a fund investment, and loans held for investments. The inputs used to measure the fair value of these assets are classified as Level 3 within the fair value hierarchy. Preferred equity and warrants: The preferred equity and warrants investments were recorded at its principal value as there was no traded market values for the equity and warrants. Preferred stock: The preferred stock investment was recorded at its principal value as there was no traded market values for this stock. Policy loans: Policy loans are stated at unpaid principal balances. As these loans are fully collateralized by the cash surrender value of the underlying insurance policies, the carrying value of the policy loans approximates their fair value. Deposit-type contracts: The fair value for direct and assumed liabilities under deposit-type insurance contracts (accumulation annuities) is calculated using a discounted cash flow approach. Cash flows are projected using actuarial assumptions and discounted to the valuation date using risk-free rates adjusted for credit risk and nonperformance risk of the liabilities. The fair values for insurance contracts other than deposit-type contracts are not required to be disclosed. The following table presents the Company’s fair value hierarchy for those financial instruments measured at fair value on a recurring basis as of December 31, 2020 and 2019. Significant Quoted Other Significant In Active Observable Unobservable Estimated Markets Inputs Inputs Fair (Level 1) (Level 2) (Level 3) Value December 31, 2020 Financial assets Fixed maturities: U.S. government obligations $ — $ 6,164,983 $ — $ 6,164,983 Mortgage-backed securities — 14,757,414 — 14,757,414 Asset-backed securities — 221,773,609 — 221,773,609 States and political subdivisions — general obligations — 117,330 — 117,330 States and political subdivisions — special revenue — 6,202,204 — 6,202,204 Trust preferred — 2,284,816 — 2,284,816 Corporate — 18,608,995 107,254,007 125,863,002 Total fixed maturities — 269,909,351 107,254,007 377,163,358 Mortgage loans on real estate, held for investment — — 94,989,970 94,989,970 Derivatives — 11,361,034 — 11,361,034 Other invested assets — — 21,897,130 21,897,130 Investment escrow — 3,174,047 — 3,174,047 Preferred stock — — 3,897,980 3,897,980 Notes receivable — 5,665,487 — 5,665,487 Policy loans — — 45,573 45,573 Total Investments $ — $ 290,109,919 $ 228,084,660 $ 518,194,579 Financial liabilities Embedded derivative for equity-indexed contracts $ — $ 84,501,492 $ — 84,501,492 December 31, 2019 Fixed maturities: — U.S. government obligations — 2,081,224 — 2,081,224 Mortgage-backed securities — 798,608 — 798,608 Asset-backed securities — 95,247,824 — 95,247,824 States and political subdivisions — general obligations — 249,282 — 249,282 States and political subdivisions — special revenue — 25,291 — 25,291 Corporate — 18,839,632 — 18,839,632 Total fixed maturities — 117,241,861 — 117,241,861 Mortgage loans on real estate, held for investment — — 13,810,041 13,810,041 Derivatives — 575,294 — 575,294 Investment escrow — 3,899,986 — 3,899,986 Other invested assets — — 2,468,947 2,468,947 Preferred stock — — 500,000 500,000 Policy loans — — 106,014 106,014 Total Investments $ — $ 121,717,141 $ 16,885,002 $ 138,602,143 Financial liabilities Embedded derivative for equity-indexed contracts $ — $ 576,634 $ — 576,634 There were no reclassifications of financial instruments between Level 1, Level 2, and Level 3 during the years ended December 31, 2020 or 2019. Accounting standards require disclosure of the fair value of financial assets and financial liabilities, including those financial assets and financial liabilities that are not measured and reported at fair value on a recurring basis or non-recurring basis. The methodologies for estimating the fair value of financial assets and financial liabilities that are measured at fair value on a recurring basis are discussed above. There were no financial assets or financial liabilities measured at fair value on a non-recurring basis. The following disclosure contains the carrying values, estimated fair values and their corresponding placement in the fair value hierarchy, for financial assets and financial liabilities as of December 31, 2020 and 2019, respectively: December 31, 2020 Fair Value Measurements Using Quoted Prices in Active Markets Significant Other Significant for Identical Assets Observable Unobservable Carrying and Liabilities Inputs Inputs Fair Amount (Level 1) (Level 2) (Level 3) Value Assets: Policy loans $ 45,573 $ — $ — $ 45,573 $ 45,573 Cash and cash equivalents 151,679,274 100,566,580 51,112,694 — 151,679,274 Liabilities: Policyholder deposits (Deposit-type contracts) 597,868,472 — — 597,868,472 597,868,472 December 31, 2019 Fair Value Measurements Using Quoted Prices in Active Markets Significant Other Significant for Identical Assets Observable Unobservable Carrying and Liabilities Inputs Inputs Fair Amount (Level 1) (Level 2) (Level 3) Value Assets: Policy loans $ 106,014 $ — $ — $ 106,014 $ 106,014 Cash and cash equivalents 43,716,205 26,230,027 17,486,178 — 43,716,205 Liabilities: Policyholder deposits (Deposit-type contracts) 171,168,785 — — 171,168,785 171,168,785 The following table presents a reconciliation of the beginning balance for all investments measured at fair value on a recurring basis using level three inputs during the years ended December 31, 2020 and 2019. Beginning Ending Balance Balance As of As of December 31, Valuation December 31, 2019 Additions Sales Allowance Impairment 2020 Assets Policy loans $ 106,014 $ — $ 60,441 $ — $ — $ 45,573 Mortgage loans on real estate, held for investment 13,810,041 99,356,435 18,176,506 — — 94,989,970 Other invested assets 2,468,947 78,620,694 54,517,558 (776,973) 25,795,110 Fixed maturities — 107,254,007 — — — 107,254,007 Investment escrow — 3,174,047 — — — 3,174,047 Preferred stock 500,000 3,897,980 — — (500,000) 3,897,980 Total Investments $ 16,885,002 $ 292,303,163 $ 72,754,505 $ (776,973) $ (500,000) $ 235,156,687 Significant Unobservable Inputs —Significant unobservable inputs occur when we could not obtain or corroborate the quantitative detail of the inputs. This applies to fixed maturity securities, preferred stock, mortgage loans and certain derivatives, as well as embedded derivatives in liabilities. Additional significant unobservable inputs are described below. Interest sensitive contract liabilities – embedded derivative – Significant unobservable inputs we use in the fixed indexed annuities embedded derivative of the interest sensitive contract liabilities valuation include: 1) Nonperformance risk – For contracts we issue, we use the credit spread, relative to the US Department of the Treasury (Treasury) curve based on our public credit rating as of the valuation date. This represents our credit risk for use in the estimate of the fair value of embedded derivatives. 2) Option budget – We assume future hedge costs in the derivative’s fair value estimate. The level of option budgets determines the future costs of the options and impacts future policyholder account value growth. 3) Policyholder behavior – We regularly review the lapse and withdrawal assumptions (surrender rate). These are based on our initial pricing assumptions updated for actual experience. Actual experience may be limited for recently issued products. The following summarizes the unobservable inputs for AFS and trading securities and the embedded derivatives of fixed indexed annuities: December 31, 2020 (In millions, except for percentages) Fair value Valuation technique Unobservable inputs Minimum Maximum Weighted average* Impact of an increase in the input on fair value Interest sensitive contract liabilities - fixed indexed annuities embedded derivatives $84.5 Option Budget Method Nonperformance risk 0.3% 1.3% 0.7% Decrease Option budget 2.6% 3.4% 2.7% Increase Surrender rate 0.5% 15% (base) 7.6% Decrease * Weighted by account value

Income Tax Matters

Income Tax Matters	12 Months Ended
	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Income Tax Matters	Note 7. Income Tax Matters Significant components of the Company’s deferred tax assets and liabilities as of December 31, 2020 and 2019 are as follows: December 31, 2020 December 31, 2019 Deferred tax assets: Loss carryforwards $ 1,556,855 $ 436,777 Capitalized costs 174,364 221,918 Stock option granted 14,270 4,566 Unrealized losses on investments 1,534,332 — Policy acquisition costs 2,243,267 1,468,030 Charitable contribution carryforward 2,490 1,020 Property and equipment — 15,508 Sec 163(j) limitation 153,809 — Benefit reserves 3,568,914 848,643 Total deferred tax assets 9,248,301 2,996,462 Less valuation allowance (7,001,687) (2,618,741) Total deferred tax assets, net of valuation allowance 2,246,614 377,721 Deferred tax liabilities: Unrealized losses on investments 1,994,232 116,088 Due premiums 81,789 81,789 Intangible assets 147,000 147,000 Policy loans — 32,844 Bond Discount 20,556 — Property and equipment 3,037 — Total deferred tax liabilities 2,246,614 377,721 Net deferred tax assets $ — $ — At December 31, 2020 and 2019, the Company recorded a valuation allowance of $7,001,687 and $2,618,741, respectively, on the deferred tax assets to reduce the total to an amount that management believes will ultimately be realized. Realization of deferred tax assets is dependent upon sufficient future taxable income during the period that deductible temporary differences and carry forwards are expected to be available to reduce taxable income. There was income tax expense of $1,584,769 and $234,180 for the years ended December 31, 2020, and 2019. This differed from the amounts computed by applying the statutory U.S. federal income tax rate of 21% to pretax income, as a result of the following: Year ended December 31, 2020 2019 Computed expected income tax benefit $ (2,237,592) $ (1,154,890) Increase (reduction) in income taxes resulting from: State tax net of federal benefit 158,316 — IMR and reinsurance 25,571 — Nondeductible expenses 5,321 6,170 Change in valuation allowance 4,048,477 1,196,724 Dividends received deduction (10,308) — COD Interest — 177,563 Prior year true-up (405,016) 8,613 Subtotal of increases 3,822,361 1,389,070 Tax expense $ 1,584,769 $ 234,180 Section 382 of the Internal Revenue Code limits the utilization of U.S. net operating loss (“NOL”) carryforwards following a change of control, which occurred on June 28, 2018. As of December 31, 2020, the deferred tax assets included the expected tax benefit attributable to federal NOLs of $7,798,793. The federal NOLs generated prior to June 28, 2018 which are subject to Section 382 limitation can be carried forward. If not utilized, the NOLs of $798,236 prior to 2017 will expire through the year of 2032, and the NOLs generated from June 28, 2018 to December 31, 2020 do not expire and will carry forward indefinitely, but their utilization in any carry forward year is limited to 80% of taxable income in that year. The Company believes that it is more likely than not that the benefit from federal NOL carryforwards will not be realized; thus, we have recorded a full valuation allowance of $5,080,148 on the deferred tax assets related to these federal NOL carryforwards. Loss carry forwards for tax purposes as of December 31, 2020, have expiration dates that range from 2024 through 2040.

Reinsurance

Reinsurance	12 Months Ended
	Dec. 31, 2020
Reinsurance Disclosures [Abstract]
Reinsurance	Note 8. Reinsurance A summary of significant reinsurance amounts affecting the accompanying consolidated financial statements as of December 31, 2020 and 2019 and for the years ended December 31, 2020 and 2019, is as follows (excluding Unified): December 31, 2020 December 31, 2019 Balance sheets: Benefit and claim reserves ceded $ 32,146,042 $ 30,579,524 Year ended December 31, 2020 2019 Statements of comprehensive (loss) income: Premiums ceded $ 884,266 $ 996,711 Benefits ceded 222,834 201,823 Commissions ceded 10,163 10,445 The following table provides a summary of the significant reinsurance balances recoverable on paid and unpaid policy claims by reinsurer except for Unified as it is accounted for as discontinued operations as of December 31, 2020: Recoverable on Total Amount Recoverable Recoverable Benefit Ceded Recoverable AM Best on Paid on Unpaid Reserves/Deposit- Due from Reinsurer Rating Losses Losses type Contracts Premiums Reinsurer Ironbound Reinsurance Company Limited NR $ — $ — $ — $ — $ — Optimum Re Insurance Company A — — 524,734 — 524,734 Sagicor Life Insurance Company A- — 141,107 11,285,364 276,596 11,149,875 SDA Annuity & Life Re NR — — 3,540,697 — 3,540,697 Crestline SP 1 NR — — 9,695,427 — 9,695,427 US Alliance Life and Security Company NR — — 7,264,229 28,920 7,235,309 $ — $ 141,107 $ 32,310,451 $ 305,516 $ 32,146,042 The following table provides a summary of the significant reinsurance balances recoverable on paid and unpaid policy claims by reinsurer except for Unified as it is accounted for as discontinued operations as of December 31, 2019: Recoverable on Total Amount Recoverable Recoverable Benefit Ceded Recoverable AM Best on Paid on Unpaid Reserves/Deposit- Due from Reinsurer Rating Losses Losses type Contracts Premiums Reinsurer Ironbound Reinsurance Company Limited NR $ — $ — $ 4,213,699 $ — $ 4,213,699 Optimum Re Insurance Company A — — 489,770 — 489,770 Sagicor Life Insurance Company A- — 130,538 11,347,962 270,273 11,208,227 SDA Annuity & Life Re NR — — 2,506,911 — 2,506,911 US Alliance Life and Security Company NR — 23,000 12,207,079 69,162 12,160,917 $ — $ 153,538 $ 30,765,421 $ 339,435 $ 30,579,524 Due to the market price increases in 2020, certain assets that were carried on our balance sheet have resulted in approximately $8.0 million of unrealized gains as of December 31, 2020. As discussed in “Note. 1. Nature of Operations and Basis of Presentation – Comprehensive loss,” American Life has treaties with several third-party reinsurers that have funds withheld and modified coinsurance provisions. Under those provisions, the assets backing the treaties are maintained by American Life as collateral but the assets and total returns or losses on the asset portfolios belong to the third-party reinsurers. Under GAAP this arrangement is considered an embedded derivative as discussed in Note 5. As a result of the market volatility, the assets had unrealized gains of approximately $2.9 million as of December 31, 2020. The terms of the contracts with the third-party reinsurers provide that unrealized gains on the portfolios accrue to the third-party reinsurers. Accordingly, the unrealized gains on the assets held by American Life were offset by a loss in the embedded derivative of $2.9 million. We account for this gain pass through by recording equivalent realized losses on our income statement. Effective July 25, 2019, American Life entered into a Funds Withheld Coinsurance and Modified Coinsurance Agreement (“FW/Modco Ironbound Agreement”) with Ironbound Reinsurance Company Limited, an unaffiliated reinsurance company organized under the laws of Barbados (“Ironbound”). Under the FW/Modco Ironbound Agreement, American Life ceded to Ironbound, on a funds withheld coinsurance and modified coinsurance basis, an initial 95% quota share of certain liabilities with respect to its MYGA business. Starting on March 1, 2020, the quota share dropped to 30% and then again on March 11, 2020 the quota share dropped to 0%. American Life has established two accounts to hold the assets for the FW/Modco Ironbound Agreement, a Funds Withheld Account and a Modco Deposit Account. In addition, a trust account was established on June 30, 2019 among American Life, Ironbound and Wells Fargo Bank, National Association for the sole benefit of American Life to fund the Funds Withheld Account and the Modco Deposit Account for any shortage in required reserves. The initial settlement included net premium income of $45,005,536 (gross premiums of $46,568,321 minus gross commissions paid of $1,562,786) and net statutory reserves of $44.904,704. The initial settlement for the Funds Withheld Account was $24,928,934 and for the Modco Deposit Account was $16,619,289 and the reserves required were $26,944,622 and $17,963,081, respectively. The amount owed by Ironbound to the Funds Withheld Account and the Modco Deposit Account from the trust account was $2,015,688 and $1,343,792, respectively which was funded at the closing of the Ironbound transaction. Effective November 7, 2019, American Life entered into a Funds Withheld Coinsurance and Modified Coinsurance Agreement (“FW/Modco SDA Agreement”) with SDA Annuity & Life Re (“SDA”), a Cayman Islands-domiciled reinsurance company. Under the FW/Modco SDA Agreement, American Life cedes to SDA, on a funds withheld coinsurance and modified coinsurance basis, 5% quota share of certain liabilities with respect to its multi-year guaranteed annuity MYGA business and an initial 95% quota share of certain liabilities with respect to its fixed indexed annuity FIA through December 31, 2019 and thirty 30% through September 30, 2020. American Life has established two accounts to hold the assets for the FW/Modco Agreement, a Funds Withheld Account and a Modco Deposit Account. In addition, a trust account was established on November 7, 2019 among American Life, SDA and Wells Fargo Bank, National Association for the sole benefit of American Life to fund the SDA Funds Withheld Account and the SDA Modco deposit account for any shortage in required reserves. The initial settlement included net premium income of $3,970,509 and net statutory reserves of $3,986,411. The initial settlement for the funds withheld account was $2,256,802 and for the Modified coinsurance deposit was $1,504,535 and the reserves required was $2,391,847 and $1,594,564, respectively. The amount owed to the funds withheld account and the Modified coinsurance deposit account from the trust account was $135,044 and $90,029, respectively which was funded at the closing of the SDA transaction. Effective August 25, 2020, the quota share was reduced to 0% for both MYGA and FIA products. Effective April 15, 2020, American Life entered into a Funds Withheld and Funds Paid Coinsurance Agreement (“US Alliance Agreement”) between American Life and US Alliance Life and Security Company, a Kansas reinsurance company (“US Alliance”). Under the US Alliance Agreement, American Life will cede to US Alliance, on a funds withheld and funds paid coinsurance basis, an initial 49% quota share of certain liabilities with respect to American Life’s FIA business effective January 1, 2020 through March 31, 2020. Effective from March 1, 2020 through March 10, 2020, American Life will cede a 45.5% quota share of certain liabilities with respect to its MYGA business to US Alliance. Effective March 11, 2020 through March 31, 2020, on a funds withheld and funds paid coinsurance basis, the quota share will increase to 66.5% of certain liabilities with respect to its MYGA business. Effective April 1, 2020, the FIA quota share was reduced to 40% and the MYGA quota share was reduced to 25%. American Life has established a US Alliance Funds Withheld Account to hold the assets for the US Alliance Agreement. In addition, a trust account was established among American Life, US Alliance and Capitol Federal Savings Bank, for the sole benefit of American Life to fund the Funds Withheld Account for any shortage in required reserves. The initial settlement included net premium income of $13,542,325 and net statutory reserves of $14,706,862. The initial settlement for the Funds Withheld Account was $12,729,785 and to the trust account was $812,539 from American Life and $5,000,000 from US Alliance. Effective June 30, 2020, the FIA quota share was reduced to 0% and effective July 1, 2020, the MYGA quota share was reduced to 0%. Effective April 24, 2020, American life entered into a Master Letter Agreement with Seneca Re and Crestline regarding a flow of annuity reinsurance and related asset management, whereby Crestline agreed to provide reinsurance funding for a quota share percentage of 25% of the liabilities of American Life arising from the MYGA and a quota share percentage of 40% of the FIA products. This agreement expires on April 24, 2023. On July 23, 2020, the Nebraska Department of Insurance (“NDOI”) approved the Funds Withheld Coinsurance and Modified Coinsurance Agreement with Seneca Incorporated Cell, LLC 2020-02 (“SRC2”) of Seneca Re, now known as Crestline SP1. The agreement closed on July 27, 2020. Under the agreement, American Life ceded to SRC2, on a Funds Withheld and Modified Coinsurance basis, an initial 25% quota share of certain liabilities with respect to American Life’s MYGA business and 40% quota share of certain liabilities with respect to American Life’s FIA business effective April 24,2020. American Life has established a SRC2 Funds Withheld Account and a Modified Coinsurance Account to hold the assets pursuant to the agreement. The NDOI approved the inclusion of the SRC2 coinsurance in American Life’s September 30, 2020 statutory financial statements. Effective July 1, 2018, American Life entered into an assumptive and indemnity coinsurance transaction with Unified to transfer 100% of the risk related to the remaining legacy block of business, see Note 2 above for further discussion. We transferred $19,311,616 of GAAP net adjusted reserves as of July 1, 2018 to Unified for cash of $14,320,817, which was net of a ceding allowance of $3,500,000 plus the accrued interest on the transaction from July 1, 2018 until it closed on December 10, 2018. Unified assumed certain responsibilities for incurred claims, surrenders and commission from the effective date. The ceding commission of $3,500,000 was recorded net of the difference between statutory and GAAP net adjusted reserves, the elimination of DAC of $1,890,013, value of business acquired (“VOBA“) of $338,536, and the remaining deferred profit from our legacy business of $26,896. The remaining $3,069,690 was reflected as a deferred gain and will be recognized into income over the expected duration of the legacy blocks of business. As of December 31, 2020, Unified had converted 90% of the indemnity coinsurance to assumptive coinsurance. American Life had amortization income for the year ended December 31, 2020 of $305,959 as a result of the assumption of the additional 11% of the indemnity policies compared to the 79% assumed as of December 31, 2019. The ending deferred ceding commission at December 31, 2020 and 2019 was $276,935 and $582,894, respectively. Under GAAP, ceding commissions are deferred on the balance sheet and are amortized over the period of the policyholder contracts. The tables below shows the ceding commissions from the reinsurers excluding SRC1 and what was earned on a GAAP basis: Year ended December 31, 2020 2019 Reinsurer Effective Date Gross Ceding Commission Expense (1) Interest on Ceding Commissions Earned Gross Ceding Commission Expense Interest on Ceding Commissions Earned Ironbound Reinsurance Company Limited July 2019 $ 688,110 $ 703,163 $ 220,635 $ 435,366 $ 4,843,120 $ 4,734,926 $ 77,800 $ 126,429 SDA Annuity & Life Re November 2019 1,354,304 2,616,888 67,246 78,012 996,701 1,734,184 27,827 45,220 US Alliance Life and Security Company (2) November 2019 2,278,511 4,030,614 38,719 139,313 — — — — Crestline SP 1 July 2020 6,242,612 11,798,718 48,419 190,477 — — — — $ 10,563,537 $ 19,149,383 $ 375,019 $ 843,168 $ 5,839,821 $ 6,469,110 $ 105,627 $ 171,649 (1) Includes: acquisition and administrative expenses, commission expense allowance and product development fees. (2) US Alliance Life and Security Company funds withheld and funds paid treaty The tables below shows the ceding commissions deferred on each reinsurance transaction on a GAAP basis: December 31, 2020 December 31, 2019 Reinsurer Effective Date Deferred Ceding Commission Deferred Ceding Commission US Alliance Life and Security Company (1) September 2017 $ 172,297 $ 858,675 Unified Life Insurance Company (1) July 2018 276,935 582,894 Ironbound Reinsurance Company Limited (2) July 2019 5,642,095 5,060,359 SDA Annuity & Life Re (2) November 2019 2,703,496 1,076,267 US Alliance Life and Security Company (3) April 2020 2,472,559 — Crestline SP 1 July 2020 6,931,375 — $ 18,198,757 $ 7,578,195 (1) These reinsurance transactions on our legacy business received gross ceding commissions on the effective dates of the transaction. The difference between the statutory net adjusted reserves and the GAAP adjusted reserves plus the elimination of DAC and value of business acquired (“VOBA”) related to these businesses reduces the gross ceding commission with the remaining deferred and amortized over the lifetime of the blocks of business. (2) These reinsurance transactions include the ceding commissions and expense allowances which are accounted for as described in (1). (3) US Alliance Life and Security Company funds withheld and funds paid treaty. The use of reinsurance does not relieve American Life of its primary liability to pay the full amount of the insurance benefit in the event of the failure of a reinsurer to honor its contractual obligation for all blocks of business except what is included in the Unified transaction. The reinsurance agreement with Unified discharges American Life’s responsibilities once all the policies have changed from indemnity to assumptive reinsurance. No reinsurer of business ceded by American Life has failed to pay policy claims (individually or in the aggregate) with respect to our ceded business. American Life monitors several factors that it considers relevant to satisfy itself as to the ongoing ability of a reinsurer to meet all obligations of the reinsurance agreements. These factors include the credit rating of the reinsurer, the financial strength of the reinsurer, significant changes or events of the reinsurer, and any other relevant factors. If American Life believes that any reinsurer would not be able to satisfy its obligations with American Life, separate contingency reserves may be established. At December 31, 2020 and 2019, no contingency reserves were established. American Life expects to reinsure substantially all of its new insurance policies with a variety of reinsurers in exchange for upfront ceding commissions, expense reimbursements and administrative fees. American Life may retain some business with the intent to reinsure some or all at a future date.

