Investors Heritage Capital (IHRC) 10-Q 14 Aug 14 2014 Q2 Quarterly report Financial data

Document_And_Entity_Informatio

Document And Entity Information	6 Months Ended
	Jun. 30, 2014	Aug. 14, 2014
Document and Entity Information [Abstract]	'	'
Entity Registrant Name	'Investors Heritage Capital Corp	'
Document Type	'10-Q	'
Current Fiscal Year End Date	'--12-31	'
Entity Common Stock, Shares Outstanding	'	1,125,413
Amendment Flag	'false	'
Entity Central Index Key	'0000055362	'
Entity Current Reporting Status	'Yes	'
Entity Voluntary Filers	'No	'
Entity Filer Category	'Smaller Reporting Company	'
Entity Well-known Seasoned Issuer	'No	'
Document Period End Date	30-Jun-14	'
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q2	'

Condensed_Consolidated_Balance

Condensed Consolidated Balance Sheets (Unaudited) (USD $)	Jun. 30, 2014	Dec. 31, 2013
Securities available-for-sale, at fair value:	'	'
Fixed maturities (amortized cost: $405,328,455 and $402,396,191)	$434,742,762	$417,909,105
Equity securities (cost: $6,066,855 and $5,888,361)	6,672,308	5,818,333
Mortgage loans on real estate	19,104,706	18,601,722
Policy loans	6,681,655	6,674,887
State-guaranteed receivables	7,938,601	8,085,107
Other invested assets	3,327,871	3,181,182
Total investments	478,467,903	460,270,336
Cash and cash equivalents	4,133,711	4,143,291
Accrued investment income	5,289,921	5,191,253
Due premiums	3,383,749	3,368,008
Deferred acquisition costs	18,190,751	18,822,481
Value of business acquired	343,862	386,056
Leased property under capital leases	776,198	1,005,523
Property and equipment	1,142,643	1,042,748
Cash value of company-owned life insurance	11,603,169	11,808,248
Other assets	1,824,414	1,901,946
Amounts recoverable from reinsurers	55,326,178	55,669,088
Total assets	580,482,499	563,608,978
Policy liabilities:	'	'
Benefit reserves	483,631,491	480,151,818
Unearned premium reserves	8,083,202	8,189,640
Policy claims	2,925,685	3,672,474
Liability for deposit-type contracts	3,326,787	3,283,960
Reserves for dividends and endowments and other	424,231	408,555
Total policy liabilities	498,391,396	495,706,447
Deferred federal income tax liability	9,439,030	4,604,891
Obligations under capital leases	712,053	943,488
Notes payable	2,971,485	3,031,942
Accrued pension liability	2,361,534	2,887,843
Other liabilities	3,576,839	2,787,099
Total liabilities	517,452,337	509,961,710
STOCKHOLDERS' EQUITY	'	'
Common stock (shares issued: 1,125,413 and 1,128,583)	1,125,413	1,128,583
Paid-in surplus	8,908,243	8,908,243
Accumulated other comprehensive income	16,251,739	6,751,991
Retained earnings	36,744,767	36,858,451
Total stockholders' equity	63,030,162	53,647,268
Total liabilities and stockholders' equity	$580,482,499	$563,608,978

Condensed_Consolidated_Balance1

Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) (USD $)	Jun. 30, 2014	Dec. 31, 2013
Fixed maturities, amortized cost	$405,328,455	$402,396,191
Equity securities, cost	$6,066,855	$5,888,361
Common stock, shares issued (in Shares)	1,125,413	1,128,583