Notes Payable

Notes Payable	12 Months Ended
	Dec. 31, 2020
Debt Disclosure [Abstract]
Notes Payable	Note 9. Notes Payable On June 28, 2018, we underwent a change in control as a result of the closing of a Loan, Convertible Preferred Stock and Convertible Senior Secured Note Purchase Agreement dated May 9, 2018 (the “Agreement”) with a non-affiliated third-party, Xenith. Vespoint LLC, a Delaware limited liability company (“Vespoint”), owns 100% of the voting stock of Xenith. Vespoint is owned and managed by AMS Advisors LLC, a Delaware limited liability company, and Rendezvous Capital LLC, a New York limited liability company. Each of these companies is a private investment company; they are controlled by Michael Minnich and A. Michael Salem, who are Co-Chief Executive Officers of Vespoint and Executive Officers of Midwest and American Life. At closing of the Agreement with Xenith, it loaned a total of $600,000 to Midwest, repayable upon maturity in 10 years with interest of 8% per annum with 4% payable quarterly and another 4% accrued and payable upon maturity. The loans were made under two notes of $500,000 and $100,000, respectively. The Agreement further provided that Xenith, in its sole discretion, could loan up to an additional $23,500,000 to Midwest. Any loans made by Xenith under this election (“Subsequent Loans”) could also to be converted into Midwest’s voting common stock at $10.29 per share. Xenith contributed an additional $18,500,000 in the fourth quarter of 2018 following the amendment of the Midwest Articles of Incorporation to increase its authorized voting common shares. All loans were later converted into Midwest voting common stock on June 18, 2019. Any additional borrowing capacity was terminated by written mutual consent in April 2020. The Company had total accrued interest of $845,536 on the Xenith notes through June 18, 2019. All interest on the notes from inception through June 18, 2019 was waived by Xenith. The accrued interest was accounted for as an additional capital contribution. The legal fees of $161,000 associated with the Xenith transaction were capitalized and subsequently written off when the notes were converted. The following table sets forth information regarding loans made to us by Xenith and the number of shares of voting common stock each loan was converted into on June 18, 2019: Shares of Common Stock into which Loan Loans Were Principal Converted Date of Loan Amount As Restated June 28, 2018 $ 500,000 48,570 June 28, 2018 100,000 9,714 October 10, 2018 1,000,000 97,139 December 7, 2018 17,500,000 1,699,938 Total $ 19,100,000 1,855,361 As of December 31, 2020, Midwest had no notes outstanding to Xenith.

Long-Term Incentive Plans

Long-Term Incentive Plans	12 Months Ended
	Dec. 31, 2020
Long-Term Incentive Plans
Long-Term Incentive Plans	Note 10. Long-Term Incentive Plans 2019 Plan On June 11, 2019, our Board of Directors approved the Midwest Holding Inc. Long-Term Incentive Plan (the ”2019 Plan”) that reserves up to 102,000 shares of our voting common stock for award issuances. It provides for the grant of options, restricted stock awards, restricted stock units, stock appreciation rights, performance units, performance bonuses, stock awards and other incentive awards to eligible employees, consultants and eligible directors, subject to the conditions set forth in the 2019 Plan. All awards are required to be established, approved, and/or granted by the compensation committee of our Board. On July 19, 2019, we granted stock options for 17,900 shares of voting common stock under the 2019 Plan that are exercisable during a ten-year period after the date of grant at a price of $25.00 per share, with one-third exercisable after July 17, 2021 and two-thirds exercisable after July 17, 2023. The fair market value of the shares was $8.00 per share at the grant date. Management considered the stock options as compensation. Using the BlackScholes Model we determined the compensation expense was $143,200. The factors we used to determine the expense were: the weighted average fair market value at grant date of $8.00 per share, the exercise price of $25.00 per share, the option term of 10 years, an annual risk-free interest rate of 1.84% based upon the 10-year U.S. Treasury rate at grant date, volatility of the price of the stock before the date of the grants, the amount of shares and the closely held nature of the stock before the grants. On July 21, 2020, we granted stock options for 26,300 shares of voting common stock. Management considered the stock options as compensation. Using the BlackScholes Model we determined the compensation expense was $334,950. The factors we used to determine the expense were: the weighted average fair market value at grant date of $14.50 per share, the exercise price of per share, the time to maturity of 10 years, an annual risk-free interest rate of .55% based upon the 10-year U.S. Treasury rate at grant date and a 60% volatility based on a valuation by an outside evaluator relating to the grants of these options. On September 15, 2020, we granted stock options for 6,667 shares of voting common stock at an exercise price of $25.00 per share. Management considered the stock options grants as compensation expense. Using the BlackScholes Model we determined the compensation expense was $144,014. The factors we used to determine the expense were: the weighted average fair market value at grant date of $21.60 per share, the exercise price of $41.25 per share, the time to maturity of 10 years, an annual risk-free interest rate of .69% based upon the 10-year U.S. Treasury rate at grant date and a 66.2% volatility based on a valuation by an outside evaluator relating to the grants of these options. On November 16, 2020, we granted stock options for 35,058 shares of voting common stock at an exercise price of $41,25 per share. Management considered the stock options grant as compensation expense. Using the BlackScholes Model we determined the compensation expense was $1,032,458. The factors we used to determine the expense were: the weighted average fair market value at grant date of $29.45 per share, the exercise price of $41.25 a per share, the time to maturity of 10 years, an annual risk-free interest rate of .91% based upon the 10-year U.S. Treasury rate at grant date and a 66.3% volatility based on a valuation by an outside evaluator relating to the grant of these options. Also ,on November 16, 2020 we granted an award of restricted stock for 18,597 shares of voting common stock to an officer. Management considered the restricted stock grant as compensation expense. Using the BlackScholes Model we determined the compensation expense was $547,682. The factors we used to determine the expense were: the weighted average fair market value at grant date of $29.45 per share, the exercise price of $41.25 per share, an annual risk-free interest rate of .91% based upon the 10-year U.S. Treasury rate at grant date and a 66.3% volatility based on a valuation by an outside evaluator relating to this restricted stock grant. On May 1, 2020, stock options for 200 shares with a fair market value of $8.0 per share, became vested in connection with the resignation of two Board members. For the year ended December 31, 2020 and 2019, we amortized the compensation expense, from the stock grants on the three dates above, over the two and four year vesting tranches as an expense and an increase in additional paid in capital of $163,664 and $21,745, respectively. The table below shows the remaining non-vested shares under the 2019 Plan as of December 31, 2020 and 2019, respectively: Year ended December 31, 2020 2019 Stock Options/ (1) Stock Options (1) Beginning balance 17,900 — Options granted 68,025 17,900 Restricted stock granted 18,597 — Forfeited (3,350) — Vested (200) — Ending Balance 100,972 17,900 (1) Reflects reverse stock split of 500:1 as of August 27, 2020

Deposit-Type Contracts

Deposit-Type Contracts	12 Months Ended
	Dec. 31, 2020
Separate Accounts Disclosure [Abstract]
Deposit-Type Contracts	Note 11. Deposit-Type Contracts The Company’s deposit-type contracts represent the contract value that has accrued to the benefit of the policyholder as of the balance sheet date. Liabilities for these deposit-type contracts are included without reduction for potential surrender charges. This liability is equal to the accumulated account deposits, plus interest credited, and less policyholder withdrawals. The following table provides information about deposit-type contracts for the years ended December 31, 2020 and 2019: December 31, 2020 December 31, 2019 Beginning balance $ 171,168,785 $ 7,234,927 US Alliance (3,307,587) 657,986 Ironbound Reinsurance Company Limited 6,080,196 1,839,551 SDA Annuity & Life Re (includes MVA adjustment and embedded derivative) 3,053,160 194,940 Crestline SP 1 3,606,833 — Deposits received 415,561,302 161,392,700 Investment earnings (includes embedded derivative) 4,214,828 9,271 Withdrawals (2,509,045) (160,590) Ending balance $ 597,868,472 $ 171,168,785

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 12. Commitments and Contingencies Legal Proceedings: We are involved in litigation incidental to our operations from time to time. We are not presently a party to any legal proceedings other than litigation arising in the ordinary course of our business, and we are not aware of any claims that could materially affect our financial position or results of operations. Regulatory Matters: State regulatory bodies and other regulatory bodies regularly make inquiries and conduct examinations or investigations concerning the Company’s compliance with laws in relation to, but not limited to, insurance and securities matters. American Life received a Certificate of Authority to conduct business in Iowa during the first quarter of 2019. American Life received a Certificate of Authority to conduct business during 2020 from each of the following states and the District of Columbia: Utah, Montana, Louisiana and Ohio. American Life has pending applications in six additional states that are expected to be approved by the end of 2020. The Nebraska Department of Insurance (“NDOI”) granted American Life approval to enter into the Funds Withheld Coinsurance and Modified Coinsurance Agreement with Ironbound prior to closing of the agreement in July 2019. The NDOI granted American Life approval to enter into the Funds Withheld Coinsurance and Modified Coinsurance Agreement with SDA prior to closing F-45 of the agreement in December 2019. The NDOI granted American Life approval to enter into the Funds Withheld and Funds Paid Coinsurance Agreement with US Alliance prior to closing of the agreement on April 15, 2020. The NDOI granted American Life approval to enter into the Funds Withheld and Modified Coinsurance Agreement with Seneca Re through SRC1 prior to closing of the agreement on May 13, 2020. The NDOI granted American Life approval to enter into the FW and Modco Agreement with Seneca Re SRC2 prior to closing of the agreement on July 23, 2020.

Leases

Leases	12 Months Ended
	Dec. 31, 2020
Leases [Abstract]
Leases	Note 13. Leases Our operating lease activities consist of leases for office space and equipment. Our finance lease activities consist of leases for hardware which we will own at the end of the lease agreement. None of our lease agreements include variable lease payments. See the discussion of our January 1, 2019 implementation of a new accounting standard for leases and its impact on our Consolidated Financial Statements at Note 1. New Accounting Standards. Supplemental balance sheet information for our leases for the years ended December 31, 2020 and 2019, are as follows: As of As of Leases Classification December 31, 2020 December 31, 2019 Assets Noncurrent: Finance Office and other equipment, net of accumulated depreciation and amortization $ — $ 2,913 Operating Operating lease right-of-use assets 348,198 470,132 Total leased assets $ 348,198 $ 473,045 Liabilities Current: Finance lease Finance lease liabilities $ — $ 1,860 Noncurrent: Operating lease Operating lease liabilities 396,911 524,248 Total leased liabilities $ 396,911 $ 526,108 The difference between assets and liabilities includes a $5,266 adjustment to the finance lease and a $54,454 adjustment to an operating lease, both on January 1, 2019 as part of the ASC 842 implementation adjustment discussed in Note 2. New Accounting Standards. Our operating and finance leases expenses for the years ended December 31, 2020 and 2019, are as follows: Year ended December 31, Leases Classification 2020 2019 Operating General and administrative expense $ 8,731 $ 13,797 Finance lease cost: Amortization expense 2,913 11,651 Interest expense 111 444 Minimum contractual obligations for our leases as of December 31, 2020 are as follows: Operating Leases 2021 $ 164,081 2022 156,608 2023 161,674 2024 13,508 Total remaining lease payments $ 495,871 Supplemental cash flow information related to leases was as follows: Year ended December 31, 2020 2019 Cash payments Operating cash flows from operating leases $ (5,404) $ (337) Operating cash flows from finance leases 1,164 4,657 Financing cash flows from finance leases (111) (444) The weighted average remaining lease terms of our operating leases were approximately one and a half years, respectively as of December 31, 2020. The weighted average discount rate used to determine the lease liabilities for finance leases was 6% and operating leases was 8% as of December 31, 2020 and 2019, respectively. The discount rate used for finance leases was based on the rates implicit in the leases. The discount rate used for operating leases was based on our incremental borrowing rate.

Statutory Net Income and Surplu

Statutory Net Income and Surplus	12 Months Ended
	Dec. 31, 2020
Statutory Net Income and Surplus [Abstract]
Statutory Net Income and Surplus	Note 14. Statutory Net Income and Surplus American Life is required to prepare statutory financial statements in accordance with statutory accounting practices prescribed or permitted by the Nebraska Department of Insurance. Statutory practices primarily differ from GAAP by charging policy acquisition costs to expense as incurred, establishing future policy benefit liabilities using different actuarial assumptions as well as valuing investments and certain assets and accounting for deferred taxes on a different basis. As filed in the statutory-basis annual statement with the Nebraska Department of Insurance, American Life’s statutory net gains for the year ended December 31, 2020 and 2019 were $3,893,041 and $1,317,885, respectively. Capital and surplus of American Life as of December 31, 2020 and 2019 was $77,446,537 and $19,507,325, respectively. The increase in capital and surplus of American Life was due to capital contributions from Midwest to American Life of $55.0 million during 2020. The net gain was primarily due to the ceding commission and reserve adjustments earned on the Ironbound, SDA, US Alliance, SRC1, and Crestline Re SP 1 reinsurance transactions; offset by continuing expenses incurred to provide services on the new software and related technology to distribute products through national marketing organizations. The MYGA sales began late in January 2019 with $145,747,737 of face amount of MYGA policies and $15,616,831 of face amount of FIA policies issued during 2019. MYGA and FIA sales were $114,661,090 and $300,900,211, respectively with an additional $2,632,158 of MYGA and $39,930,262 of FIA sales were pending as of December 31, 2020. State insurance laws require American Life to maintain certain minimum capital and surplus amounts on a statutory basis. Our insurance subsidiary is subject to regulations that restrict the payment of dividends from statutory surplus and may require prior approval from its domiciliary insurance regulatory authorities. American Life is also subject to risk-based capital (“RBC”) requirements that may further affect its ability to pay dividends. American Life’s statutory capital and surplus at December 31, 2020 and 2019, exceeded the amount of statutory capital and surplus necessary to satisfy regulatory requirements, including the RBC requirements. As of December 31, 2020, American Life had an invested asset that was impaired as a result of the fair market of the underlying collateral being valued less that the book value. This was non-admitted for statutory accounting. This asset was held in our modified coinsurance account for Ironbound so it was passed through to the third-party reinsurer through as a reduction of the investment income earned by the third-party reinsurer. As of December 31, 2020 and 2019, American Life did not hold any participating policyholder contracts where dividends were required to be paid.

Third-party Administration

Third-party Administration	12 Months Ended
	Dec. 31, 2020
Related party Transactions [Abstract]
Third-party Administration	Note 15. Third-party Administration The Company commenced its third-party administrative (“TPA”) services in 2012 as an additional revenue source. These services are offered to non-affiliated entities. These agreements, for various levels of administrative services on behalf of each company, generate fee income for the Company. Services provided vary based on their needs and can include some or all aspects of back-office accounting and policy administration. TPA fee income earned for TPA administration during the year ended December 31, 2020 and 2019 were $142,222 and $43,300, respectively.

Reverse Stock Split

Reverse Stock Split	12 Months Ended
	Dec. 31, 2020
Equity [Abstract]
Reverse Stock Split	Note 16. Reverse Stock Split On August 10, 2020, Midwest filed Articles of Amendment of Amended and Restated Articles of Incorporation (“Amendment”) that changed the total number of shares that the Company is authorized to issue to 22,000,000 shares of common stock, of which 20,000,000 were designated as voting common stock with a par value of $0.001 per share and 2,000,000 designated as non-voting common stock with a par value of $0.001 per share. The Amendment also provides for 2,000,000 shares of preferred stock with a par value of $0.001 per share. The Amendment provided that upon effectiveness, each 500 shares of voting common stock either issued or outstanding would be converted into one share of voting common stock through a reverse stock split. Fractional shares were not issued in connection with the reverse stock split but were paid out in cash. The Company paid approximately $175,000 for those fractional shares and is now holding treasury stock represented by that amount. Outstanding shares as of December 31, 2020 and 2019, were 3,737,564 and 2,042,670, respectively. The effective date, August 27, 2020, for the reverse stock split was retrospectively applied to these financial statements.

Capital Raise

Capital Raise	12 Months Ended
	Dec. 31, 2020
Capital Raise [Abstract]
Capital Raise	Note 17. Capital Raise On December 17, 2020, Midwest announced that it priced a public offering of 1,000,000 shares of its voting common stock offered by the Company at a price to the public of $70.00 per share. The Midwest voting common stock was approved for listing on the Nasdaq Capital Market under the ticker symbol “MDWT.” The offering closed on December 21, 2020. A registration statement relating to this offering was declared effective by the Securities and Exchange Commission (the “SEC”) on December 16, 2020. The offering was made only by means of a prospectus. Midwest raised $70,000,000 proceeds from the capital raise and incurred deal expenses of approximately $4,636,102 that was offset against those proceeds.

Equity

Equity	12 Months Ended
	Dec. 31, 2020
Stockholders' Equity Note [Abstract]
Equity	Note 18. Equity Preferred stock As of December 31, 2020 and 2019, the Company had 2,000,000 shares of preferred stock authorized but none issued or outstanding. Common Stock The voting common stock is traded on the National Association of Securities Dealers (“NASDAQ”) under the symbol “MDWT”. Midwest voting common stocks par value is $0.001 and has authorized 20,000,000 shares. As of December 31, 2020 and 2019, Midwest had 3,737,564 and 2,042,670, respectively, shares issued and outstanding. Midwest holds treasury stock of approximately $175,000 due to the reverse stock split discussed in Note 16 above. Additional paid-in capital Additional paid-in capital is primarily comprised of the cumulative excess cash received by the Company in conjunction with past issuances of Common Stock shares. It also is increased by the amortization expense of the consideration calculated at inception of the stock option grant as discussed in Note. 10 – Long-Term Incentive Plan above. Accumulated Other Comprehensive Income (Loss) AOCI represents the cumulative OCI items that are reported separate from net income and detailed on the Consolidated Statements of Comprehensive Income. AOCI includes the unrealized gains and losses on investments and DAC, net of offsets and taxes, and a note receivable paid-in-kind (“PIK”) interest accrued, net of taxes. The balance of and changes in each component of AOCI as of and for the years ended December 31, are as follows: Unrealized Unrealized Accumulated other Balance at December 31, 2018 $ (1,818,014) $ — $ (1,818,014) Other comprehensive income before reclassificaitons 2,645,015 — 2,645,015 Unrealized gains on foreign currency — 146,185 146,185 Less: Reclassification adjustments for losses realized in net income (353,602) — (353,602) Balance at December 31, 2019 473,399 146,185 619,584 Other comprehensive income (loss) before reclassificaitons, net of tax 7,398,432 — 7,398,432 Unrealized gains on foreign currency — (146,185) (146,185) Less: Reclassification adjustments for losses realized in net income, net of tax (1,441,264) — (1,441,264) Balance at December 31, 2020 $ 6,430,567 $ — $ 6,430,567

Deferred Acquisition Costs

Deferred Acquisition Costs	12 Months Ended
	Dec. 31, 2020
Deferred Policy Acquisition Costs Disclosures [Abstract]
Deferred Acquisition Costs	Note 19. Deferred Acquisition Costs The following table represents a rollforward of DAC, net of reinsurance: DAC Balance at December 31, 2019 — Additions 13,919,206 Amortization (670,233) Interest 138,295 Impact of unrealized investment losses 69,035 Balance at December 31, 2020 $ 13,456,303

Schedule I Summary of Investmen

Schedule I Summary of Investments - Other Than Investments in Related Parties	12 Months Ended
	Dec. 31, 2020
Condensed Financial Information Disclosure [Abstract]
Summary of Investments - Other Than Investments in Related Parties	Midwest Holding Inc. and Subsidiaries Summary of Investments — Other Than Investments in Related Parties December 31, 2020 Amount Recognized in Amortized Consolidated Cost Fair Value Balance Sheets Type of Investment Fixed maturities: U.S. government obligations $ 5,744,221 $ 6,164,983 $ 6,164,983 Mortgage-backed securities 14,638,299 14,757,414 14,757,414 Asset-backed securities 216,500,672 221,773,609 221,773,609 States and political subdivisions -- general obligations 106,528 117,330 117,330 States and political subdivisions -- special revenue 5,293,365 6,202,204 6,202,204 Trust preferred 2,218,142 2,284,816 2,284,816 Corporate 124,654,841 125,863,002 125,863,002 Total fixed maturities $ 369,156,068 $ 377,163,358 $ 377,163,358 Mortgage loans on real estate, held for investment 94,989,970 — 94,989,970 Derivatives 8,532,252 11,361,034 11,361,034 Other invested assets 21,897,130 21,897,130 21,897,130 Investment escrow 3,174,047 3,174,047 3,174,047 Preferred stock 3,897,980 3,897,980 3,897,980 Notes receivable 5,665,487 5,665,487 5,665,487 Policy loans 45,573 — 45,573 Total Investments $ 507,358,507 423,159,036 $ 518,194,579

Schedule II Condensed Financial

Schedule II Condensed Financial Information of Registrant Balance Sheets	12 Months Ended
	Dec. 31, 2020
Condensed Financial Information Disclosure [Abstract]
Condensed Financial Information of Registrant Balance Sheets	Midwest Holding Inc. (Parent Company) Condensed Financial Information of Balance Sheets As of December 31, 2020 2019 Assets: Investment in subsidiaries (1) $ 78,735,693 $ 14,417,498 Preferred stock — 500,000 Cash and cash equivalents 7,681,529 4,446 Notes receivable 28,750 — Property and equipment, net 38,651 30,717 Right of use assets 337,406 446,835 Other assets 1,590,292 51,245 Total assets $ 88,412,321 $ 15,450,741 Liabilities and Stockholders’ Equity Liabilities: Notes payable 500,000 500,000 Lease 1iability 386,119 500,952 Accounts payable and accrued expenses 1,196,703 291,041 Total liabilities 2,082,822 1,291,993 Stockholders’ Equity: Preferred stock, $0.001 par value; authorized 2,000,000 shares; no shares issued and outstanding as of December 31, 2020 or December 31, 2019 — — Voting common stock, $0.001 par value; authorized 20,000,000 shares; 3,737,564 and 2,042,670 shares issued and outstanding as of December 31, 2020 and 2019, respectively; non-voting common stock, $0.001 par value, 2,000,000 shares authorized; no shares issued and outstanding at December 31, 2020 or 2019 3,738 2,042 Additional paid-in capital 133,592,605 54,494,355 Treasury stock (175,333) — Accumulated deficit (53,522,078) (41,081,710) Accumulated other comprehensive loss 6,430,567 619,584 Total Midwest Holding Inc.'s stockholders' equity 86,329,499 14,034,271 Noncontrolling interest — 124,477 Total stockholders' equity $ 86,329,499 $ 14,158,748 Total liabilities and stockholders' equity 88,412,321 15,450,741 (1) eliminated in consolidation.

Schedule II Condensed Financi_2

Schedule II Condensed Financial Information of Registrant Statements of Comprehensive Loss	12 Months Ended
	Dec. 31, 2020
Condensed Financial Information Disclosure [Abstract]
Condensed Financial Information of Registrant Statements of Comprehensive Loss	Midwest Holding Inc. (Parent Company) Condensed Financial Information of Parent Statements of Comprehensive Loss As of December 31, 2020 2019 Income: Investment loss, net of expenses $ (168) $ (270) Miscellaneous income 31,798 48,368 31,630 48,098 Expenses: General 968,789 1,261,131 Loss from continuing operations before taxes (937,159) (1,213,033) Income tax expense (See Note 7) 37,444 — Loss before equity in loss of consolidated subsidiaries (899,715) (1,213,033) Equity in loss of consolidated subsidiaries (11,540,653) (4,396,148) Net loss (12,440,368) (5,609,181) Less: Gain attributable to noncontrolling interest — (124,477) Net loss (12,440,368) (5,733,658) Comprehensive Income: Unrealized gains on investments arising during period, net of tax 7,398,432 2,645,015 Unrealized gains on foreign currency, net of tax (146,185) 146,185 Less: reclassification adjustment for net realized gains on investments (1,441,264) (353,602) Other comprehensive income, net of tax 5,810,983 2,437,598 Comprehensive loss $ (6,629,385) $ (3,296,060)

Schedule II Condensed Financi_3

Schedule II Condensed Financial Information of Registrant Statements of Cash Flows	12 Months Ended
	Dec. 31, 2020
Condensed Financial Information Disclosure [Abstract]
Condensed Financial Information of Registrant Statements of Cash Flows	Midwest Holding Inc. (Parent Company) Condensed Financial Information of Parent Statements of Cash Flows Year Ended December 31, 2020 2019 Cash Flows from Operating Activities: Net loss $ (12,440,368) $ (5,733,658) Adjustments to reconcile net loss to net cash and cash equivalents used in operating activities: Equity in net loss of consolidated subsidiaries 11,540,653 4,396,148 Depreciation (7,934) (3,500) Preferred stock dividend — 845,536 Stock options 163,664 21,745 Net transfers to noncontrolling interest — 124,477 Other assets and liabilities 84,596 274,451 Net cash used by operating activities (659,389) (74,801) Cash Flows from Investing Activities: Purchase of preferred stock — (500,000) Net (purchases) disposals of property and equipment — — Net cash used by investing activities — (500,000) Cash Flows from Financing Activities: Capital contribution 79,311,805 — Repurchase of common stock (70,300,000) — Treasury stock (175,333) — Acquisition of noncontrolling interest (500,000) — Noncontrolling interest Note payable to American Life — 500,000 Capital contribution to American Life — — Net cash provided by financing activities 8,336,472 500,000 Net (decrease) increase in cash and cash equivalents 7,677,083 (74,801) Cash and cash equivalents: Beginning 4,446 79,247 Ending $ 7,681,529 $ 4,446 Supplementary information Cash paid for taxes $ 350,400 $ — Conversion of notes payable and preferred stock Book value of note payable — (19,100,000) Book value of preferred stock (1,500,000) Common stock, note payable ($927,680) and preferred stock ($72,855) — 1,000,535 Additional paid in capital, note payable ($18,172,320) and preferred stock ($1,427,145) — 19,599,465

Schedule III Supplementary Insu

Schedule III Supplementary Insurance Information	12 Months Ended
	Dec. 31, 2020
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Abstract]
Supplementary Insurance Information	Midwest Holding Inc. and Subsidiaries Supplementary Insurance Information As of December 31, 2020 For the Year Ended December 31, 2020 Future Policy Death and Benefits, Deferred Other Benefits Claims and Gain on Net and Increase Other Deposit-type Advance Coinsurance Premium Investment in Benefit Operating Contracts Premiums Transaction Revenue Income Reserves Expenses Life Insurance $ 610,805,948 $ 2,541 $ 18,198,757 $ 24 $ 2,362,087 $ 4,890,108 $ 16,547,380 As of December 31, 2019 For the Year Ended December 31, 2019 Future Policy Death and Benefits, Deferred Other Benefits Claims and Gain on Net and Increase Other Deposit-type Advance Coinsurance Premium Investment in Benefit Operating Contracts Premiums Transaction Revenue Income Reserves Expenses Life Insurance $ 187,713,925 $ 261 $ 7,578,195 $ (152) $ 120,581 $ 75,520 $ 8,699,269

Schedule IV Reinsurance Informa

Schedule IV Reinsurance Information	12 Months Ended
	Dec. 31, 2020
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Abstract]
Reinsurance Information	Midwest Holding Inc. and Subsidiaries Reinsurance Information Percentage of Amount Assumed Assumed Ceded to Other from Other to Gross Amount Companies Companies Net Amount Net Year ended December 31, 2020 Life insurance in force $ 92,403,000 $ 90,565,000 $ — $ 1,838,000 0.00 % Life insurance premiums $ 1,851,067 1,851,043 $ — $ 24 0.00 % Year ended December 31, 2019 Life insurance in force $ 103,575,000 $ 101,737,000 $ — $ 1,838,000 0.00 % Life insurance premiums $ 2,881,909 2,882,061 $ — $ (152) 0.00 %

Valuation and Qualifying Accoun

Valuation and Qualifying Accounts	12 Months Ended
	Dec. 31, 2020
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]
Valuation and Qualifying Accounts	Midwest Holding Inc. and Subsidiaries Valuation and Qualifying Accounts Year Ended December 31, 2020 2019 Accumulated Depreciation: Beginning of the year 975,481 943,323 Depreciation expense 47,853 40,000 Disposals — (7,842) End of the year $ 1,023,334 $ 975,481