Condensed_Consolidated_Income_

Condensed Consolidated Income Statements (Unaudited) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
REVENUE	'	'	'	'
Premiums and other considerations	$14,610,152	$19,008,321	$29,842,638	$36,903,377
Premiums ceded	-2,829,466	-3,573,782	-6,185,116	-7,581,075
Net premiums	11,780,686	15,434,539	23,657,522	29,322,302
Investment income, net of expenses	5,174,624	5,269,708	10,253,606	10,530,999
Net realized gains (losses) on investments	72,665	-24,716	68,859	63,251
Other income	536,987	365,806	874,859	746,777
Total revenue	17,564,962	21,045,337	34,854,846	40,663,329
BENEFITS AND EXPENSES	'	'	'	'
Death and other benefits	10,282,489	12,048,971	21,303,533	23,179,512
Guaranteed annual endowments	119,928	128,264	223,738	237,748
Dividends to policyholders	105,299	128,183	188,682	229,001
Increase in benefit reserves and unearned premiums	2,569,701	5,697,008	4,548,392	9,243,812
Acquisition costs deferred	-1,563,362	-2,472,881	-3,315,343	-4,651,602
Amortization of deferred acquisition costs	1,780,950	2,057,154	3,568,551	3,800,031
Commissions	1,139,201	1,925,656	2,446,061	3,668,129
Other general and administrative expenses	2,837,816	3,048,012	5,665,997	6,049,875
Total benefits and expenses	17,272,022	22,560,367	34,629,611	41,756,506
INCOME (LOSS) BEFORE FEDERAL INCOME TAXES	292,940	-1,515,030	225,235	-1,093,177
PROVISION (BENEFIT) FOR FEDERAL INCOME TAXES	'	'	'	'
Current	78,131	-509,115	104,718	-466,574
Deferred	-19,543	54,606	-59,671	138,621
Total federal income taxes	58,588	-454,509	45,047	-327,953
NET INCOME (LOSS)	$234,352	($1,060,521)	$180,188	($765,224)
BASIC AND DILUTED NET INCOME (LOSS) PER SHARE (in Dollars per share)	$0.21	($0.93)	$0.16	($0.67)
DIVIDENDS PER SHARE (in Dollars per share)	'	'	$0.20	$0.25

Condensed_Consolidated_Stateme

Condensed Consolidated Statements of Comprehensive Income (Unaudited) (USD $)	3 Months Ended				6 Months Ended
	Jun. 30, 2014		Jun. 30, 2013		Jun. 30, 2014		Jun. 30, 2013
NET INCOME (LOSS)	$234,352		($1,060,521)		$180,188		($765,224)
OTHER COMPREHENSIVE INCOME (LOSS):	'		'		'		'
Unrealized holding gains (losses) arising during period	7,477,538		-18,973,830		14,645,733		-21,794,920
Reclassification adjustment for losses (gains) included in income	-72,665	[1]	10,710	[1]	-68,859	[1]	-77,257	[1]
Adjustment for effects of deferred acquisition costs	-187,378		557,230		-378,522		670,593
Net unrealized gains (losses) on investments	7,217,495		-18,405,890		14,198,352		-21,201,584
Amortization of actuarial net loss in net periodic pension cost	97,603	[2]	193,162	[2]	195,206	[2]	386,324	[2]
Other comprehensive income (loss) before income taxes	7,315,098		-18,212,728		14,393,558		-20,815,260
Income tax expense (benefit)	2,487,134		-6,203,004		4,893,810		-7,087,652
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAXES	4,827,964		-12,009,724		9,499,748		-13,727,608
COMPREHENSIVE INCOME (LOSS)	$5,062,316		($13,070,245)		$9,679,936		($14,492,832)
[1]	These items appear within net realized gains (losses) on investments in the consolidated income statements.
[2]	These items are included in the computation of net periodic pension cost (see Note 10).