Nature of Operations and Summ_2

Nature of Operations and Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Nature of operations	Nature of operations: Midwest Holding Inc. (“Midwest,” “the Company,” “we,” “our,” or “us”) was incorporated in Nebraska on October 31, 2003 for the primary purpose of operating a financial services company. The Company redomesticated from the State of Nebraska to the state of Delaware on August 27, 2020. The Company is in the life and annuity insurance business and operates through its wholly owned subsidiaries, American Life & Security Corp. (“American Life”), 1505 Capital LLC (“1505 Capital”). and through its sponsored captive reinsurance company, Seneca Reinsurance Company, LLC (“Seneca Re”) American Life is a Nebraska-domiciled life insurance company, which is also commercially domiciled in Texas, that is currently licensed to sell, underwrite, and market life insurance and annuity products in 21 states and the District of Columbia. As discussed in Note 3, on June 28, 2018, the Company underwent a change in control as a result of the closing of a Loan, Convertible Preferred Stock and Convertible Senior Secured Note Purchase Agreement (the “Xenith Agreement”) with a then non-affiliated third-party, Xenith Holdings LLC (“Xenith”). Xenith was a wholly controlled subsidiary of Vespoint LLC (“Vespoint”), which was also the manager of Xenith. Vespoint is owned and managed by investment funds controlled by Michael Minnich and A. Michael Salem. Pursuant to the Xenith Agreement, the Company issued Series C Preferred Stock and convertible senior secured notes to Xenith between June and December 2018. Of the funds received from Xenith, we contributed $20.5 million to American Life through capital contributions. At the closing of the Xenith Agreement, Messrs. Minnich and Salem were subsequently appointed as executive officers of American Life and later as our Executive Chairman and Chief Executive Officer, respectively, in 2019. On April 2, 2019, we obtained a 51% ownership in 1505 Capital, a Delaware limited liability company, that was established in 2018 to provide financial and investment advisory and management services to clients and related investment activities. On June 15, 2020, we purchased the remaining 49% ownership in 1505 Capital for $500,000. 1505 Capital’s financial results have been consolidated with the Company’s since the date of its acquisition. Effective March 12, 2020, Seneca Reinsurance Company, LLC (“Seneca Re”), a Vermont limited liability company, was formed by Midwest to operate as a sponsored captive insurance company for the purpose of insuring and reinsuring various types of risks of its participants through one or more protected cells and to conduct any other business or activity that is permitted for sponsored captive insurance companies under Vermont insurance regulations. On March 30, 2020, Seneca Re received its Certification of Authority to transact the business of a captive insurance company. On May 12, 2020, Midwest contributed $300,000 to Seneca Re for a 100% ownership interest. As of December 31, 2020, Seneca Re had established Protected Cell-2020-01 (“SRC1”). Midwest contributed $3,000,000 to capitalize SRC1. Crestline Management, L.P. (“Crestline”), a Delaware limited partnership, owns approximately 12% of our voting common stock. On July 23, 2020, the Nebraska Department of Insurance (“NDOI”) approved the Funds Withheld Coinsurance and Modified Coinsurance Agreement with Seneca Incorporated Cell, LLC 2020-02 (“SRC2”) of Seneca Re, now known as Crestline SP1.Effective December 8, 2020, American Life entered into a novation agreement with SRC2 and Crestline Re SPC, an exempted segregated portfolio company incorporated under the laws of the Cayman Islands, for and on behalf of Crestline SP1, a segregated portfolio company of Crestline Re SPC, under which the above described reinsurance, trust and related asset management agreements were novated and replaced with substantially similar agreements entered into by American Life and Crestline SP1. On April 24, 2020, Midwest entered into a Securities Purchase Agreement with Crestline Assurance Holdings LLC (“Crestline”), a Delaware limited liability company (“Crestline”) and Xenith, Vespoint LLC, a Delaware limited liability company (“Vespoint”), and Pursuant to the Agreement, Crestline purchased 444,444 shares of the Company’s voting common stock, par value $0.001 per share (“common stock”), at a purchase price of $22.50 per share for $10.0 million. Also, effective as of April 24, 2020, in a separate transaction, Midwest sold 231,655 shares of common stock to various investors at $22.50 per share for $5.227 million. Under the Crestline agreement, the Company contributed $5.0 million to American Life and the remaining proceeds are to be used for general working capital and corporate purposes. Also, effective April 24, 2020, American life entered into a Master Letter Agreement with Seneca Re and Crestline regarding a flow of annuity reinsurance and related asset management, whereby Crestline agreed to provide reinsure funding for a quota share percentage of 25% of the liabilities of American Life arising from its multi-year guaranteed annuities (“MYGA”) and a quota share percentage of 40% for American Life’s fixed indexed annuity (“FIA”) products. This agreement expires on April 24, 2023. In December 2020, the Company completed a public offering of its voting common stock for gross proceeds of $70,000,000 (see Note 17). In connection therewith, the Company's voting common stock was approved for listing and began trading on the Nasdaq Capital Market upon the closing of the public offering. Management evaluates the Company as one reporting segment in the life insurance industry. The Company is primarily engaged in the underwriting and marketing of annuity products and life insurance through American Life and then reinsuring such products with third-party reinsurers and, since April 24, 2020, with the SRC1 entity. The Company’s historical product offerings consisted of a multi-benefit life insurance policy that combined cash value life insurance with a tax deferred annuity and a single premium term life product. These product offerings were underwritten, marketed, and managed as a group of similar products on an overall portfolio basis. American Life presently offers five products, two multi-year guaranteed annuities (“MYGAs”), a fixed indexed annuity (“FIA”), and two bonus plans associated with the FIA product.
Basis of presentation	Basis of presentation: These consolidated financial statements for the year ended December 31, 2020 and 2019 have been prepared in conformity with generally accepted accounting principles in the United States of America (“GAAP”). All intercompany accounts and transactions have been eliminated in consolidation and certain immaterial reclassifications have been made to the prior period results to conform to the current period’s presentation with no impact on results of operations or total stockholders’ equity
Investments	Investments All fixed maturities owned by the Company are considered available-for-sale and are included in the consolidated financial statements at their fair value as of the financial statement date. Bond premiums and discounts are amortized using the scientific-yield method over the term of the bonds. Realized gains and losses on securities sold during the year are determined using the specific identification method. Unrealized holding gains and losses, net of applicable income taxes, are included in accumulated other comprehensive income. Declines in the fair value of available-for-sale securities below their amortized cost are evaluated to assess whether any other-than-temporary impairment loss should be recorded. In determining if these losses are expected to be other-than-temporary, the Company considers severity of impairment, duration of impairment, forecasted recovery period, industry outlook, the financial condition of the issuer, issuer credit ratings, and the intent and ability of the Company to hold the investment until the recovery of the cost. The recognition of other-than-temporary impairment losses on debt securities is dependent on the facts and circumstances related to the specific security. If the Company intends to sell a security or it is more likely than not that the Company would be required to sell a security prior to recovery of the amortized cost, the difference between amortized cost and fair value is recognized in the statement of comprehensive income as an other-than-temporary impairment. If the Company does not expect to recover the amortized basis, does not plan to sell the security and if it is not more likely than not that the Company would be required to sell a security before the recovery of its amortized cost, the recognition of the other-than temporary impairment is bifurcated. The Company recognizes the credit loss portion in the income statement and the noncredit loss portion in accumulated other comprehensive loss. The credit component of an other than-temporary impairment is determined by comparing the net present value of projected cash flows with the amortized cost basis of the debt security. The net present value is calculated by discounting the Company’s best estimate of projected future cash flows at the effective interest rate implicit in the fixed income security at the date of acquisition. Cash flow estimates are driven by assumptions regarding probability of default, including changes in credit ratings, and estimates regarding timing and amount of recoveries associated with a default. The Company has analyzed the securities portfolio and determined that a impairment should be recorded for one security and a valuation allowance should be established on one lease. The remaining investments were not impaired as of December 31, 2020. The Company had no impairment recognized at December 31, 2019. Investment income consists of interest, dividends, gains and losses from equity method investments, and real estate income, which are recognized on an accrual basis and amortization of premiums and discounts. Certain available-for-sales investments are maintained as collateral under funds withheld and modified coinsurance agreements but the assets and total returns or losses on the asset portfolios belong to the third-party reinsurers. American Life has treaties with several third-party reinsurers that have funds withheld and modified coinsurance provisions. In a modified coinsurance arrangement (“Modco”), the ceding entity retains the assets equal to the modified coinsurance reserves retained. In a funds withheld coinsurance agreement (“FW”); assets that would normally be paid over to a reinsurer are withheld by the ceding company to permit statutory credit for unauthorized reinsurers to reduce the potential credit risk. The unrealized gains/losses on those investments are passed through to the third-party reinsurers as either a realized gain or loss on the consolidated statement of income.
Mortgage loans on real estate, held for investment	Mortgage loans on real estate, held for investment Mortgage loans on real estate, held for investment are carried at unpaid principal balances. Interest income on mortgage loans on real estate, held for investment is recognized in net investment income at the contract interest rate when earned. A mortgage loan is considered to be impaired when it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the mortgage agreement. Valuation allowances on mortgage loans are established based upon losses expected by management to be realized in connection with future dispositions or settlements of mortgage loans, including foreclosures. The Company establishes valuation allowances for estimated impairments on an individual loan basis as of the balance sheet date. Such valuation allowances are based on the excess carrying value of the loan over the present value of expected future cash flows discounted at the loan’s original effective interest rate. These evaluations are revised as conditions change and new information becomes available. No such valuation allowance was established as of December 31, 2020 or 2019, respectively.
Investment escrow	Investment escrow The Company held in escrow $3,174,047 and $3,899,986 as of December 31, 2020 and 2019, respectively. The cash was used to settle other invested assets that closed in January 2021 and a mortgage loan that closed in January 2020, respectively.
Other invested assets	Other invested assets The Company purchases and sells equipment leases in its investment portfolio. Other invested assets also includes loans held for investments. The Company entered into a fund investment originated by Crestline Management LLP.
Derivative Instruments	Derivative Instruments Derivatives are used to hedge the risks experienced in our ongoing operations, such as equity, interest rate and cash flow risks, or for other risk management purposes, which primarily involve managing liability risks associated with our indexed annuity products and reinsurance agreements. Derivatives are financial instruments whose values are derived from interest rates, foreign exchange rates, financial indices, or other underlying notional amounts. Derivative assets and liabilities are carried at fair value on the consolidated balance sheets. To qualify for hedge accounting, at the inception of the hedging relationship, we would formally document our designation of the hedge as a cash flow or fair value hedge and our risk management objective and strategy for undertaking the hedging transaction. In this documentation, we would identify how the hedging instrument is expected to hedge the designated risks related to the hedged item, the method that would be used to retrospectively and prospectively assess the hedging instrument’s effectiveness and the method which would be used to measure ineffectiveness. A derivative designated as a hedging instrument must be assessed as being highly effective in offsetting the designated risk of the hedged item. Hedge effectiveness is formally assessed at inception and periodically throughout the life of the designated hedging relationship. In the late 2019, the Company began investing in options to hedge our interest rate risks on our FIA product. We did not have the formal documentation and hedge effectiveness completed at the time we entered into those equity options; therefore, they do not qualify for hedge accounting. The options fair market values were recorded on our income statement as realized gains or (losses). During the last quarter of 2020, the Company began investing in foreign currency futures to hedge the fluctuations in the foreign currency. The formal documentation and hedge effectiveness was also not completed at the date we entered into those futures contracts; therefore, they do not qualify for hedge accounting. The futures fair market values were recorded on our income statement as realized gains or (losses). Additionally, reinsurance agreements written on a funds withheld or Modco basis contain embedded derivatives on our fixed indexed annuity product. Gains or (losses) associated with the performance of assets maintained in the modified coinsurance deposit and funds withheld accounts are reflected as realized gains or (losses) in the income statement.
Preferred Stock	Preferred Stock Preferred stock of a non-affiliated company was purchased for $500,000 during the third quarter of 2019. An impairment analysis of the preferred stock was performed as of June 30, 2020, due to a change in valuation of an invested asset held by the non-affiliated company. The investment asset had collateral supporting the investment that was less than the book value of the asset; therefore, the Company impaired the full amount of $500,000. This was recorded as a reduction of the asset on the balance sheet and a bad debt expense on the Consolidated Statements of Comprehensive Loss. There was no impairment of preferred stock as of December 31, 2019. The Company entered into a series of transaction between American Life and Ascona Group Holdings Ltd (“AGH”), an investment originated by Crestline Management LLP. One of the transactions involved the acquisition of GBP 3,642,090 of preferred equity in Ascona Group Holdings Ltd along with warrants bearing no initial assigned value as of September 28, 2020. American Life created a special purpose vehicle called Ascona Asset Holding LLC (“AAH”). American Life and Crestline SP1 own 74% and 26%, respectively, of AAH.
Notes receivable	Notes receivable The Company held in notes receivable as of December 31, 2020, a note of $5,665,487 between American Life and a related party that was rated by a nationally recognized statistical rating organization (“NRSRO”). This note is being carried at the fair market value. The Company did not hold any notes receivable as of December 31, 2019.
Policy loans	Policy loans Policy loans are carried at unpaid principal balances. Interest income on policy loans is recognized in net investment income at the contract interest rate when earned. No valuation allowance is established for these policy loans as the amount of the loan is fully secured by the death benefit of the policy and cash surrender value.
Cash and cash equivalents	Cash and cash equivalents The Company considers all liquid investments with original maturities of three months or less when purchased to be cash equivalents. At December 31, 2020 and 2019, the Company had no cash equivalents. At December 31, 2020 and December 31, 2019, the Company held approximately 505,349 and 1.8 million in Pound Sterling (“GBP”) in several of our custody accounts, respectively. The USD equivalent held was approximately $690,787 and $2.3 million, respectively. As of December 31, 2020, the Company held approximately 87,633 in Euro and none as of December 31, 2019. The USD equivalent held was approximately $107,000. As of December 31, 2020, we had realized gains of approximately $45,000 related to the change in the foreign currency exchange rate of the GBP and Euro that was recorded in realized (losses) gains on investments on the income statement. The Company had money market investments of approximately $100.6 million and $26.2 million as of December 31, 2020 and 2019, respectively.
Deferred acquisition costs	Deferred acquisition costs Deferred acquisition costs (“DAC”) consist of incremental direct costs, net of amounts ceded to third-party reinsurers, that result directly from and are essential to the contract acquisition transaction and would not have been incurred by the Company had the contract acquisition not occurred. These costs are capitalized, to the extent recoverable, and amortized over the life of the premiums produced. The Company evaluates the types of acquisition costs it capitalizes. The Company capitalizes agent compensation and benefits and other expenses that are directly related to the successful acquisition of contracts. The Company also capitalizes expenses directly related to activities performed by the Company, such as underwriting, policy issuance, and processing fees incurred in connection with successful contract acquisitions. Recoverability of deferred acquisition costs is evaluated periodically by comparing the current estimate of the present value of expected pretax future profits to the unamortized asset balance. If this current estimate is less than the existing balance, the difference is charged to expense. The Company performs a recoverability analysis annually in the fourth quarter unless events occur which require an immediate review. The Company had reinsurance contracts with commission and administration allowances from each reinsurer that offset all the DAC costs incurred during 2019, as a result not DAC was recorded and no recovery analysis was deem necessary as of December 31, 2019. The Company performed a recoverability analysis during the fourth quarter of 2020 and determined that all DAC balances were recoverable as of December 31, 2020.
Property and equipment	Property and equipment Property and equipment are stated at cost net of accumulated depreciation. Annual depreciation is primarily computed using straight-line methods for financial reporting and straight-line and accelerated methods for tax purposes. Furniture and equipment is depreciated over 3 to 7 years and computer software and equipment is generally depreciated over 3 years. Depreciation expense totaled $47,853 and $40,000 for the years ended December 31, 2020 and 2019, respectively. The accumulated depreciation net of disposals totaled $1,023,334 and $975,480 as of December 31, 2020 and 2019, respectively. Maintenance and repairs are expensed as incurred. Replacements and improvements which extend the useful life of the asset are capitalized. The net book value of assets sold or retired are removed from the accounts, and any resulting gain or loss is reflected in earnings. Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized if the carrying amount of an asset may not be recoverable and exceeds estimated future undiscounted cash flows of the asset. A recognized impairment loss reduces the carrying amount of the asset to its fair value. The Company determined that no such events occurred that would indicate the carrying amounts may not be recoverable.
Reinsurance	Reinsurance In the normal course of business, the Company seeks to limit any single exposure to losses on large risks by purchasing reinsurance. The amounts reported in the consolidated balance sheets as reinsurance recoverable include amounts billed to reinsurers on losses paid as well as estimates of amounts expected to be recovered from reinsurers on insurance liabilities that have not yet been paid. Reinsurance recoverable on unpaid losses are estimated based upon assumptions consistent with those used in establishing the liabilities related to the underlying reinsured contracts. Insurance liabilities are reported gross of reinsurance recoverable. Management believes the recoverables are appropriately established. The Company generally strives to diversify its credit risks related to reinsurance ceded. Reinsurance premiums are generally reflected in income in a manner consistent with the recognition of premiums on the reinsured contracts. Reinsurance does not extinguish the Company’s primary liability under the policies written. Therefore, the Company regularly evaluates the financial condition of its reinsurers including their activities with respect to claim settlement practices and commutations, and establishes allowances for uncollectible reinsurance recoverable as appropriate. There were no allowances established as of December 31, 2020 or 2019. We expect to reinsure substantially all of our new insurance policies with a variety of reinsurers in exchange for upfront ceding commissions, expense reimbursements and administrative fees. Under these reinsurance agreements, we expect there will be a monthly or quarterly settlement of premiums, claims, surrenders, collateral, and other administration fees. We believe this will help preserve American Life’s capital while supporting its growth because American Life will have lower capital requirements when its business is reinsured due to lower overall financial exposure versus retaining the insurance policy business itself. See Note 8 below for further discussion of our reinsurance activities. There are two main categories of reinsurance transactions: 1) “indemnity,” where we cede a portion of our risk but retain the legal responsibility to our policyholders should our reinsurers not meet their financial obligations; and 2) “assumption,” where we transfer the risk and legal responsibilities to the reinsurers. The reinsurers are required to acquire the appropriate regulatory and policyholder approvals to convert indemnity policies to assumption policies. Our reinsurers may be domestic or foreign capital markets investors or traditional reinsurance companies seeking to assume U.S. insurance business. We plan to mitigate the credit risk relating to reinsurers generally by requiring other financial commitments from the reinsurers to secure the reinsured risks (such as posting substantial collateral). It should be noted that under indemnity reinsurance agreements American Life remains exposed to the credit risk of its reinsurers. If one or more reinsurers become insolvent or are otherwise unable or unwilling to pay claims under the terms of the applicable reinsurance agreement, American Life retains legal responsibility to pay policyholder claims, which, in such event would likely materially and adversely affect the capital and surplus of American Life. As indicated above under “Nature of operations,” Midwest formed Seneca Re in early 2020. On April 15, 2020, Midwest entered into an operating agreement with Seneca Re and as of December 31, 2020, Seneca Re had one Protected Cell 2020-01 (“SRC1”) which is consolidated in our financial statements. Effective December 8, 2020, American Life entered into a novation agreement with SRC2 and Crestline Re SPC, an exempted segregated portfolio company incorporated under the laws of the Cayman Islands, for and on behalf of Crestline SP1, a segregated portfolio company of Crestline Re SPC, under which the above described reinsurance, trust and related asset management agreements were novated and replaced with substantially similar agreements entered into by American Life and Crestline SP1. Some reinsurers are not and may not be “accredited” or qualified as reinsurers under Nebraska Law. In order to enter into reinsurance agreements with such reinsurers and to reduce potential credit risk, American Life holds a deposit or withholds funds from the reinsurer or requires the reinsurer to maintain a trust that holds assets backing up the reinsurer’s obligation to pay claims on the business it assumes. The reinsurer may also appoint an investment manager for such funds, which in some cases may be our investment adviser subsidiary, 1505 Capital, to manage these assets pursuant to guidelines adopted by us that are consistent with state investment statutes and reinsurance regulations. American Life currently has treaties with several third-party reinsurers and one related party reinsurer. Of the third-party reinsurers, only three have funds withheld or modified coinsurance provisions. In a modified coinsurance arrangement, the ceding entity retains the assets equal to the modified coinsurance reserves retained. In a funds withheld coinsurance agreement, assets that would normally be paid over to a reinsurer are withheld by the ceding company to permit statutory credit for unauthorized reinsurers, to reduce the potential credit risk. Under those provisions with third-party reinsurers, the assets backing the treaties are maintained by American Life as investments but the assets and total returns or losses on the investments are owned by the reinsurers. Under GAAP, this arrangement is considered an embedded derivative as discussed in Note 5 below. As a result of recent market volatility, assets carried as investments on American Life’s financial statements for the third-party reinsurers contained unrealized gains of approximately $2.9 million as of December 31, 2020. The terms of the contracts with the third-party reinsurers provide that unrealized gains on the portfolios accrue to the third-party reinsurers. Accordingly, the unrealized gains on the assets held by American Life were offset by a loss in the embedded derivative of $2.9 million. We account for this unrealized loss pass-through by recording equivalent realized losses on our income statement and in amount payable to our third-party reinsurers on our balance sheet.
Benefit reserves	Benefit reserves The Company establishes liabilities for amounts payable under insurance policies, including traditional life insurance and annuities. Generally, amounts are payable over an extended period of time. Liabilities for future policy benefits of traditional life insurance have been computed by a net level premium method based upon estimates at the time of issue for investment yields, mortality and withdrawals. These estimates include provisions for experience less favorable than initially expected. Mortality assumptions are based on industry experience expressed as a percentage of standard mortality tables.
Policy claims	Policy claims Policy claims are based on reported claims plus estimated incurred but not reported claims developed from trends of historical data applied to current exposure.
Deposit-type contracts	Deposit-type contracts Deposit-type contracts consist of amounts on deposit associated with deferred annuity riders, premium deposit funds and supplemental contracts without life contingencies.
Notes payable	Notes payable Notes payable consist of the convertible notes entered into due to the Xenith transaction and were recorded net of issuance costs. The notes were converted into our voting common stock on June 18, 2019.
Deferred gain on ceding commissions	Deferred gain on ceding commissions American Life has entered into several indemnity reinsurance contracts where it is earning ceding commissions. These ceding commissions are recorded as a deferred liability and amortized over the life of the business ceded. American Life receives commission, administrative, and option allowances from reinsurance transactions that represent recovery of acquisition costs. These allowances first reduce the DAC associated with that reinsured block of business with the remainder being included in the deferred gain on ceding commissions to also be amortized.
Income taxes	Income taxes The Company is subject to income taxes in the U.S. federal and various state jurisdictions. Tax regulations within each jurisdiction are subject to the interpretation of the related tax laws and regulations and require significant judgment to apply. With few exceptions, the Company is no longer subject to U.S. federal, state, or local tax examinations by tax authorities for the years before 2016. The Company is not currently under examination for any open years. The provision for income taxes is based on income as reported in the financial statements. The income tax provision is calculated under the asset and liability method. Deferred tax assets are recorded based on the differences between the financial statement and tax basis of assets and liabilities at the enacted tax rates. The principal assets and liabilities giving rise to such differences are investments, insurance reserves, and deferred acquisition costs. A deferred tax asset valuation allowance is established when there is uncertainty that such assets would be realized. The Company has no uncertain tax positions that it believes are more-likely-than not that the benefit will not to be realized. When applicable, the Company recognizes interest accrued related to unrecognized tax benefits and penalties in income tax expense.
Revenue recognition and related expenses	Revenue recognition and related expenses Amounts received as payment for annuities are recognized as deposits to policyholder account balances and included in future insurance policy benefits. Revenues from these contracts are comprised of fees earned for administrative and contract-holder services and cost of insurance, which are recognized over the period of the contracts, and included in revenue. Deposits are shown as a financing activity in the consolidated statements of cash flows. Revenues on traditional life insurance products consist of direct and assumed premiums reported as earned when due. Liabilities for future policy benefits are provided and acquisition costs are amortized by associating benefits and expenses with earned premiums to recognize related profits over the life of the contracts. Acquisition costs are amortized over the expected life of the annuity contracts. Revenues on service fees and third-party administration fees are recorded as income when incurred.
Comprehensive loss	Comprehensive loss Comprehensive loss is comprised of net loss and other comprehensive income. Other comprehensive income includes unrealized gains and losses from marketable securities classified as available for sale and unrealized gains and losses from foreign currency transactions, net of applicable taxes. American Life has treaties with several third-party reinsurers that have funds withheld and modified coinsurance provisions. Under those provisions, the assets backing the treaties are maintained by American Life as collateral but are owned by the third-party reinsurers, thus, the total return on the asset portfolio belongs to the third-party reinsurers. Under GAAP this is considered an embedded derivative as discussed in Note 5 below. As a result of recent market volatility, the investments carried by American Life for the third-party reinsurers contained unrealized gains of approximately $2.9 million as of December 31, 2020. The terms of the contracts with the third-party reinsurers provided that unrealized gains on the portfolios accrue to the third-party reinsurers. We account for this gain pass through by booking equivalent embedded derivative realized losses in our Consolidated Statements of Comprehensive Loss. Accordingly, as of December 31, 2020, such losses were $2.9 million. The remaining investments retained by American Life had unrealized gains of approximately $5.1 million that included unrealized gains from assets held for SRC1. Basic loss per share as of December 31, 2020 was ($4.88) which included the aforementioned loss of $2.9 million. Basic loss per share as of December 31, 2020 without the aforementioned gain was ($3.68).
Common and preferred stock and loss per share	Common and preferred stock and loss per share The par value per each Company share is $0.001 with 20,000,000 voting common shares authorized, 2,000,000 non-voting common shares authorized, and 2,000,000 preferred shares authorized. On June 18, 2019, Xenith exercised the right to convert its 1,500,000 Series C preferred stock and the $19,100,000 notes payable to voting common stock at the conversion rate of approximately $10.29 per common share. With the infusion of capital and the issuance of voting common stock in the Crestline transaction mentioned above under “Nature of operations,” the Company had 3,737,564 voting common shares issued and outstanding at December 31, 2020. The Series C preferred shares were converted by Xenith to voting common shares on June 18, 2019 at a rate of approximately $10.29 per share for 145,709 voting common shares. The stated annual dividend rate on the Series C preferred shares was 8%. At the time of the conversion, Xenith forgave all previously accrued dividends from June 28, 2018 through the conversion date. Loss per basic share attributable to the Company’s voting common stock was computed based on the weighted average number of shares outstanding during each period. The weighted average number of shares outstanding during the year ended 2020 and 2019 were 2,547,003 and 1,149,042, respectively. Loss per diluted share attributable to the Company’s voting common stock was computed based on the average shares outstanding and options granted under our 2020 and 2019 Long-Term Incentive Plans (“LTIPs”), as if all were vested and exercised. The weighted average number of diluted shares outstanding during the year ended December 31, 2020 and 2019 were 2,816,177 and 1,150,936, respectively
Adoption of New Accounting Standards	Adoption of New Accounting Standards In November 2019, the FASB issued ASU No. 2019-08, Compensation – Stock Compensation and Revenue from Contracts with Customers . This update requires an entity to measure and classify share-based payment awards that are granted to customers in accordance with Topic 718 whereby the amount recorded is measured as the fair value on the grant date. On June 19, 2019, July 30, 2020 and September 15, 2020, the Company granted stock options which were recorded in accordance with this ASU at fair value on grant date. In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016‑02, Leases (Topic 842). The guidance in this ASU supersedes the leasing guidance in Topic 840, Leases. Under the new guidance, lessees are required to recognize lease assets and lease liabilities on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. The lease liability is measured at the present value of the lease payments over the lease term with the right-of-use asset measured as the lease liability amount and including adjustments for certain lease incentives and initial direct costs. Lease expense recognition will continue to differentiate between finance leases and operating leases resulting in a similar pattern of lease expense recognition as under current GAAP. This ASU permitted a modified retrospective adoption approach that includes a number of optional practical expedients that entities may elect upon adoption. On January 1, 2019, the Company adopted this standard using a modified retrospective adoption approach. The adoption resulted in the Company identifying three operating leases and one financial lease which were subject to this guidance. The impact to the Consolidated Statements of Comprehensive Loss was minimal. We identified four leases with net assets of $348,198 and $470,132 and lease liabilities of $396,911 and $526,108 for the years ended December 31, 2020 and 2019, respectively. On February 14, 2018, the FASB issued ASU No. 2018‑02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income . It allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act. The ASU is effective for all entities for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption is permitted, including adoption in any interim period for public business entities for reporting periods for which financial statements have not yet been issued. The Company has evaluated the impact of this update and has determined that this does not impact us currently due to not recording unrealized losses or gains net of tax. The Company has incurred net operating losses since inception so it does not record deferred tax assets or deferred tax liabilities due to establishing a valuation allowance. In August 2018, the FASB issued ASU No. 2018‑15, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350‑40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computer Arrangement That is a Service Contract . Under ASU No. 2018‑15, the amendment aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The accounting for the service element of a hosting arrangement that is a service contract is not affected by the amendments in this update. In order to determine which costs can be capitalized, we are to follow the guidance in Subtopic 350‑40. Cost for implementation activities in the application development stage are capitalized depending on the nature of the costs, while costs incurred during the preliminary project and the post-implementation stage are expensed as the activities are performed. The amendments in this update are effective for public business entities for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. The amendments in this update should be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption. The Company adopted this update during 2020 and analyzed all cloud-based computer agreements and determined that none qualified to be capitalized as of December 31, 2020. Future adoption of New Accounting Standards In January 2020, the FASB issued ASU No. 2020-1, Equity Securities (Topic 321), Investments-Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815) -Clarifying the Interactions between Topic 321, Topic 323, and Topic 815. The amendments in this update clarify certain interactions between the guidance to account for certain equity securities under Topic 321, the guidance to account for investments under the equity method of accounting in Topic 323, and the guidance in Topic 815, which could change how an entity accounts for an equity security under the measurement alternative or a forward contract or purchased option to purchase securities that, upon settlement of the forward contract or exercise of the purchased option, would be accounted for under the equity method of accounting or the fair value option in accordance with Topic 825, Financial Instruments. For public business entities, the amendments in this update are effective for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. We are unable to determine the impact at this time of ASU No. 2020-1 as we are still in the process of evaluating the standard. In November 2019, the FASB issued ASU No. 2019-10, Financials Services Instruments-Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (topic 842). The board developed a philosophy to extend and simplify how effective dates are staggered between larger public companies and all other entities. For business entities that meet the definition of a smaller reporting company (“SRC”), the amendments in ASU 2018-12 are effective for fiscal years beginning after December 15, 2021. In August 2018, the FASB issued ASU No. 2018‑12, Financial Services-Insurance (Topic 944). This update 1) modifies the timeliness of recognizing changes in the liability for future policy benefits and modifies the rate used to discount future cash flows, 2) simplifies the accounting for certain market-based options or guarantees associated with deposit contracts, 3) simplifies the amortization of deferred acquisition costs, and 4) addresses the effectiveness of the required disclosures. This ASU becomes effective for fiscal years, and interim periods within those years, beginning after December 15, 2023. We anticipate that the adoption of ASU 2018‑12 will have a broad impact on our consolidated financial statements and related disclosures and will require us to make changes to certain of our processes, systems and controls. We are unable to determine the impact at this time of ASU No. 2018‑12 as we are still in the process of evaluating the standard. In December 2018, the FASB issued ASU No. 2018-12, Financial Services—Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts, as amended by ASU 2019-09, Financial Services —Insurance (Topic 944). The new guidance (i) prescribes the discount rate to be used in measuring the liability for future policy benefits for traditional and limited payment long-duration contracts, and requires assumptions for those liability valuations to be updated after contract inception, (ii) requires more market-based product guarantees on certain separate account and other account balance long-duration contracts to be accounted for at fair value, (iii) simplifies the amortization of DAC for virtually all long-duration contracts, and (iv) introduces certain financial statement presentation requirements, as well as significant additional quantitative and qualitative disclosures. The new standard becomes effective after December 15, 2023 , and interim periods within fiscal years beginning after December 15, 2024 for companies eligible as smaller reporting companies . Early application of the amendments in Update 2018-12 is permitted. In November 2018, the FASB issued ASU No. 2018‑10, Codification Improvements to Topic 326, Financial Instruments—Credit Losses. The amendments in this update include items brought to the Board’s attention by stakeholders to clarify the guidance in the amendments in ASU 2016‑13, Financial Instruments – Credit Losses (Topic 326) which was issued in June 2016. These updated amendments clarify that receivables arising from operating leases are not within the scope of Subtopic 326‑20. Under ASU 2016‑13, this replaces the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to perform credit loss estimates. This update changes the methodology from an incurred loss to an expected credit loss. An allowance for the expected credit loss will be set up and the net income will be impacted. The credit losses will be evaluated in the current period and an adjustment to the allowance can be made. The new standard becomes effective after December 15, 2022. We are currently evaluating the impact of our pending adoption of the new standard on our consolidated financial statements.

Assets and Liabilities Held f_2

Assets and Liabilities Held for Sale (Tables)	12 Months Ended
	Dec. 31, 2020
Discontinued Operations and Disposal Groups [Abstract]
Schedule of Assets and Liabilities Discontinued Operations	The table below summarizes the assets and liabilities that are included in discontinued operations as of December 31, 2020 and 2019: As of December 31, As of December 31, 2020 2019 Carrying amounts of major classes of assets included as part of discontinued operations: Policy loans $ 33,161 $ 50,387 Reinsurance recoverables 1,061,979 3,569,849 Premiums receivable 23,643 33,512 Total assets held for sale in the Consolidated Balance Sheets $ 1,118,783 $ 3,653,748 Carrying amounts of major classes of liabilities included as part of discontinued operations: Benefit reserves $ 594,710 $ 1,403,953 Policy claims 35,302 28,203 Deposit-type contracts 482,966 2,209,195 Advance premiums 71 2,226 Accounts payable and accrued expenses 1,263 3,290 Total liabilities held for sale in the Consolidated Balance Sheets $ 1,114,312 $ 3,646,867

Investments (Tables)

Investments (Tables)	12 Months Ended
	Dec. 31, 2020
Schedule of Available for Sale Investments	Cost or Gross Gross Amortized Unrealized Unrealized Estimated Cost Gains Losses Fair Value December 31, 2020: Fixed maturities: U.S. government obligations $ 5,744,221 $ 426,427 $ 5,665 $ 6,164,983 Mortgage-backed securities 14,638,299 276,219 157,104 14,757,414 Asset-backed securities 216,500,672 5,623,083 350,146 221,773,609 States and political subdivisions -- general obligations 106,528 10,802 — 117,330 States and political subdivisions -- special revenue 5,293,365 908,986 147 6,202,204 Trust preferred 2,218,142 66,674 — 2,284,816 Corporate 124,654,841 1,379,513 171,352 125,863,002 Total fixed maturities $ 369,156,068 $ 8,691,704 $ 684,414 $ 377,163,358 Mortgage loans on real estate, held for investment 94,989,970 — — 94,989,970 Derivatives 8,532,252 3,257,069 428,287 11,361,034 Other invested assets 21,897,130 — — 21,897,130 Investment escrow 3,174,047 — — 3,174,047 Preferred stock 3,897,980 — — 3,897,980 Notes receivable 5,665,487 — — 5,665,487 Policy loans 45,573 — — 45,573 Total fixed maturities $ 507,358,507 $ 11,948,773 $ 1,112,701 $ 518,194,579 December 31, 2019: Fixed maturities: U.S. government obligations 2,091,710 7,073 17,559 2,081,224 Mortgage-backed securities 819,678 — 21,070 798,608 Asset-backed securities 95,006,241 646,335 404,752 95,247,824 States and political subdivisions -- general obligations 240,494 8,788 — 249,282 States and political subdivisions -- special revenue 25,112 179 — 25,291 Corporate 18,493,077 501,022 154,467 18,839,632 Total fixed maturities 116,676,312 1,163,397 597,848 117,241,861 Mortgage loans on real estate, held for investment 13,810,041 — — 13,810,041 Derivatives 490,831 87,684 3,221 575,294 Other invested assets 2,468,947 — — 2,468,947 Investment escrow 3,899,986 — — 3,899,986 Preferred stock 500,000 — — 500,000 Policy loans 106,014 — — 106,014 Total fixed maturities $ 137,952,131 $ 1,251,081 $ 601,069 $ 138,602,143
Schedule of Unrealized Loss of Securities	The following table summarizes, for all securities in an unrealized loss position at December 31, 2020 and 2019 the estimated fair value, pre-tax gross unrealized loss and number of securities by length of time that those securities have been continuously in an unrealized loss position. December 31, 2020 December 31, 2019 Gross Number Gross Number Estimated Unrealized of Estimated Unrealized of Fair Value Loss Securities (1) Fair Value Loss Securities (1) Fixed Maturities: Less than 12 months: U.S. government obligations $ 54,910 $ 180 2 $ 1,518,772 $ 14,935 9 Asset-backed securities 14,878,370 246,969 19 39,114,732 404,752 26 Mortgage-backed securities 5,707,617 157,104 5 160,010 4,844 4 States and political subdivisions -- special revenue 5,584 147 1 — — — Corporate 3,859,616 104,262 7 2,800,815 13,618 4 Greater than 12 months: U.S. government obligations 119,700 5,485 4 353,834 2,624 2 Asset-backed securities 7,020,479 103,177 6 — — — Mortgage-backed securities — — — 638,598 16,226 14 Corporate 287,473 67,090 3 2,201,658 140,849 13 Total fixed maturities $ 31,933,749 $ 684,414 47 $ 46,788,419 $ 597,848 72 (1) We may reflect a security in more than one aging category based on various purchase dates.
Schedule of Fixed Maturities	Amortized Estimated Cost Fair Value Due in one year or less $ 24,785,681 $ 24,846,859 Due after one year through five years 122,361,585 123,915,080 Due after five years through ten years 196,058,708 200,370,657 Due after ten years through twenty years 13,424,333 13,869,258 Due after twenty years 12,525,761 14,161,504 $ 369,156,068 $ 377,163,358
Commercial mortgage loan - multi-family
Components of Net Investment Income	December 31, 2020 December 31, 2019 Loan-to-Value Ratio: 0%-59.99% $ 49,279,601 $ 7,164,476 60%-69.99% 22,349,295 3,249,234 70%-79.99% 23,361,074 3,396,331 80% or greater — — Total mortgage loans $ 94,989,970 $ 13,810,041 The components of net investment income for the years ended December 31, 2020 and 2019 are as follows: Year ended December 31, 2020 2019 Fixed maturities $ 3,661,098 $ 292,453 Mortgage loans 992,300 — Other 102,801 38,397 Gross investment income 4,756,199 330,850 Less: investment expense (709,015) (210,269) Investment income, net of expenses $ 4,047,184 $ 120,581
Schedule of investment in mortgage loans	December 31, 2020 December 31, 2019 Loan-to-Value Ratio: 0%-59.99% $ 49,279,601 $ 7,164,476 60%-69.99% 22,349,295 3,249,234 70%-79.99% 23,361,074 3,396,331 80% or greater — — Total mortgage loans $ 94,989,970 $ 13,810,041
Mortgage Back Securities
Schedule of Mortgage Loan Activity	Carrying Value Interest Income Interest Income December 31, 2020: Industrial $ 1,250,000 $ 38,097 $ 136,365 Commercial mortgage loan - multi-family 66,916,151 2,224,689 3,767,725 Other 26,823,819 572,716 626,540 Total mortgage loans $ 94,989,970 $ 2,835,502 $ 4,530,630 December 31, 2019: Industrial $ 500,000 $ — $ 15,889 Commercial mortgage loan - multi-family 11,320,924 116,860 329,684 Other 1,989,117 195,168 7,386 Total mortgage loans $ 13,810,041 $ 312,028 $ 352,959

Derivative Instruments (Tables)

Derivative Instruments (Tables)	12 Months Ended
	Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Summary of the derivatives not designated as hedges	The following is a summary of the asset derivatives not designated as hedges embedded derivatives in our FIA product as of December 31, 2020 and 2019: December 31, 2020 December 31, 2019 Location in the Consolidated Derivatives Not Designated Statement of Notional Number of Estimated Notional Number of Estimated as Hedging Instruments Balance Sheets Amount Contracts Fair Value Amount Contracts Fair Value Equity-indexed options Derivatives $ 272,853,853 252 $ 11,361,034 $ 9,698,863 24 $ 575,294 Equity-indexed Deposit-type 311,964,195 2,101 84,501,492 10,720,324 108 576,634
Summary of the impact of those embedded derivatives related to the funds withheld provision	The following table summarizes the impact of those embedded derivatives related to the funds withheld provision where the total return on the asset portfolio belongs to the third-party reinsurers: December 31, 2020 Book Value of Market Value of Total Return Portfolio Assets Assets Swap Value Ironbound $ 98,714,156 $ 99,747,812 $ (1,033,656) SDA 27,224,279 27,479,836 (255,557) US Alliance 35,707,207 36,360,501 (653,294) Crestline Re SP 1 62,162,766 63,130,867 (968,101) Total $ 223,808,408 $ 226,719,016 $ (2,910,608)

Fair Values of Financial Inst_2

Fair Values of Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2020
Investments, All Other Investments [Abstract]
Schedule of Financial Instruments at Fair Value Measured on a Recurring Basis	The following table presents the Company’s fair value hierarchy for those financial instruments measured at fair value on a recurring basis as of December 31, 2020 and 2019. Significant Quoted Other Significant In Active Observable Unobservable Estimated Markets Inputs Inputs Fair (Level 1) (Level 2) (Level 3) Value December 31, 2020 Financial assets Fixed maturities: U.S. government obligations $ — $ 6,164,983 $ — $ 6,164,983 Mortgage-backed securities — 14,757,414 — 14,757,414 Asset-backed securities — 221,773,609 — 221,773,609 States and political subdivisions — general obligations — 117,330 — 117,330 States and political subdivisions — special revenue — 6,202,204 — 6,202,204 Trust preferred — 2,284,816 — 2,284,816 Corporate — 18,608,995 107,254,007 125,863,002 Total fixed maturities — 269,909,351 107,254,007 377,163,358 Mortgage loans on real estate, held for investment — — 94,989,970 94,989,970 Derivatives — 11,361,034 — 11,361,034 Other invested assets — — 21,897,130 21,897,130 Investment escrow — 3,174,047 — 3,174,047 Preferred stock — — 3,897,980 3,897,980 Notes receivable — 5,665,487 — 5,665,487 Policy loans — — 45,573 45,573 Total Investments $ — $ 290,109,919 $ 228,084,660 $ 518,194,579 Financial liabilities Embedded derivative for equity-indexed contracts $ — $ 84,501,492 $ — 84,501,492 December 31, 2019 Fixed maturities: — U.S. government obligations — 2,081,224 — 2,081,224 Mortgage-backed securities — 798,608 — 798,608 Asset-backed securities — 95,247,824 — 95,247,824 States and political subdivisions — general obligations — 249,282 — 249,282 States and political subdivisions — special revenue — 25,291 — 25,291 Corporate — 18,839,632 — 18,839,632 Total fixed maturities — 117,241,861 — 117,241,861 Mortgage loans on real estate, held for investment — — 13,810,041 13,810,041 Derivatives — 575,294 — 575,294 Investment escrow — 3,899,986 — 3,899,986 Other invested assets — — 2,468,947 2,468,947 Preferred stock — — 500,000 500,000 Policy loans — — 106,014 106,014 Total Investments $ — $ 121,717,141 $ 16,885,002 $ 138,602,143 Financial liabilities Embedded derivative for equity-indexed contracts $ — $ 576,634 $ — 576,634
Schedule of Financial Assets and Liabilities at Fair Value	The following disclosure contains the carrying values, estimated fair values and their corresponding placement in the fair value hierarchy, for financial assets and financial liabilities as of December 31, 2020 and 2019, respectively: December 31, 2020 Fair Value Measurements Using Quoted Prices in Active Markets Significant Other Significant for Identical Assets Observable Unobservable Carrying and Liabilities Inputs Inputs Fair Amount (Level 1) (Level 2) (Level 3) Value Assets: Policy loans $ 45,573 $ — $ — $ 45,573 $ 45,573 Cash and cash equivalents 151,679,274 100,566,580 51,112,694 — 151,679,274 Liabilities: Policyholder deposits (Deposit-type contracts) 597,868,472 — — 597,868,472 597,868,472 December 31, 2019 Fair Value Measurements Using Quoted Prices in Active Markets Significant Other Significant for Identical Assets Observable Unobservable Carrying and Liabilities Inputs Inputs Fair Amount (Level 1) (Level 2) (Level 3) Value Assets: Policy loans $ 106,014 $ — $ — $ 106,014 $ 106,014 Cash and cash equivalents 43,716,205 26,230,027 17,486,178 — 43,716,205 Liabilities: Policyholder deposits (Deposit-type contracts) 171,168,785 — — 171,168,785 171,168,785
Schedule of Recurring Basis Using Level Three Inputs	Beginning Ending Balance Balance As of As of December 31, Valuation December 31, 2019 Additions Sales Allowance Impairment 2020 Assets Policy loans $ 106,014 $ — $ 60,441 $ — $ — $ 45,573 Mortgage loans on real estate, held for investment 13,810,041 99,356,435 18,176,506 — — 94,989,970 Other invested assets 2,468,947 78,620,694 54,517,558 (776,973) 25,795,110 Fixed maturities — 107,254,007 — — — 107,254,007 Investment escrow — 3,174,047 — — — 3,174,047 Preferred stock 500,000 3,897,980 — — (500,000) 3,897,980 Total Investments $ 16,885,002 $ 292,303,163 $ 72,754,505 $ (776,973) $ (500,000) $ 235,156,687
Summary of unobservable inputs for AFS and trading securities	December 31, 2020 (In millions, except for percentages) Fair value Valuation technique Unobservable inputs Minimum Maximum Weighted average* Impact of an increase in the input on fair value Interest sensitive contract liabilities - fixed indexed annuities embedded derivatives $84.5 Option Budget Method Nonperformance risk 0.3% 1.3% 0.7% Decrease Option budget 2.6% 3.4% 2.7% Increase Surrender rate 0.5% 15% (base) 7.6% Decrease * Weighted by account value

Income Tax Matters (Tables)

Income Tax Matters (Tables)	12 Months Ended
	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Schedule of Deferred Tax Assets and Liabilities	Significant components of the Company’s deferred tax assets and liabilities as of December 31, 2020 and 2019 are as follows: December 31, 2020 December 31, 2019 Deferred tax assets: Loss carryforwards $ 1,556,855 $ 436,777 Capitalized costs 174,364 221,918 Stock option granted 14,270 4,566 Unrealized losses on investments 1,534,332 — Policy acquisition costs 2,243,267 1,468,030 Charitable contribution carryforward 2,490 1,020 Property and equipment — 15,508 Sec 163(j) limitation 153,809 — Benefit reserves 3,568,914 848,643 Total deferred tax assets 9,248,301 2,996,462 Less valuation allowance (7,001,687) (2,618,741) Total deferred tax assets, net of valuation allowance 2,246,614 377,721 Deferred tax liabilities: Unrealized losses on investments 1,994,232 116,088 Due premiums 81,789 81,789 Intangible assets 147,000 147,000 Policy loans — 32,844 Bond Discount 20,556 — Property and equipment 3,037 — Total deferred tax liabilities 2,246,614 377,721 Net deferred tax assets $ — $ —
Schedule of Effective Tax Rate Reconciliation	There was income tax expense of $1,584,769 and $234,180 for the years ended December 31, 2020, and 2019. This differed from the amounts computed by applying the statutory U.S. federal income tax rate of 21% to pretax income, as a result of the following: Year ended December 31, 2020 2019 Computed expected income tax benefit $ (2,237,592) $ (1,154,890) Increase (reduction) in income taxes resulting from: State tax net of federal benefit 158,316 — IMR and reinsurance 25,571 — Nondeductible expenses 5,321 6,170 Change in valuation allowance 4,048,477 1,196,724 Dividends received deduction (10,308) — COD Interest — 177,563 Prior year true-up (405,016) 8,613 Subtotal of increases 3,822,361 1,389,070 Tax expense $ 1,584,769 $ 234,180

Reinsurance (Tables)

Reinsurance (Tables)	12 Months Ended
	Dec. 31, 2020
Reinsurance Disclosures [Abstract]
Summary of significant reinsurance amounts	A summary of significant reinsurance amounts affecting the accompanying consolidated financial statements as of December 31, 2020 and 2019 and for the years ended December 31, 2020 and 2019, is as follows (excluding Unified): December 31, 2020 December 31, 2019 Balance sheets: Benefit and claim reserves ceded $ 32,146,042 $ 30,579,524 Year ended December 31, 2020 2019 Statements of comprehensive (loss) income: Premiums ceded $ 884,266 $ 996,711 Benefits ceded 222,834 201,823 Commissions ceded 10,163 10,445
Schedule of significant reinsurance balances	The following table provides a summary of the significant reinsurance balances recoverable on paid and unpaid policy claims by reinsurer except for Unified as it is accounted for as discontinued operations as of December 31, 2020: Recoverable on Total Amount Recoverable Recoverable Benefit Ceded Recoverable AM Best on Paid on Unpaid Reserves/Deposit- Due from Reinsurer Rating Losses Losses type Contracts Premiums Reinsurer Ironbound Reinsurance Company Limited NR $ — $ — $ — $ — $ — Optimum Re Insurance Company A — — 524,734 — 524,734 Sagicor Life Insurance Company A- — 141,107 11,285,364 276,596 11,149,875 SDA Annuity & Life Re NR — — 3,540,697 — 3,540,697 Crestline SP 1 NR — — 9,695,427 — 9,695,427 US Alliance Life and Security Company NR — — 7,264,229 28,920 7,235,309 $ — $ 141,107 $ 32,310,451 $ 305,516 $ 32,146,042 The following table provides a summary of the significant reinsurance balances recoverable on paid and unpaid policy claims by reinsurer except for Unified as it is accounted for as discontinued operations as of December 31, 2019: Recoverable on Total Amount Recoverable Recoverable Benefit Ceded Recoverable AM Best on Paid on Unpaid Reserves/Deposit- Due from Reinsurer Rating Losses Losses type Contracts Premiums Reinsurer Ironbound Reinsurance Company Limited NR $ — $ — $ 4,213,699 $ — $ 4,213,699 Optimum Re Insurance Company A — — 489,770 — 489,770 Sagicor Life Insurance Company A- — 130,538 11,347,962 270,273 11,208,227 SDA Annuity & Life Re NR — — 2,506,911 — 2,506,911 US Alliance Life and Security Company NR — 23,000 12,207,079 69,162 12,160,917 $ — $ 153,538 $ 30,765,421 $ 339,435 $ 30,579,524
Schedule of ceded commission earned	Year ended December 31, 2020 2019 Reinsurer Effective Date Gross Ceding Commission Expense (1) Interest on Ceding Commissions Earned Gross Ceding Commission Expense Interest on Ceding Commissions Earned Ironbound Reinsurance Company Limited July 2019 $ 688,110 $ 703,163 $ 220,635 $ 435,366 $ 4,843,120 $ 4,734,926 $ 77,800 $ 126,429 SDA Annuity & Life Re November 2019 1,354,304 2,616,888 67,246 78,012 996,701 1,734,184 27,827 45,220 US Alliance Life and Security Company (2) November 2019 2,278,511 4,030,614 38,719 139,313 — — — — Crestline SP 1 July 2020 6,242,612 11,798,718 48,419 190,477 — — — — $ 10,563,537 $ 19,149,383 $ 375,019 $ 843,168 $ 5,839,821 $ 6,469,110 $ 105,627 $ 171,649 (1) Includes: acquisition and administrative expenses, commission expense allowance and product development fees. (2) US Alliance Life and Security Company funds withheld and funds paid treaty
Schedule of ceded commission deferred	December 31, 2020 December 31, 2019 Reinsurer Effective Date Deferred Ceding Commission Deferred Ceding Commission US Alliance Life and Security Company (1) September 2017 $ 172,297 $ 858,675 Unified Life Insurance Company (1) July 2018 276,935 582,894 Ironbound Reinsurance Company Limited (2) July 2019 5,642,095 5,060,359 SDA Annuity & Life Re (2) November 2019 2,703,496 1,076,267 US Alliance Life and Security Company (3) April 2020 2,472,559 — Crestline SP 1 July 2020 6,931,375 — $ 18,198,757 $ 7,578,195 (1) These reinsurance transactions on our legacy business received gross ceding commissions on the effective dates of the transaction. The difference between the statutory net adjusted reserves and the GAAP adjusted reserves plus the elimination of DAC and value of business acquired (“VOBA”) related to these businesses reduces the gross ceding commission with the remaining deferred and amortized over the lifetime of the blocks of business. (2) These reinsurance transactions include the ceding commissions and expense allowances which are accounted for as described in (1). (3) US Alliance Life and Security Company funds withheld and funds paid treaty.

Notes Payable (Tables)

Notes Payable (Tables)	12 Months Ended
	Dec. 31, 2020
Debt Disclosure [Abstract]
Summary of information regarding loans	Shares of Common Stock into which Loan Loans Were Principal Converted Date of Loan Amount As Restated June 28, 2018 $ 500,000 48,570 June 28, 2018 100,000 9,714 October 10, 2018 1,000,000 97,139 December 7, 2018 17,500,000 1,699,938 Total $ 19,100,000 1,855,361

Long Term Incentive Plans (Tabl

Long Term Incentive Plans (Tables)	12 Months Ended
	Dec. 31, 2020
Long-Term Incentive Plans
Schedule of remaining non vested shares	Year ended December 31, 2020 2019 Stock Options/ (1) Stock Options (1) Beginning balance 17,900 — Options granted 68,025 17,900 Restricted stock granted 18,597 — Forfeited (3,350) — Vested (200) — Ending Balance 100,972 17,900 (1) Reflects reverse stock split of 500:1 as of August 27, 2020

Deposit-Type Contracts (Tables)

Deposit-Type Contracts (Tables)	12 Months Ended
	Dec. 31, 2020
Deposit Type Contracts [Abstract]
Schedule of Contracts	The following table provides information about deposit-type contracts for the years ended December 31, 2020 and 2019: December 31, 2020 December 31, 2019 Beginning balance $ 171,168,785 $ 7,234,927 US Alliance (3,307,587) 657,986 Ironbound Reinsurance Company Limited 6,080,196 1,839,551 SDA Annuity & Life Re (includes MVA adjustment and embedded derivative) 3,053,160 194,940 Crestline SP 1 3,606,833 — Deposits received 415,561,302 161,392,700 Investment earnings (includes embedded derivative) 4,214,828 9,271 Withdrawals (2,509,045) (160,590) Ending balance $ 597,868,472 $ 171,168,785

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2020
Leases [Abstract]
Schedule of Supplemental Balance Sheet Information Related to Leases	Supplemental balance sheet information for our leases for the years ended December 31, 2020 and 2019, are as follows: As of As of Leases Classification December 31, 2020 December 31, 2019 Assets Noncurrent: Finance Office and other equipment, net of accumulated depreciation and amortization $ — $ 2,913 Operating Operating lease right-of-use assets 348,198 470,132 Total leased assets $ 348,198 $ 473,045 Liabilities Current: Finance lease Finance lease liabilities $ — $ 1,860 Noncurrent: Operating lease Operating lease liabilities 396,911 524,248 Total leased liabilities $ 396,911 $ 526,108
Schedule of Components of Leases Expenses	Our operating and finance leases expenses for the years ended December 31, 2020 and 2019, are as follows: Year ended December 31, Leases Classification 2020 2019 Operating General and administrative expense $ 8,731 $ 13,797 Finance lease cost: Amortization expense 2,913 11,651 Interest expense 111 444
Schedule of Finance and Operating Leases Minimum	Minimum contractual obligations for our leases as of December 31, 2020 are as follows: Operating Leases 2021 $ 164,081 2022 156,608 2023 161,674 2024 13,508 Total remaining lease payments $ 495,871
Schedule of Supplemental Cash Flow Information Related to Leases	Supplemental cash flow information related to leases was as follows: Year ended December 31, 2020 2019 Cash payments Operating cash flows from operating leases $ (5,404) $ (337) Operating cash flows from finance leases 1,164 4,657 Financing cash flows from finance leases (111) (444)

Equity (Tables)