Condensed_Consolidated_Stateme1

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (USD $)	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Retained Earnings [Member]	Total
Balance at Dec. 31, 2012	$1,141,886	$8,908,243	$22,539,724	$35,642,931	$68,232,784
Net income (loss)	'	'	'	-765,224	-765,224
Other comprehensive income (loss), net	'	'	-13,727,608	'	-13,727,608
Cash dividends	'	'	'	-285,471	-285,471
Repurchases of common stock, net	-5,154	'	'	-113,404	-118,558
Balance at Jun. 30, 2013	1,136,732	8,908,243	8,812,116	34,478,832	53,335,923
Balance at Dec. 31, 2013	1,128,583	8,908,243	6,751,991	36,858,451	53,647,268
Net income (loss)	'	'	'	180,188	180,188
Other comprehensive income (loss), net	'	'	9,499,748	'	9,499,748
Cash dividends	'	'	'	-225,717	-225,717
Repurchases of common stock, net	-3,170	'	'	-68,155	-71,325
Balance at Jun. 30, 2014	$1,125,413	$8,908,243	$16,251,739	$36,744,767	$63,030,162

Condensed_Consolidated_Stateme2

Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $)	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
NET CASH PROVIDED BY OPERATING ACTIVITIES	$5,516,252	$7,623,348
INVESTING ACTIVITIES	'	'
Purchases of available-for-sale securities	-20,568,659	-36,098,086
Sales of available-for-sale securities	4,047,573	908,149
Maturities of available-for-sale securities	13,181,406	27,756,207
Acquisitions of mortgage loans on real estate	-2,554,413	-505,800
Payments of mortgage loans on real estate	2,061,777	715,685
Payments of state-guaranteed receivables	431,020	301,020
Net reductions (additions) of other investments	-153,457	39,832
Net additions to property and equipment	-208,576	-66,817
NET CASH USED IN INVESTING ACTIVITIES	-3,763,329	-6,949,810
FINANCING ACTIVITIES	'	'
Policyholder account deposits	2,411,877	2,715,340
Policyholder account withdrawals	-3,816,881	-4,973,942
Payments on notes payable	-1,619,716	-2,088,646
Proceeds from notes payable	1,559,259	2,041,172
Dividends paid	-225,717	-285,471
Repurchases of common stock, net	-71,325	-118,558
NET CASH USED IN FINANCING ACTIVITIES	-1,762,503	-2,710,105
DECREASE IN CASH AND CASH EQUIVALENTS	-9,580	-2,036,567
Cash and cash equivalents at beginning of period	4,143,291	6,009,905
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$4,133,711	$3,973,338

Note_1_Nature_of_Operations

Note 1 - Nature of Operations	6 Months Ended
	Jun. 30, 2014
Disclosure Text Block [Abstract]	'
Nature of Operations [Text Block]	'
	NOTE 1- Nature of Operations
	Investors Heritage Capital Corporation is the holding company of Investors Heritage Life Insurance Company; Investors Heritage Printing, Inc., a printing company; Investors Heritage Financial Services Group, Inc., an insurance marketing company; is the sole member of At Need Funding, LLC, a limited liability company that provides advance funding of funerals in exchange for the irrevocable assignment of life insurance policies from other nonaffiliated companies; and is the sole member of Heritage Funding, LLC, a limited liability company that invests in various business ventures. These entities are collectively hereinafter referred to as the “Company”. In excess of 99% of Investors Heritage Capital’s consolidated revenue is generated by Investors Heritage Life.
	Our principal operations involve the sale and administration of various insurance and annuity products, including, but not limited to, participating and non-participating whole life, limited pay life, universal life, annuity contracts, credit life, credit accident and health and group insurance policies. The principal markets for the Company’s products are in Kentucky, North Carolina, Georgia, Indiana, Michigan, Ohio, Pennsylvania, South Carolina, Tennessee, Texas and Virginia.

Note_2_Basis_of_Presentation

Note 2 - Basis of Presentation	6 Months Ended
	Jun. 30, 2014
Disclosure Text Block [Abstract]	'
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	'
	NOTE 2- Basis of Presentation
	The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the quarter and six months ended June 30, 2014 are not necessarily indicative of the results that may be expected for the year ending December 31, 2014. For further information, refer to the consolidated financial statements and footnotes thereto for the year ended December 31, 2013, as included in our Annual Report on Form 10-K.
	The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.
	Management has evaluated all events subsequent to June 30, 2014 through the date that these financial statements have been issued.