Equity (Tables)	12 Months Ended
	Dec. 31, 2020
Stockholders' Equity Note [Abstract]
Summary of Balance of and Changes in Each Component of AOCI	The balance of and changes in each component of AOCI as of and for the years ended December 31, are as follows: Unrealized Unrealized Accumulated other Balance at December 31, 2018 $ (1,818,014) $ — $ (1,818,014) Other comprehensive income before reclassificaitons 2,645,015 — 2,645,015 Unrealized gains on foreign currency — 146,185 146,185 Less: Reclassification adjustments for losses realized in net income (353,602) — (353,602) Balance at December 31, 2019 473,399 146,185 619,584 Other comprehensive income (loss) before reclassificaitons, net of tax 7,398,432 — 7,398,432 Unrealized gains on foreign currency — (146,185) (146,185) Less: Reclassification adjustments for losses realized in net income, net of tax (1,441,264) — (1,441,264) Balance at December 31, 2020 $ 6,430,567 $ — $ 6,430,567

Deferred Acquisition Costs (Tab

Deferred Acquisition Costs (Tables)	12 Months Ended
	Dec. 31, 2020
Deferred Policy Acquisition Costs Disclosures [Abstract]
Schedule of Deferred Acquisition Costs	The following table represents a rollforward of DAC, net of reinsurance: DAC Balance at December 31, 2019 — Additions 13,919,206 Amortization (670,233) Interest 138,295 Impact of unrealized investment losses 69,035 Balance at December 31, 2020 $ 13,456,303

Nature of Operations and Summ_3

Nature of Operations and Summary of Significant Accounting Policies (Narrative) (Details)	Dec. 31, 2020USD ($)	Sep. 28, 2020USD ($)	Jun. 15, 2020USD ($)	May 12, 2020USD ($)	Apr. 24, 2020USD ($)$ / sharesshares	Mar. 11, 2020	Mar. 01, 2020	Jul. 25, 2019	Jun. 18, 2019USD ($)shares	Dec. 31, 2020USD ($)	Jun. 30, 2018USD ($)	Jun. 30, 2020USD ($)	Dec. 31, 2020USD ($)segmentproductleaseplanitem$ / sharesshares	Dec. 31, 2019USD ($)$ / sharesshares	Dec. 31, 2020GBP (£)shares	Dec. 31, 2020EUR (€)shares	Dec. 31, 2020USD ($)$ / sharesshares	Aug. 10, 2020$ / sharesshares	Dec. 31, 2019GBP (£)shares	Dec. 31, 2019EUR (€)shares	Dec. 31, 2019USD ($)$ / sharesshares	Sep. 30, 2019USD ($)	Apr. 02, 2019
Contributions made	$ 3,000,000
Shares issued | shares					231,655
Common Stock, Par or Stated Value Per Share | $ / shares																	$ 0.001				$ 0.001
Share Price | $ / shares					$ 22.50
Proceeds from common stock					$ 5,227,000
Proceeds from IPO										$ 70,000,000,000,000
Number of segments | segment													1
Number Of Products | product													5
Number Of Bonus Plans | plan													2
Escrow Deposit																	$ 3,174,047				$ 3,899,986
Valuation Allowance On Leased Asset																	776,973
Preferred stock																	3,897,980				500,000
Impairment on preferred stock												$ 500,000		$ 0
Notes receivable																	5,665,487
Cash equivalents																	0				0
Realized gains on foreign exchange translation													$ 45,000
Money market investments																	100,600,000				26,200,000
Depreciation													47,853	40,000
Accumulated Depreciation																	1,023,334				975,480
Reinsurance recoverables on unpaid losses, allowance																	$ 0				$ 0
Unrealized gains													2,900,000
Embedded derivative loss													2,900,000
Unrealized gains on investments, net of taxes													$ 5,957,168	$ 2,291,413
Basic | $ / shares													$ (4.88)	$ (4.99)
Common Stock, Shares Authorized (in shares) | shares															20,000,000	20,000,000	20,000,000	22,000,000	20,000,000	20,000,000	20,000,000
Non voting common stock, shares authorized | shares															2,000,000	2,000,000	2,000,000		2,000,000	2,000,000	2,000,000
Preferred stock, shares authorized (in shares) | shares															2,000,000	2,000,000	2,000,000	2,000,000	2,000,000	2,000,000	2,000,000
Common stock, shares issued (in shares) | shares															3,737,564	3,737,564	3,737,564		2,042,670	2,042,670	2,042,670
Common stock, shares outstanding (in shares) | shares															3,737,564	3,737,564	3,737,564		2,042,670	2,042,670	2,042,670
Weighted Average Number of Shares Outstanding, Basic (in shares) | shares													2,547,003	1,149,042
Weighted Average Number of Shares Outstanding, Diluted (in shares) | shares													2,816,177	1,150,936
Number of lease investments | lease													4
Right of use assets																	$ 348,198				$ 470,132
Total leased liabilities																	396,911				526,108
Number of operating leases | item													3
Number of finance leases | item													1
Ascona Group Holdings Ltd
Preferred equity		$ 3,642,090
United Kingdom, Pounds
Cash held in custody accounts															£ 505,349		690,787		£ 1,800,000		$ 2,300,000
Euro Member Countries, Euro
Cash held in custody accounts																€ 87,633	$ 107,000			€ 0
Furniture and Fixtures | Minimum
Property and Equipment, Useful Life													3 years
Furniture and Fixtures | Maximum
Property and Equipment, Useful Life													7 years
Computer Software, Intangible Asset
Property and Equipment, Useful Life													3 years
Xenith
Conversion amount									$ 19,100,000
Voting common shares [Member]
Common Stock, Par or Stated Value Per Share | $ / shares																		$ 0.001
Common Stock, Shares Authorized (in shares) | shares																		20,000,000
Non-voting common shares
Common Stock, Par or Stated Value Per Share | $ / shares																		$ 0.001
Common Stock, Shares Authorized (in shares) | shares																		2,000,000
Series C Preferred Stock [Member] | Xenith1
Voting common stock | shares									1,500,000
Conversion Rate									10.29
Shares converted | shares									145,709
Stated dividend rate									8.00%
FW, Modco Agreement
Percentage of indemnity coinsurance						0.00%	30.00%	95.00%
SRC1
Contributions made													$ 3,000,000
Embedded derivative loss													2,900,000
Unrealized gains on investments, net of taxes													$ 5,100,000
Basic | $ / shares													$ (4.88)
Basic Earnings Per Share Excluding Embedded Derivative Gain | $ / shares													$ (3.68)
Crestline Assurance Holdings Llc
Percentage Of Voting Common Stock															12.00%	12.00%	12.00%
Crestline Assurance Holdings Llc | Securities Purchase Agreement
Shares issued | shares					444,444
Common Stock, Par or Stated Value Per Share | $ / shares					$ 0.001
Share Price | $ / shares					$ 22.50
Proceeds from common stock					$ 10,000,000
Multi-year Guaranteed Annuity
Number Of Products | plan													2
Multi-year Guaranteed Annuity | Crestline Assurance Holdings Llc | Master Letter Agreement
Percentage of indemnity coinsurance					25.00%
Fixed Index Annuity | Crestline Assurance Holdings Llc | Master Letter Agreement
Percentage of indemnity coinsurance					40.00%
Preferred Stock
Preferred stock																						$ 500,000
1505 Capital LLC
Business Combination, Consideration Transferred			$ 500,000
1505 Capital LLC
Ownership percentage acquired			49.00%												49.00%	49.00%	49.00%						51.00%
American Life
Capital contribution to American Life											$ 20,500,000
American Life | Ascona Asset Holding LLC
Ownership interest															74.00%	74.00%	74.00%
American Life | Crestline Assurance Holdings Llc
Capital contribution to American Life					$ 5,000,000
Seneca Reinsurance Company, LLC
Contributions made				$ 300,000
Ownership percentage acquired				100.00%
Crestline Assurance Holdings Llc | Ascona Asset Holding LLC
Ownership interest															26.00%	26.00%	26.00%

Assets and Liabilities Held f_3

Assets and Liabilities Held for Sale (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Discontinued Operations and Disposal Groups [Abstract]
Percentage of indemnity reinsurance basis of liabilities and obligations	100.00%
Ceding commission	$ 3,500,000
Percentage of indemnity policies	90.00%	79.00%

Assets and Liabilities Held f_4

Assets and Liabilities Held for Sale (Schedule of Assets and Liabilities Discontinued Operations) (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Carrying amounts of major classes of assets included as part of discontinued operations
Policy loans	$ 33,161	$ 50,387
Reinsurance recoverables	1,061,979	3,569,849
Premium recoverable	23,643	33,512
Total assets held for sale in the Consolidated Balance Sheet	1,118,783	3,653,748
Carrying amounts of major classes of liabilities included as part of discontinued operations
Benefit reserves	594,710	1,403,953
Policy claims	35,302	28,203
Deposit-type contracts	482,966	2,209,195
Advance premiums	71	2,226
Accounts payable and accrued expenses	1,263	3,290
Total liabilities held for sale in the Consolidated Balance Sheets	$ 1,114,312	$ 3,646,867

Non-controlling Interest (Detai

Non-controlling Interest (Details) - USD ($)	Jun. 15, 2020	Apr. 02, 2019	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Net income, including portion attributable to non-controlling interest				$ (12,440,368)	$ (5,609,181)
Income attributable to non-controlling interest			$ 127,636
Net loss				$ (12,440,368)	$ (5,733,658)
1505 Capital LLC
Business Combination, Consideration Transferred	$ 500,000
1505 Capital LLC
Ownership percentage acquired	49.00%	51.00%		49.00%
Capital units acquired, purchase price		$ 1,000,000
Net income, including portion attributable to non-controlling interest			252,113
Income attributable to non-controlling interest			$ 124,477

Investments (Schedule of Availa

Investments (Schedule of Available for Sale Investments) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Amortized costs of fixed maturities (in dollars)	$ 369,156,068	$ 116,676,312
Derivatives, Cost	8,532,252	490,831
Derivatives, Gross Unrealized Gains	3,257,069	87,684
Derivatives, Gross Unrealized Losses	428,287	3,221
Investments, Gross Unrealized Gains	11,948,773
Investments, Gross Unrealized Losses	1,112,701
Total fixed maturities	377,163,358	117,241,861
Mortgage loans on real estate, held for investment	94,989,970	13,810,041
Derivative instruments (See Note 5)	11,361,034	575,294
Other invested assets	21,897,130	2,468,947
Investment escrow	3,174,047	3,899,986
Preferred stock	3,897,980	500,000
Notes receivable	5,665,487
Policy loans.	45,573	106,014
Total investments, Amortized Cost	507,358,507
Investments, Fair Value Disclosure	518,194,579	138,602,143
Fixed maturities
Amortized costs of fixed maturities (in dollars)	369,156,068	116,676,312
Gross Unrealized Gains	8,691,704	1,163,397
Gross Unrealized Losses	684,414	597,848
Investments, Gross Unrealized Gains		1,251,081
Investments, Gross Unrealized Losses		601,069
Total fixed maturities	377,163,358	117,241,861
Total investments, Amortized Cost		137,952,131
Investments, Fair Value Disclosure		138,602,143
Fixed maturities | U.S. government obligations
Amortized costs of fixed maturities (in dollars)	5,744,221	2,091,710
Gross Unrealized Gains	426,427	7,073
Gross Unrealized Losses	5,665	17,559
Total fixed maturities	6,164,983	2,081,224
Fixed maturities | Mortgage Back Securities
Amortized costs of fixed maturities (in dollars)	14,638,299	819,678
Gross Unrealized Gains	276,219
Gross Unrealized Losses	157,104	21,070
Total fixed maturities	14,757,414	798,608
Fixed maturities | Asset-backed Securities
Amortized costs of fixed maturities (in dollars)	216,500,672	95,006,241
Gross Unrealized Gains	5,623,083	646,335
Gross Unrealized Losses	350,146	404,752
Total fixed maturities	221,773,609	95,247,824
Fixed maturities | States and Political Subdivisions General Obligations
Amortized costs of fixed maturities (in dollars)	106,528	240,494
Gross Unrealized Gains	10,802	8,788
Total fixed maturities	117,330	249,282
Fixed maturities | States and Political Subdivisions Special Revenue
Amortized costs of fixed maturities (in dollars)	5,293,365	25,112
Gross Unrealized Gains	908,986	179
Gross Unrealized Losses	147
Total fixed maturities	6,202,204	25,291
Fixed maturities | Trust preferred
Amortized costs of fixed maturities (in dollars)	2,218,142
Gross Unrealized Gains	66,674
Total fixed maturities	2,284,816
Fixed maturities | Corporate
Amortized costs of fixed maturities (in dollars)	124,654,841	18,493,077
Gross Unrealized Gains	1,379,513	501,022
Gross Unrealized Losses	171,352	154,467
Total fixed maturities	$ 125,863,002	$ 18,839,632

Investments (Schedule of Unreal

Investments (Schedule of Unrealized Loss of Securities) (Details) - Fixed maturities	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Estimated Fair Value, Total	$ 31,933,749	$ 46,788,419
Gross Unrealized Loss, Total	$ 684,414	$ 597,848
Number of Securities, Total	47	72
U.S. government obligations
Estimated Fair Value, Less than 12 months	$ 54,910	$ 1,518,772
Gross Unrealized Loss, Less than 12 months	$ 180	$ 14,935
Number of Securities, Less than 12 months	2	9
Estimated Fair value, Greater than 12 months	$ 119,700	$ 353,834
Gross Unrealized Loss, Greater than 12 months	$ 5,485	$ 2,624
Number of Securities, Greater than 12 months	4	2
Mortgage Back Securities
Estimated Fair Value, Less than 12 months	$ 5,707,617	$ 160,010
Gross Unrealized Loss, Less than 12 months	$ 157,104	$ 4,844
Number of Securities, Less than 12 months	5	4
Estimated Fair value, Greater than 12 months		$ 638,598
Gross Unrealized Loss, Greater than 12 months		$ 16,226
Number of Securities, Greater than 12 months		14
Asset-backed Securities
Estimated Fair Value, Less than 12 months	$ 14,878,370	$ 39,114,732
Gross Unrealized Loss, Less than 12 months	$ 246,969	$ 404,752
Number of Securities, Less than 12 months	19	26
Estimated Fair value, Greater than 12 months	$ 7,020,479
Gross Unrealized Loss, Greater than 12 months	$ 103,177
Number of Securities, Greater than 12 months	6
States and Political Subdivisions Special Revenue
Estimated Fair Value, Less than 12 months	$ 5,584
Gross Unrealized Loss, Less than 12 months	$ 147
Number of Securities, Less than 12 months	1
Corporate
Estimated Fair Value, Less than 12 months	$ 3,859,616	$ 2,800,815
Gross Unrealized Loss, Less than 12 months	$ 104,262	$ 13,618
Number of Securities, Less than 12 months	7	4
Estimated Fair value, Greater than 12 months	$ 287,473	$ 2,201,658
Gross Unrealized Loss, Greater than 12 months	$ 67,090	$ 140,849
Number of Securities, Greater than 12 months	3	13

Investments (Schedule of Fixed

Investments (Schedule of Fixed Maturities) (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Marketable Securities [Abstract]
Amortized Cost, Due in one year or less	$ 24,785,681
Amortized Cost, Due after one year through five years	122,361,585
Amortized Cost, Due after five years through ten years	196,058,708
Amortized Cost, , Due after ten years through twenty years	13,424,333
Amortized Cost, Due after twenty years	12,525,761
Available-for-sale Securities, Debt Maturities, Amortized Cost	369,156,068	$ 116,676,312
Estimated Fair Value, Due in one year or less	24,846,859
Estimated Fair Value, Due after one year through five years	123,915,080
Estimated Fair Value, Due after five years through ten years	200,370,657
Estimated Fair Value, Due after ten years through twenty years	13,869,258
Estimated Fair Value, Due after twenty years	14,161,504
Available-for-sale Securities, Debt Maturities, Estimated Fair Value	$ 377,163,358	$ 117,241,861

Investments (Schedule of Invest

Investments (Schedule of Investments Measured at Fair Value on a Recurring Basis) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Carrying value	$ 94,989,970	$ 13,810,041
Interest Income Accrued	2,835,502	312,028
Interest Income Earned	4,530,630	352,959
Industrial
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Carrying value	1,250,000	500,000
Interest Income Accrued	38,097
Interest Income Earned	136,365	15,889
Commercial mortgage loan - multi-family
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Carrying value	66,916,151	11,320,924
Interest Income Accrued	2,224,689	116,860
Interest Income Earned	3,767,725	329,684
Mortgage Backed Securities, Other
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Carrying value	26,823,819	1,989,117
Interest Income Accrued	572,716	195,168
Interest Income Earned	626,540	7,386
Fair Value Level 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Carrying value	$ 94,989,970	$ 13,810,041

Investments (Schedule of Mortga

Investments (Schedule of Mortgage Loan Investments) (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Mortgage loans on real estate, held for investment	$ 94,989,970	$ 13,810,041
0%-59.99%
Mortgage loans on real estate, held for investment	49,279,601	7,164,476
60%-69.99%
Mortgage loans on real estate, held for investment	22,349,295	3,249,234
70%-79.99%
Mortgage loans on real estate, held for investment	$ 23,361,074	$ 3,396,331

Investments (Components of Net

Investments (Components of Net Investment Income) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Gross investment income	$ 4,756,199	$ 330,850
Less investment expenses	(709,015)	(210,269)
Investment income, net of expenses	4,047,184	120,581
Fixed maturities
Gross investment income	3,661,098	292,453
Mortgage loans
Gross investment income	992,300
Other
Gross investment income	$ 102,801	$ 38,397

Investments (Narrative) (Detail

Investments (Narrative) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Impairment on fixed maturities	$ 35,000
Outstanding remaining lease payments	3,600,000
Valuation allowance on leased assets	776,973
Amortized cost	3,406,950	$ 3,611,292
Fair value	3,598,352	3,612,844
Proceeds from sales of available-for-sale investments	89,135,618	5,752,910
Gross realized gain	2,212,818	268,848
Gross realized losses	$ 388,434	$ 30,885
Mortgage Loans Secured by Property | New York | Geographic Concentration Risk [Member]
Concentration risk percentage	28.00%
Mortgage Loans Secured by Property | Pennsylvania | Geographic Concentration Risk [Member]
Concentration risk percentage	14.00%
Mortgage Loans Secured by Property | California | Geographic Concentration Risk [Member]
Concentration risk percentage	14.00%
Mortgage Loans Secured by Property | Europe | Geographic Concentration Risk [Member]
Concentration risk percentage	12.00%

Derivative Instruments (Details

Derivative Instruments (Details)	Dec. 31, 2020USD ($)contract	Dec. 31, 2019USD ($)contract
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Estimated Fair Value	$ 11,361,034	$ 575,294
Derivatives not designated as hedge | Equity options
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	$ 272,853,853	$ 9,698,863
Number of Contracts | contract	252	24
Estimated Fair Value	$ 11,361,034	$ 575,294
Derivatives not designated as hedge | Equity-indexed embedded derivative
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	$ 311,964,195	$ 10,720,324
Number of Contracts | contract	2,101	108
Estimated Fair Value	$ 84,501,492	$ 576,634

Derivative Instruments - Funds

Derivative Instruments - Funds Withheld Provision (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total Amount Recoverable from Reinsurer	$ (32,146,042)	$ (30,579,524)
SDA Annuity and Life Re
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total Amount Recoverable from Reinsurer	(3,540,697)	(2,506,911)
Crestline SP 1
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total Amount Recoverable from Reinsurer	(9,695,427)
US Alliance Life And Security Company
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total Amount Recoverable from Reinsurer	(7,235,309)	(12,160,917)
Funds With held Provision Agreement
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Book value of assets	223,808,408
Market value of assets	226,719,016
Total return swap value	(2,910,608)	$ 0
Funds With held Provision Agreement | Ironbound Reinsurance Company Limited
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Book value of assets	98,714,156
Market value of assets	99,747,812
Total return swap value	(1,033,656)
Funds With held Provision Agreement | SDA Annuity and Life Re
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Book value of assets	27,224,279
Market value of assets	27,479,836
Total return swap value	(255,557)
Funds With held Provision Agreement | Us Alliance Agreement
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Book value of assets	35,707,207
Market value of assets	36,360,501
Total return swap value	(653,294)
Funds With held Provision Agreement | Crestline SP 1
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Book value of assets	62,162,766
Market value of assets	63,130,867
Total return swap value	$ (968,101)

Fair Values of Financial Inst_3

Fair Values of Financial Instruments (Schedule of Financial Instruments at Fair Value Measured on a Recurring Basis) (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturities	$ 377,163,358	$ 117,241,861
Mortgage loans on real estate, held for investment	94,989,970	13,810,041
Derivative instruments (See Note 5)	11,361,034	575,294
Other Investments	21,897,130	2,468,947
Investment escrow	3,174,047	3,899,986
Preferred stock	3,897,980	500,000
Notes receivable	5,665,487
Policy loans.	45,573	106,014
Total Investments	518,194,579	138,602,143
Embedded derivative for equity-indexed contracts	84,501,492	576,634
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments (See Note 5)	11,361,034	575,294
Investment escrow	3,174,047	3,899,986
Notes receivable	5,665,487
Total Investments	290,109,919	121,717,141
Embedded derivative for equity-indexed contracts	84,501,492	576,634
Fair Value Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage loans on real estate, held for investment	94,989,970	13,810,041
Other Investments	21,897,130	2,468,947
Preferred stock	3,897,980	500,000
Policy loans.	45,573	106,014
Total Investments	228,084,660	16,885,002
Fixed maturities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturities	377,163,358	117,241,861
Total Investments		138,602,143
Fixed maturities | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturities	269,909,351	117,241,861
Fixed maturities | Fair Value Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturities	107,254,007
Fixed maturities | U.S. government obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturities	6,164,983	2,081,224
Fixed maturities | U.S. government obligations | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturities	6,164,983	2,081,224
Fixed maturities | Mortgage Back Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturities	14,757,414	798,608
Fixed maturities | Mortgage Back Securities | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturities	14,757,414	798,608
Fixed maturities | Asset-backed Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturities	221,773,609	95,247,824
Fixed maturities | Asset-backed Securities | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturities	221,773,609	95,247,824
Fixed maturities | States and Political Subdivisions General Obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturities	117,330	249,282
Fixed maturities | States and Political Subdivisions General Obligations | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturities	117,330	249,282
Fixed maturities | States and Political Subdivisions Special Revenue
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturities	6,202,204	25,291
Fixed maturities | States and Political Subdivisions Special Revenue | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturities	6,202,204	25,291
Fixed maturities | Trust preferred
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturities	2,284,816
Fixed maturities | Trust preferred | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturities	2,284,816
Fixed maturities | Corporate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturities	125,863,002	18,839,632
Fixed maturities | Corporate | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturities	18,608,995	$ 18,839,632
Fixed maturities | Corporate | Fair Value Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturities	$ 107,254,007

Fair Values of Financial Inst_4

Fair Values of Financial Instruments (Schedule of Financial Assets and Liabilities at Fair Value) (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Assets:
Cash and cash equivalents	$ 151,679,274	$ 43,716,205
Fair Value, Inputs, Level 1 [Member]
Assets:
Cash and cash equivalents	100,566,580	26,230,027
Fair Value, Inputs, Level 2 [Member]
Assets:
Cash and cash equivalents	51,112,694	17,486,178
Fair Value Level 3
Assets:
Policy loans	45,573	106,014
Liabilities:
Policyholder deposits (Deposit-type contracts)	597,868,472	171,168,785
Carrying (Reported) Amount, Fair Value Disclosure [Member]
Assets:
Policy loans	45,573	106,014
Cash and cash equivalents	151,679,274	43,716,205
Liabilities:
Policyholder deposits (Deposit-type contracts)	597,868,472	171,168,785
Estimate Of Fair Value, Fair Value Disclosure [Member]
Assets:
Policy loans	45,573	106,014
Cash and cash equivalents	151,679,274	43,716,205
Liabilities:
Policyholder deposits (Deposit-type contracts)	$ 597,868,472	$ 171,168,785

Fair Values of Financial Inst_5

Fair Values of Financial Instruments (Recurring Basis Level 3) (Details) - Fair Value Level 3	12 Months Ended
	Dec. 31, 2020USD ($)
Beginning Balance	$ 16,885,002
Additions	292,303,163
Sales	72,754,505
Valuation Allowance	(776,973)
Impairment	(500,000)
Ending Balance	235,156,687
Policy loans
Beginning Balance	106,014
Sales	60,441
Ending Balance	45,573
Mortgage loans
Beginning Balance	13,810,041
Additions	99,356,435
Sales	18,176,506
Ending Balance	94,989,970
Other invested assets
Beginning Balance	2,468,947
Additions	78,620,694
Sales	54,517,558
Valuation Allowance	(776,973)
Ending Balance	25,795,110
Fixed maturities
Additions	107,254,007
Ending Balance	107,254,007
Investment escrow
Additions	3,174,047
Ending Balance	3,174,047
Preferred Stock
Beginning Balance	500,000
Additions	3,897,980
Impairment	(500,000)
Ending Balance	$ 3,897,980

Fair Values of Financial Inst_6

Fair Values of Financial Instruments (summary of unobservable inputs) (Details)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturities	$ 377,163,358	$ 117,241,861
Fair Value Level 3 | Non performance risk
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturities	$ 84,500,000
Debt Securities, Available-for-sale, Valuation Technique [Extensible List]	us-gaap:ValuationTechniqueOptionPricingModelMember
Fair Value Level 3 | Non performance risk | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest sensitive contract liabilities (as a percent)	0.003
Fair Value Level 3 | Non performance risk | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest sensitive contract liabilities (as a percent)	0.013
Fair Value Level 3 | Non performance risk | Weighted average
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest sensitive contract liabilities (as a percent)	0.007
Fair Value Level 3 | Option budget | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest sensitive contract liabilities (as a percent)	0.026
Fair Value Level 3 | Option budget | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest sensitive contract liabilities (as a percent)	0.034
Fair Value Level 3 | Option budget | Weighted average
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest sensitive contract liabilities (as a percent)	0.027
Fair Value Level 3 | Surrender rate | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest sensitive contract liabilities (as a percent)	0.005
Fair Value Level 3 | Surrender rate | Maximum | Base
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest sensitive contract liabilities (as a percent)	0.15
Fair Value Level 3 | Surrender rate | Maximum | Additional Shock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest sensitive contract liabilities (as a percent)	0.30
Fair Value Level 3 | Surrender rate | Weighted average
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest sensitive contract liabilities (as a percent)	0.076

Fair Values of Financial Inst_7

Fair Values of Financial Instruments (Narrative) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Investments, All Other Investments [Abstract]
Notes receivable	$ 5,665,487
Estimated market value	5,665,487
Fair value of assets from Level 1 to Level 2	0	$ 0
Fair value of assets from Level 2 to Level 1	0	0
Fair value of liabilities from Level 1 to Level 2	0	0
Fair value of liabilities from Level 2 to Level 1	0	0
Fair value of assets, Transfers into Level 3	0	0
Fair value of assets, Transfers out of Level 3	0	0
Fair value of liability, Transfers into Level 3	0	0
Fair value of liability, Transfers out of Level 3	$ 0	$ 0

Income Tax Matters (Schedule of

Income Tax Matters (Schedule of Deferred Tax Assets and Liabilities) (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Deferred tax assets:
Loss carryforwards	$ 1,556,855	$ 436,777
Capitalized costs	174,364	221,918
Stock option granted	14,270	4,566
Unrealized losses on investments	1,534,332
Policy acquisition costs	2,243,267	1,468,030
Charitable contribution carryforward	2,490	1,020
Property and equipment		15,508
Sec 163(j) limitation	153,809
Benefit reserves	3,568,914	848,643
Total deferred tax assets	9,248,301	2,996,462
Less valuation allowance	(7,001,687)	(2,618,741)
Total deferred tax assets, net of valuation allowance	2,246,614	377,721
Deferred tax liabilities:
Unrealized losses on investments	1,994,232	116,088
Due premiums	81,789	81,789
Intangible assets	147,000	147,000
Policy loans		32,844
Bond Discount	20,556
Property and equipment	3,037
Total deferred tax liabilities	2,246,614	377,721
Net deferred tax assets

Income Tax Matters (Schedule _2

Income Tax Matters (Schedule of Effective Tax Rate Reconciliation) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Computed expected income tax benefit	$ (2,237,592)	$ (1,154,890)
Increase (reduction) in income taxes resulting from:
State tax net of federal benefit	158,316
IMR and reinsurance	25,571
Nondeductible expenses	5,321	6,170
Change in valuation allowance	4,048,477	1,196,724
Dividends received deduction	(10,308)
COD Interest		177,563
Prior year true-up	(405,016)	8,613
Subtotal of increases	3,822,361	1,389,070
Net income tax expense	$ 1,584,769	$ 234,180

Income Tax Matters (Narrative)

Income Tax Matters (Narrative) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2016
Deferred Tax Assets, Valuation Allowance	$ 7,001,687	$ 2,618,741
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate	21.00%
Net operating loss ("NOL") carryforwards	$ 7,798,793		$ 798,236
Percentage of carry forward year limited taxable income	80.00%
NOLs Carryforwards, Valuation Allowance	$ 5,080,148
Income tax expense	$ 1,584,769	$ 234,180
Maximum
Operating Loss Carryforwards, Expiration Dates	Dec. 31, 2040
Minimum
Operating Loss Carryforwards, Expiration Dates	Dec. 31, 2024

Reinsurance (Summary of Signifi

Reinsurance (Summary of Significant Reinsurance Amounts) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Balance sheets:
Reinsurance recoverables (See Note 8)	$ 32,146,042	$ 30,579,524
Statements of comprehensive (loss) income:
Premiums ceded	884,266	996,711
Benefits ceded	222,834	201,823
Commissions ceded	$ 10,163	$ 10,445

Reinsurance (Schedule of Signif

Reinsurance (Schedule of Significant Reinsurance Balances) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Recoverable on Unpaid Losses	$ 141,107	$ 153,538
Recoverable on Benefit Reserves/Deposit-type Contracts	32,310,451	30,765,421
Ceded Due Premiums	305,516	339,435
Total Amount Recoverable from Reinsurer	32,146,042	30,579,524
Ceded Commission Earned	10,563,537	5,839,821
Expense Allowances	19,149,383	6,469,110
Interest On Ceding Commissions	375,019	105,627
Earned Ceding Commission Net	843,168	171,649
Deferred gain on coinsurance transactions	$ 18,198,757	$ 7,578,195
Ironbound Reinsurance Company Limited [Member]
AM Best Rating	NR	NR
Recoverable on Benefit Reserves/Deposit-type Contracts		$ 4,213,699
Total Amount Recoverable from Reinsurer		4,213,699
Ceded Commission Earned	$ 688,110	4,843,120
Expense Allowances	703,163	4,734,926
Interest On Ceding Commissions	220,635	77,800
Earned Ceding Commission Net	435,366	126,429
Deferred gain on coinsurance transactions	$ 5,642,095	$ 5,060,359
Optimum Reinsurance Company [Member]
AM Best Rating	A	A
Recoverable on Benefit Reserves/Deposit-type Contracts	$ 524,734	$ 489,770
Total Amount Recoverable from Reinsurer	$ 524,734	$ 489,770
Sagicor Life Insurance Company [Member]
AM Best Rating	A-	A-
Recoverable on Unpaid Losses	$ 141,107	$ 130,538
Recoverable on Benefit Reserves/Deposit-type Contracts	11,285,364	11,347,962
Ceded Due Premiums	276,596	270,273
Total Amount Recoverable from Reinsurer	$ 11,149,875	$ 11,208,227
SDA Annuity and Life Re
AM Best Rating	NR	NR
Recoverable on Benefit Reserves/Deposit-type Contracts	$ 3,540,697	$ 2,506,911
Total Amount Recoverable from Reinsurer	3,540,697	2,506,911
Ceded Commission Earned	1,354,304	996,701
Expense Allowances	2,616,888	1,734,184
Interest On Ceding Commissions	67,246	27,827
Earned Ceding Commission Net	78,012	45,220
Deferred gain on coinsurance transactions	$ 2,703,496	$ 1,076,267
US Alliance Life And Security Company
AM Best Rating	NR	NR
Recoverable on Unpaid Losses		$ 23,000
Recoverable on Benefit Reserves/Deposit-type Contracts	$ 7,264,229	12,207,079
Ceded Due Premiums	28,920	69,162
Total Amount Recoverable from Reinsurer	7,235,309	12,160,917
Ceded Commission Earned	2,278,511
Expense Allowances	4,030,614
Interest On Ceding Commissions	38,719
Earned Ceding Commission Net	139,313
Deferred gain on coinsurance transactions	$ 172,297	858,675
Crestline SP 1
AM Best Rating	NR
Recoverable on Benefit Reserves/Deposit-type Contracts	$ 9,695,427
Total Amount Recoverable from Reinsurer	9,695,427
Ceded Commission Earned	6,242,612
Expense Allowances	11,798,718
Interest On Ceding Commissions	48,419
Earned Ceding Commission Net	190,477
Deferred gain on coinsurance transactions	6,931,375
Unified Life Insurance Company
Deferred gain on coinsurance transactions	276,935	$ 582,894
US Alliance Life and Security Company(3)
Deferred gain on coinsurance transactions	$ 2,472,559

Reinsurance (Narrative) (Detail

Reinsurance (Narrative) (Details)	Aug. 25, 2020	Jul. 23, 2020	Jul. 01, 2020	Jun. 30, 2020	Apr. 15, 2020USD ($)	Apr. 01, 2020	Mar. 20, 2020	Mar. 11, 2020	Mar. 10, 2020	Mar. 01, 2020	Nov. 07, 2019USD ($)	Jul. 25, 2019	Jul. 01, 2018USD ($)	Jun. 30, 2019USD ($)	Mar. 31, 2020	Sep. 30, 2020	Dec. 31, 2020USD ($)item	Dec. 31, 2019USD ($)	Jun. 18, 2019USD ($)
Amounts recoverable from reinsurers																	$ 32,146,042	$ 30,579,524
Unrealized gains due to market price increases																	8,000,000
Unrealized gains																	2,900,000
Embedded derivative loss																	2,900,000
Net premium income																	24	(152)
Amount owed																			$ 19,100,000
Deferred acquisition cost																	69,035
Remaining deferred gain																	$ 3,069,690
FW, Modco SDA Agreement
Number of accounts established to hold assets | item																	2
Net statutory reserves											$ 3,986,411
Initial settlement											3,970,509
FW, Modco SDA Agreement | MYGA
Percentage of indemnity coinsurance	0.00%
FW, Modco SDA Agreement | FIA
Percentage of indemnity coinsurance	0.00%
FW, Modco SDA Agreement | Funds Withheld Account [Member]
Initial settlement											2,256,802
Amount owed											135,044
Adjusted reserves cash											2,391,847
FW, Modco SDA Agreement | Modco Deposit Account [Member]
Initial settlement											1,504,535
Amount owed											90,029
Adjusted reserves cash											$ 1,594,564
Us Alliance Agreement
Net premium income					$ 13,542,325
Net statutory reserves					14,706,862
Coinsurance ceding commission deferred																	$ 276,935	$ 582,894
Us Alliance Agreement | Funds Withheld Account [Member]
Initial settlement					12,729,785
FW, Modco Agreement
Percentage of indemnity coinsurance								0.00%		30.00%		95.00%
Number of accounts established to hold assets | item																	2
Net premium income														$ 45,005,536
Gross premiums income														46,568,321
Gross Commission paid														1,562,786
Net statutory reserves														44.904704
FW, Modco Agreement | Funds Withheld Account [Member]
Initial settlement														24,928,934
Amount owed														2,015,688
Adjusted reserves cash														26,944,622
FW, Modco Agreement | Modco Deposit Account [Member]
Initial settlement														16,619,289
Amount owed														1,343,792
Adjusted reserves cash														$ 17,963,081
Seneca Re Agreement | MYGA
Ceded percentage of certain liabilities		25.00%
Seneca Re Agreement | FIA
Ceded percentage of certain liabilities		40.00%
American Life
Percentage of indemnity coinsurance																	90.00%
American Life amortized amount																	$ 305,959
Unified Life Insurance Company
Percentage of indemnity coinsurance																		79.00%
Additional percentage of indemnity coinsurance																	11.00%
Transferred risk insurance company													100.00%
Amount transferred for reinsurance													$ 19,311,616
Adjusted reserves cash													14,320,817
Net of ceding allowance													$ 3,500,000				$ 3,500,000
Remaining DAC																	1,890,013
Remaining deferred gain																	26,896
Value of business acquired																	338,536
Ironbound Reinsurance Company Limited [Member]
Amounts recoverable from reinsurers																		$ 4,213,699
Optimum Reinsurance Company [Member]
Amounts recoverable from reinsurers																	524,734	489,770
Sagicor Life Insurance Company [Member]
Amounts recoverable from reinsurers																	11,149,875	11,208,227
SDA Annuity and Life Re
Amounts recoverable from reinsurers																	3,540,697	$ 2,506,911
SDA Annuity and Life Re | FW, Modco SDA Agreement | MYGA
Percentage of indemnity coinsurance											5.00%
SDA Annuity and Life Re | FW, Modco SDA Agreement | FIA
Percentage of indemnity coinsurance																30.00%		95.00%
American Life and Security National Life Insurance [Member] | Us Alliance Agreement
Initial settlement					812,539
US Alliance Life And Security Company
Amounts recoverable from reinsurers																	7,235,309	$ 12,160,917
US Alliance Life And Security Company | Us Alliance Agreement
Initial settlement					$ 5,000,000
US Alliance Life And Security Company | Us Alliance Agreement | MYGA
Percentage of indemnity coinsurance			0.00%			25.00%	66.50%		45.50%
US Alliance Life And Security Company | Us Alliance Agreement | FIA
Percentage of indemnity coinsurance				0.00%		40.00%									49.00%
Crestline SP 1
Amounts recoverable from reinsurers																	$ 9,695,427

Notes Payable (Narrative) (Deta

Notes Payable (Narrative) (Details)	Jun. 18, 2019USD ($)shares	May 09, 2018USD ($)item	Dec. 31, 2018USD ($)$ / shares	Dec. 31, 2020shares	Aug. 10, 2020shares	Dec. 31, 2019shares
Amount owed	$ 19,100,000
Shares of common stock into which loan may be converted | shares	1,855,361
Common stock, shares authorized | shares				20,000,000	22,000,000	20,000,000
Interest incurred but not recorded	$ 845,536
Xenith
Proceeds from issuance of debt		$ 600,000
Number of notes | item		2
Debt term		10 years
Debt instrument, stated interest rate (as a percent)		8.00%
Additional per annum interest due at maturity (as a percent)		4.00%
Debt issuance costs		$ 161,000
Xenith | Vespoint L L C
Total outstanding, percentage		100.00%
Xenith | Note One
Proceeds from issuance of debt		$ 500,000
Xenith | Note Two
Proceeds from issuance of debt		$ 100,000
Xenith | Additional Loan
Proceeds from issuance of debt			$ 18,500,000
Conversion price | $ / shares			$ 10.29
Xenith | Additional Loan | Maximum
Borrowing capacity			$ 23,500,000

Notes Payable (Summary of Infor

Notes Payable (Summary of Information Regarding Loans) (Details) - USD ($)	Jun. 18, 2019	Dec. 31, 2020
Loan Principal Amount	$ 19,100,000
Shares of Common Stock into which Loan May be Converted	1,855,361
Xenith
Notes payable outstanding		$ 0
June 28, 2018
Loan Principal Amount	$ 500,000
Shares of Common Stock into which Loan May be Converted	48,570
June 28, 2018
Loan Principal Amount	$ 100,000
Shares of Common Stock into which Loan May be Converted	9,714
October 10, 2018
Loan Principal Amount	$ 1,000,000
Shares of Common Stock into which Loan May be Converted	97,139
December 7, 2018
Loan Principal Amount	$ 17,500,000
Shares of Common Stock into which Loan May be Converted	1,699,938

Long-Term Incentive Plans (Deta

Long-Term Incentive Plans (Details)	Nov. 16, 2020USD ($)$ / sharesshares	Sep. 15, 2020USD ($)$ / sharesshares	Aug. 27, 2020	Aug. 10, 2020	Jul. 21, 2020USD ($)$ / sharesshares	May 01, 2020item$ / sharesshares	Jul. 19, 2019$ / sharesshares	Dec. 31, 2020USD ($)$ / sharesshares	Dec. 31, 2019USD ($)shares	Jun. 11, 2019shares
Share-based compensation | $								$ 163,664	$ 21,745
Reverse stock split ratio			0.002	500
Number of board members resigned | item						2
Stock Options
Granted (in shares)	35,058	6,667			26,300
Vested (in shares)						(200)
Grants, weighted average exercise price (in dollars per share) | $ / shares	$ 41.25	$ 41.25
Exercise price (per share) | $ / shares	4,125	25
Grant date fair value (in dollars per share) | $ / shares	$ 29.45	$ 21.60			$ 14.50
Vested fair market value (in dollars per share) | $ / shares						$ 8
Compensation expense | $	$ 1,032,458	$ 144,014			$ 334,950
Fair value assumptions
Time to maturity	10 years	10 years			10 years
Risk-free interest rate (as a percent)	0.91%	0.69%			0.55%
Volatility rate (as a percent)	66.30%	66.20%			60.00%
Restricted Stock
Granted restricted stock	18,597
Exercise price of restricted stock | $ / shares	$ 41.25
Grant date fair value (in dollars per share) | $ / shares	$ 29.45
Compensation expense | $	$ 547,682
Fair value assumptions
Risk-free interest rate (as a percent)	0.91%
Volatility rate (as a percent)	66.30%
2020 LTIP
Beginning Balance								17,900
Forfeited (in shares)								(3,350)
Vested (in shares)								(200)
Ending Balance								100,972	17,900
2020 LTIP | Stock Options
Granted (in shares)								68,025
2020 LTIP | Restricted Stock
Granted restricted stock								18,597
2019 LTIP
Beginning Balance								17,900
Ending Balance									17,900
2019 LTIP | Stock Options
Granted (in shares)							17,900		17,900
Grants, weighted average exercise price (in dollars per share) | $ / shares							$ 25	$ 25
Exercisable period							10 years
Grant date fair value (in dollars per share) | $ / shares							$ 8	$ 8
Compensation expense | $								$ 143,200
Fair value assumptions
Time to maturity								10 years
Risk-free interest rate (as a percent)								1.84%
2019 LTIP | Maximum | Stock Options
Shares authorized										102,000
Exercisable after July 17, 2021 | 2019 LTIP | Stock Options
Vesting percentage							33.33%
Exercisable after July 17, 2023 | 2019 LTIP | Stock Options
Vesting percentage							66.60%

Deposit-Type Contracts (Schedul

Deposit-Type Contracts (Schedule of Contracts) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Deposit contract liabilities
Beginning balance	$ 171,168,785	$ 7,234,927
US Alliance	(3,307,587)	657,986
Deposits received	415,561,302	161,392,700
Investment earnings (includes embedded derivative)	4,214,828	9,271
Withdrawals	(2,509,045)	(160,590)
Ending balance	597,868,472	171,168,785
Ironbound Reinsurance Company Limited
Deposit contract liabilities
Deposit contract	6,080,196	1,839,551
SDA Annuity & Life Re
Deposit contract liabilities
Deposit contract	3,053,160	$ 194,940
Crestline SP 1
Deposit contract liabilities
Deposit contract	$ 3,606,833

Leases (Narrative) (Details)

Leases (Narrative) (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Adjustment finance lease	$ 5,266
Adjustment operating lease	$ 54,454
Weighted Average Remaining Term - Operating lease	1 year 6 months
Weighted Average Discount Rate - Finance lease	6.00%	6.00%
Weighted Average Discount Rate - Operating lease	8.00%	8.00%

Leases (Schedule of Supplementa

Leases (Schedule of Supplemental Balance Sheet Information Related to Leases) (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Noncurrent:
Finance lease (Office and other equipment, net of accumulated depreciation and amortization)		$ 2,913
Operating lease right of use assets	$ 348,198	470,132
Total leased assets	348,198	473,045
Current:
Finance lease		1,860
Noncurrent:
Operating lease	396,911	524,248
Total leased liabilities	$ 396,911	$ 526,108

Leases (Schedule of Components

Leases (Schedule of Components of Leases Expenses) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Operating lease cost (General and administrative expense)	$ 8,731	$ 13,797
Finance lease cost:
Amortization expense	2,913	11,651
Interest expense	$ 111	$ 444

Leases (Schedule of Finance and

Leases (Schedule of Finance and Operating Leases Mature) (Details)	Dec. 31, 2020USD ($)
Operating Leases
2021	$ 164,081
2022	156,608
2023	161,674
2024	13,508
Total remaining lease payments	$ 495,871

Leases (Schedule of Supplemen_2

Leases (Schedule of Supplemental Cash Flow Information Related to Leases) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Cash payments
Operating cash flows from operating leases	$ (5,404)	$ (337)
Operating cash flows from finance leases	1,164	4,657
Financing cash flows from finance leases	$ (111)	$ (444)

Statutory Net Income and Surp_2

Statutory Net Income and Surplus (Details) - American Life and Security Corporation - Nebraska Department of Insurance - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Statutory Net Gain	$ 3,893,041	$ 1,317,885
Capital and Surplus	77,446,537	19,507,325
Increase in Capital and Surplus	55,000,000
Multi-year Guaranteed Annuity
Annuity Sales	114,661,090	145,747,737
Annuity sales pending	2,632,158
Fixed Index Annuity
Annuity Sales	300,900,211	$ 15,616,831
Annuity sales pending	$ 39,930,262

Third Party Administration (Det

Third Party Administration (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
American Life and Security Corporation
Related Party Transaction [Line Items]
Amount of transaction	$ 142,222	$ 43,300

Reverse Stock Split (Details)

Reverse Stock Split (Details)	Aug. 27, 2020	Aug. 10, 2020$ / sharesshares	Dec. 31, 2020USD ($)$ / sharesshares	Dec. 31, 2019$ / sharesshares
Common Stock, Shares Authorized (in shares)		22,000,000	20,000,000	20,000,000
Common stock, par value (in dollars per share) | $ / shares			$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)		2,000,000	2,000,000	2,000,000
Preferred stock, par value (in dollars per share) | $ / shares		$ 0.001	$ 0.001	$ 0.001
Conversion ratio	0.002	500
Reverse stock split fractions retired | $			$ 175,333
Common stock, shares outstanding			3,737,564	2,042,670
Voting common shares [Member]
Common Stock, Shares Authorized (in shares)		20,000,000
Common stock, par value (in dollars per share) | $ / shares		$ 0.001
Non-voting common shares
Common Stock, Shares Authorized (in shares)		2,000,000
Common stock, par value (in dollars per share) | $ / shares		$ 0.001

Capital Raise (Details)

Capital Raise (Details) - USD ($)	Dec. 17, 2020	Apr. 24, 2020	Dec. 31, 2020
Capital Raise
Shares issued		231,655
Proceeds from the capital raise			$ 79,311,805
Public offering
Capital Raise
Shares issued	1,000,000
Price per share	$ 70
Proceeds from the capital raise			70,000,000
Deal expenses incurred			$ 4,636,102

Equity (Narrative) (Details)

Equity (Narrative) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Aug. 10, 2020	Dec. 31, 2019
Preferred stock
Preferred stock, shares authorized	2,000,000	2,000,000	2,000,000
Preferred stock, shares issued	0		0
Preferred stock, shares outstanding	0		0
Common Stock
Common stock, par value (in dollars per share)	$ 0.001		$ 0.001
Common stock, shares authorized	20,000,000	22,000,000	20,000,000
Common stock, shares issued	3,737,564		2,042,670
Common stock, shares outstanding	3,737,564		2,042,670
Reverse stock split fractions retired	$ 175,333

Equity (AOCI) (Details)

Equity (AOCI) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	$ 14,158,748	$ (4,136,950)
Other comprehensive income before reclassificaitons	7,398,432	2,645,015
Unrealized gains on foreign currency, net of tax	(146,185)	146,185
Less: Reclassification adjustments for losses realized in net income, net of tax	(1,441,264)	(353,602)
Balance	86,329,499	14,158,748
Unrealized investment gains (losses) on AFS securities, net of offsets
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	473,399	(1,818,014)
Other comprehensive income before reclassificaitons	7,398,432	2,645,015
Less: Reclassification adjustments for losses realized in net income, net of tax	(1,441,264)	(353,602)
Balance	6,430,567	473,399
Unrealized gains on foreign currency
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	146,185
Unrealized gains on foreign currency, net of tax	(146,185)	146,185
Balance		146,185
Accumulated other comprehensive income (loss)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	619,584	(1,818,014)
Other comprehensive income before reclassificaitons	7,398,432	2,645,015
Unrealized gains on foreign currency, net of tax	(146,185)	146,185
Less: Reclassification adjustments for losses realized in net income, net of tax	(1,441,264)	(353,602)
Balance	$ 6,430,567	$ 619,584

Deferred Acquisition Costs (Det

Deferred Acquisition Costs (Details)	12 Months Ended
	Dec. 31, 2020USD ($)
Deferred Policy Acquisition Costs Disclosures [Abstract]
Deferred Policy Acquisition Cost, Beginning Balance
Additions	13,919,206
Amortization	(670,233)
Interest	138,295
Impact of unrealized investment losses	69,035
Deferred Policy Acquisition Cost, Ending Balance	$ 13,456,303

Schedule I Summary of Investm_2

Schedule I Summary of Investments - Other Than Investments in Related Parties (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Amortized Cost	$ 369,156,068	$ 116,676,312
Investments, available for sale, at fair value fixed maturities (amortized cost: $369,156,068 and $116,676,312, respectively) (See Note 4)	377,163,358	117,241,861
Total fixed maturities	377,163,358	117,241,861
Total investments, Amortized Cost	507,358,507
Total Investments, Fair Value	423,159,036
Total investments, Amount Recognized in Consolidated Balance Sheets	518,194,579	138,602,143
Fixed maturities
Amortized Cost	369,156,068	116,676,312
Investments, available for sale, at fair value fixed maturities (amortized cost: $369,156,068 and $116,676,312, respectively) (See Note 4)	377,163,358	117,241,861
Total fixed maturities	377,163,358	117,241,861
Fixed maturities | U.S. government obligations
Amortized Cost	5,744,221	2,091,710
Investments, available for sale, at fair value fixed maturities (amortized cost: $369,156,068 and $116,676,312, respectively) (See Note 4)	6,164,983	2,081,224
Total fixed maturities	6,164,983	2,081,224
Fixed maturities | Mortgage Back Securities
Amortized Cost	14,638,299	819,678
Investments, available for sale, at fair value fixed maturities (amortized cost: $369,156,068 and $116,676,312, respectively) (See Note 4)	14,757,414	798,608
Total fixed maturities	14,757,414	798,608
Fixed maturities | Asset-backed Securities
Amortized Cost	216,500,672	95,006,241
Investments, available for sale, at fair value fixed maturities (amortized cost: $369,156,068 and $116,676,312, respectively) (See Note 4)	221,773,609	95,247,824
Total fixed maturities	221,773,609	95,247,824
Fixed maturities | States and Political Subdivisions General Obligations
Amortized Cost	106,528	240,494
Investments, available for sale, at fair value fixed maturities (amortized cost: $369,156,068 and $116,676,312, respectively) (See Note 4)	117,330	249,282
Total fixed maturities	117,330	249,282
Fixed maturities | States and Political Subdivisions Special Revenue
Amortized Cost	5,293,365	25,112
Investments, available for sale, at fair value fixed maturities (amortized cost: $369,156,068 and $116,676,312, respectively) (See Note 4)	6,202,204	25,291
Total fixed maturities	6,202,204	25,291
Fixed maturities | Trust preferred
Amortized Cost	2,218,142
Investments, available for sale, at fair value fixed maturities (amortized cost: $369,156,068 and $116,676,312, respectively) (See Note 4)	2,284,816
Total fixed maturities	2,284,816
Fixed maturities | Corporate
Amortized Cost	124,654,841	18,493,077
Investments, available for sale, at fair value fixed maturities (amortized cost: $369,156,068 and $116,676,312, respectively) (See Note 4)	125,863,002	18,839,632
Total fixed maturities	125,863,002	$ 18,839,632
Mortgage loans
Total investments, Amortized Cost	94,989,970
Total investments, Amount Recognized in Consolidated Balance Sheets	94,989,970
Derivatives
Total investments, Amortized Cost	8,532,252
Total Investments, Fair Value	11,361,034
Total investments, Amount Recognized in Consolidated Balance Sheets	11,361,034
Other invested assets
Total investments, Amortized Cost	21,897,130
Total Investments, Fair Value	21,897,130
Total investments, Amount Recognized in Consolidated Balance Sheets	21,897,130
Investment escrow
Total investments, Amortized Cost	3,174,047
Total Investments, Fair Value	3,174,047
Total investments, Amount Recognized in Consolidated Balance Sheets	3,174,047
Preferred Stock
Total investments, Amortized Cost	3,897,980
Total Investments, Fair Value	3,897,980
Total investments, Amount Recognized in Consolidated Balance Sheets	3,897,980
Notes receivable
Total investments, Amortized Cost	5,665,487
Total Investments, Fair Value	5,665,487
Total investments, Amount Recognized in Consolidated Balance Sheets	5,665,487
Policy loans
Total investments, Amortized Cost	45,573
Total investments, Amount Recognized in Consolidated Balance Sheets	$ 45,573

Schedule II Condensed Financi_4

Schedule II Condensed Financial Information of Registrant Balance Sheets (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Assets
Preferred stock	$ 3,897,980	$ 500,000
Cash and cash equivalents	151,679,274	43,716,205
Notes receivable	5,665,487
Property and equipment, net	103,964	85,395
Right of use assets	348,198	470,132
Other assets	1,533,179	241,580
Total assets	726,400,759	219,915,886
Liabilities:
Lease Liability	396,911	524,248
Total liabilities	640,071,260	205,757,138
Stockholders' Equity:
Preferred stock, $0.001 par value; authorized 2,000,000 shares; no shares issued and outstanding as of December 31, 2020 or December 31, 2019
Voting common stock, $0.001 par value; authorized 20,000,000 shares; 3,737,564 and 2,042,670 shares issued and outstanding as of December 31, 2020 and 2019, respectively; non-voting common stock, $0.001 par value, 2,000,000 shares authorized; no shares issued and outstanding at December 31, 2020 or 2019	3,738	2,042
Additional paid-in capital.	133,592,605	54,494,355
Treasury stock	(175,333)
Accumulated deficit.	(53,522,078)	(41,081,710)
Accumulated other comprehensive loss	6,430,567	619,584
Total Midwest Holding Inc.'s stockholders' equity	86,329,499	14,034,271
Noncontrolling interest		124,477
Total stockholders' equity	86,329,499	14,158,748	$ (4,136,950)
Total liabilities and stockholders' equity	726,400,759	219,915,886
Parent Company [Member]
Assets
Investment in subsidiaries	78,735,693	14,417,498
Preferred stock		500,000
Cash and cash equivalents	7,681,529	4,446	$ 79,247
Notes receivable	28,750
Property and equipment, net	38,651	30,717
Right of use assets	337,406	446,835
Other assets	1,590,292	51,245
Total assets	88,412,321	15,450,741
Liabilities:
Notes payable	500,000	500,000
Lease Liability	386,119	500,952
Accounts payable and accrued expenses	1,196,703	291,041
Total liabilities	2,082,822	1,291,993
Stockholders' Equity:
Preferred stock, $0.001 par value; authorized 2,000,000 shares; no shares issued and outstanding as of December 31, 2020 or December 31, 2019
Voting common stock, $0.001 par value; authorized 20,000,000 shares; 3,737,564 and 2,042,670 shares issued and outstanding as of December 31, 2020 and 2019, respectively; non-voting common stock, $0.001 par value, 2,000,000 shares authorized; no shares issued and outstanding at December 31, 2020 or 2019	3,738	2,042
Additional paid-in capital.	133,592,605	54,494,355
Treasury stock	(175,333)
Accumulated deficit.	(53,522,078)	(41,081,710)
Accumulated other comprehensive loss	6,430,567	619,584
Total Midwest Holding Inc.'s stockholders' equity	86,329,499	14,034,271
Noncontrolling interest		124,477
Total stockholders' equity	86,329,499	14,158,748
Total liabilities and stockholders' equity	$ 88,412,321	$ 15,450,741

Schedule II Condensed Financi_5

Schedule II Condensed Financial Information of Registrant Balance Sheets (Parenthetical) (Details) - $ / shares	Dec. 31, 2020	Aug. 10, 2020	Dec. 31, 2019
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001	$ 0.001
Preferred stock, shares authorized	2,000,000	2,000,000	2,000,000
Preferred stock, shares issued	0		0
Preferred stock, shares outstanding	0		0
Common stock, par value (in dollars per share)	$ 0.001		$ 0.001
Common stock, shares authorized	20,000,000	22,000,000	20,000,000
Common stock, shares issued	3,737,564		2,042,670
Common stock, shares outstanding	3,737,564		2,042,670
Non Voting Common Stock, Shares Authorized	2,000,000		2,000,000
Non Voting Common Stock, Shares Issued	0		0
Non Voting Common Stock, Shares Outstanding	0		0
Non-voting common shares
Common stock, par value (in dollars per share)		$ 0.001
Common stock, shares authorized		2,000,000
Parent Company [Member]
Preferred stock, par value (in dollars per share)	$ 0.001		$ 0.001
Preferred stock, shares authorized	2,000,000		2,000,000
Preferred stock, shares issued	0		0
Preferred stock, shares outstanding	0		0
Common stock, par value (in dollars per share)	$ 0.001		$ 0.001
Common stock, shares authorized	20,000,000		20,000,000
Common stock, shares issued	3,737,564		2,042,670
Common stock, shares outstanding	3,737,564		2,042,670
Non Voting Common Stock, Shares Authorized	2,000,000		2,000,000
Non Voting Common Stock, Shares Issued	0		0
Non Voting Common Stock, Shares Outstanding	0		0
Parent Company [Member] | Non-voting common shares
Common stock, par value (in dollars per share)	$ 0.001		$ 0.001

Schedule II Condensed Financi_6

Schedule II Condensed Financial Information of Registrant Statements of Comprehensive Loss (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Revenues
Investment loss, net of expenses	$ 4,047,184	$ 120,581
Miscellaneous income	188,688	51,502
Revenues	10,581,889	3,399,788
Expenses:
Income tax expense	1,584,769	234,180
Net loss	(12,440,368)	(5,609,181)
Less: Gain attributable to noncontrolling interest		(124,477)
Net loss attributable to Midwest Holding. Inc.	(12,440,368)	(5,733,658)
Comprehensive Income:
Unrealized gains on investments arising during period, net of tax	7,398,432	2,645,015
Unrealized gains on foreign currency, net of tax	(146,185)	146,185
Less: Reclassification adjustments for losses realized in net income, net of tax	(1,441,264)	(353,602)
Other comprehensive income, net of tax	5,810,983	2,437,598
Comprehensive loss:	(6,629,385)	(3,296,060)
Parent Company [Member]
Revenues
Investment loss, net of expenses	(168)	(270)
Miscellaneous income	31,798	48,368
Revenues	31,630	48,098
Expenses:
General	968,789	1,261,131
Loss from continuing operations before taxes	(937,159)	(1,213,033)
Income tax expense	37,444
Loss before equity in loss of consolidated subsidiaries	(899,715)	(1,213,033)
Equity in loss of consolidated subsidiaries	11,540,653	4,396,148
Net loss	(12,440,368)	(5,609,181)
Less: Gain attributable to noncontrolling interest		(124,477)
Net loss attributable to Midwest Holding. Inc.	(12,440,368)	(5,733,658)
Comprehensive Income:
Unrealized gains on investments arising during period, net of tax	7,398,432	2,645,015
Unrealized gains on foreign currency, net of tax	(146,185)	146,185
Less: Reclassification adjustments for losses realized in net income, net of tax	(1,441,264)	(353,602)
Other comprehensive income, net of tax	5,810,983	2,437,598
Comprehensive loss:	$ (6,629,385)	$ (3,296,060)

Schedule II Condensed Financi_7

Schedule II Condensed Financial Information of Registrant Statements of Cash Flows (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Cash Flows from Operating Activities:
Net loss	$ (12,440,368)	$ (5,733,658)
Adjustments to reconcile net loss to net cash and cash equivalents used in operating activities:
Depreciation	57,419	58,761
Stock options	163,664	21,745
Other assets and liabilities	1,525,320	4,745,274
Net cash used by operating activities	(16,243,887)	(2,457,176)
Cash Flows from Investing Activities:
Net (purchases) disposals of property and equipment	(69,333)	(45,634)
Net cash used in investing activities	(367,481,662)	(117,890,852)
Cash Flows from Financing Activities:
Capital contribution	79,311,805
Repurchase of common stock	(175,333)
Net cash provided by financing activities	491,688,618	161,231,666
Net increase in cash and cash equivalents	107,963,069	40,883,638
Cash and cash equivalents:
Beginning	43,716,205
Ending	151,679,274	43,716,205
Supplementary information
Cash paid for taxes	350,400
Conversion of notes payable and preferred stock
Book value of note payable		(19,100,000)
Book value of preferred stock		(1,500,000)
Common stock, note payable ($927,680) and preferred stock ($72,855)		1,000,535
Additional paid in capital, note payable ($18,172,320) and preferred stock ($1,427,145)		19,599,465
Parent Company [Member]
Cash Flows from Operating Activities:
Net loss	(12,440,368)	(5,733,658)
Adjustments to reconcile net loss to net cash and cash equivalents used in operating activities:
Equity in net loss of consolidated subsidiaries	11,540,653	4,396,148
Depreciation	(7,934)	(3,500)
Preferred stock dividend		845,536
Stock options	163,664	21,745
Net transfers to noncontrolling interest		124,477
Other assets and liabilities	84,596	274,451
Net cash used by operating activities	(659,389)	(74,801)
Cash Flows from Investing Activities:
Purchase of preferred stock		(500,000)
Net cash used in investing activities		(500,000)
Cash Flows from Financing Activities:
Capital contribution	79,311,805
Repurchase of common stock	(70,300,000)
Treasury stock	(175,333)
Acquisition of noncontrolling interest	(500,000)
Note payable to American Life		500,000
Net cash provided by financing activities	8,336,472	500,000
Net increase in cash and cash equivalents	7,677,083	(74,801)
Cash and cash equivalents:
Beginning	4,446	79,247
Ending	7,681,529	4,446
Supplementary information
Cash paid for taxes	$ 350,400
Conversion of notes payable and preferred stock
Book value of note payable		(19,100,000)
Book value of preferred stock		(1,500,000)
Common stock, note payable ($927,680) and preferred stock ($72,855)		1,000,535
Additional paid in capital, note payable ($18,172,320) and preferred stock ($1,427,145)		$ 19,599,465

Schedule II Condensed Financi_8

Schedule II Condensed Financial Information of Registrant Statements of Cash Flows (Parenthetical) (Details)	12 Months Ended
	Dec. 31, 2020USD ($)
Notes payable, common stock	$ 927,680
Preferred stock, common stock	72,855
Notes payable, additional paid in capital	18,172,320
Preferred stock, additional paid in capital	1,427,145
Parent Company [Member]
Notes payable, common stock	927,680
Preferred stock, common stock	72,855
Notes payable, additional paid in capital	18,172,320
Preferred stock, additional paid in capital	$ 1,427,145

Schedule III Supplementary In_2

Schedule III Supplementary Insurance Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Future Policy Benefits, Claims and Deposit-type Contracts	$ 12,775,773	$ 16,319,912
Deferred Gain on Coinsurance Transaction	18,198,757	7,578,195
Life Insurance Premiums [Member]
Future Policy Benefits, Claims and Deposit-type Contracts	610,805,948	187,713,925
Advance Premiums	2,541	261
Deferred Gain on Coinsurance Transaction	18,198,757	7,578,195
Premium Revenue	24
Premium Revenue		(152)
Net Investment Income	2,362,087	120,581
Death and Other Benefits and Increase in Benefit Reserves	4,890,108	75,520
Other Operating Expenses	$ 16,547,380	$ 8,699,269

Schedule IV Reinsurance Infor_2

Schedule IV Reinsurance Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Premiums ceded	$ 884,266	$ 996,711
Premiums	24	(152)
Life Insurance Force [Member]
Direct Premiums Earned	92,403,000	103,575,000
Premiums ceded	90,565,000	101,737,000
Premiums assumed
Premiums	$ 1,838,000	$ 1,838,000
Premiums, Percentage Assumed to Net	0.00%	0.00%
Life Insurance Premiums [Member]
Direct Premiums Earned	$ 1,851,067	$ 2,881,909
Premiums ceded	1,851,043	2,882,061
Premiums	$ 24	$ (152)
Premiums, Percentage Assumed to Net	0.00%	0.00%

Valuation and Qualifying Acco_2

Valuation and Qualifying Accounts (Details) - Reduced Depreciation [Member] - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Beginning of the year	$ 975,481	$ 943,323
Depreciation expense	47,853	40,000
Disposals		(7,842)
End of the year	$ 1,023,334	$ 975,481