Note_3_New_Accounting_Pronounc

Note 3 - New Accounting Pronouncements	6 Months Ended
	Jun. 30, 2014
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]	'
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]	'
	NOTE 3 – New Accounting Pronouncements
	In May 2014, the Financial Accounting Standards Board (“FASB”) issued guidance regarding accounting for revenue recognition that identifies the accounting treatment for an entity’s contracts with customers. Certain contracts, including insurance contracts, are specifically excluded from this guidance. This guidance is effective for public entities for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period.  The Company has not yet adopted this guidance, but it is not expected to have a material impact on our Company’s financial position, cash flows or results of operations.
	All other new accounting standards and updates of existing standards issued through the date of this filing were considered by management and did not relate to accounting policies and procedures pertinent to the Company at this time or were not expected to have a material impact to the consolidated financial statements.

Note_4_Investments

Note 4 - Investments	6 Months Ended
	Jun. 30, 2014
Investments Disclosure [Abstract]	'
Investments Disclosure [Text Block]	'
	NOTE 4– Investments
	Investments in available-for-sale securities are summarized as follows:
					Gross			Gross
	30-Jun-14	Amortized			Unrealized			Unrealized			Fair
		Cost			Gains			Losses			Value
	Fixed maturity securities:
	U.S. government obligations	$	32,299,152		$	938,164		$	90,810		$	33,146,506
	States and political subdivisions		38,679,485			4,988,285			-			43,667,770
	Corporate		218,381,654			17,968,264			289,245			236,060,673
	Foreign		63,810,146			3,516,199			135,140			67,191,205
	Asset-backed securities		1,580,807			62,516			-			1,643,323
	Mortgage-backed securities (MBS):
	Commercial MBS		7,347,396			222,740			38			7,570,098
	Residential MBS		43,229,815			2,233,372			-			45,463,187
	Total fixed maturity securities		405,328,455			29,929,540			515,233			434,742,762
	Equity securities:
	U.S. agencies		707,900			-			-			707,900
	Mutual funds		318,284			38,341			-			356,625
	Corporate common stock		5,040,671			699,065			131,953			5,607,783
	Total equity securities		6,066,855			737,406			131,953			6,672,308
	Total	$	411,395,310		$	30,666,946		$	647,186		$	441,415,070
					Gross			Gross
	31-Dec-13	Amortized			Unrealized			Unrealized			Fair
		Cost			Gains			Losses			Value
	Fixed maturity securities:
	U.S. government obligations	$	34,485,660		$	793,701		$	703,570		$	34,575,791
	States and political subdivisions		39,910,030			3,145,632			60,898			42,994,764
	Corporate		217,659,449			12,535,411			2,251,886			227,942,974
	Foreign		56,960,366			2,081,436			1,395,450			57,646,352
	Asset-backed securities		2,677,953			109,417			-			2,787,370
	Mortgage-backed securities (MBS):
	Commercial MBS		4,252,765			160,955			-			4,413,720
	Residential MBS		46,449,968			1,443,228			345,062			47,548,134
	Total fixed maturity securities		402,396,191			20,269,780			4,756,866			417,909,105
	Equity securities:
	U.S. agencies		687,000			-			-			687,000
	Mutual funds		318,283			1,356			-			319,639
	Corporate common stock		4,883,078			422,880			494,264			4,811,694
	Total equity securities		5,888,361			424,236			494,264			5,818,333
	Total	$	408,284,552		$	20,694,016		$	5,251,130		$	423,727,438
	The following table summarizes, for all securities in an unrealized loss position as of the balance sheet dates, 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.
		30-Jun-14									31-Dec-13
					Gross			Number						Gross		Number
		Estimated			Unrealized			of			Estimated			Unrealized		of
		Fair Value			Loss			Securities			Fair Value			Loss		Securities
	Fixed Maturities:
	Less than 12 months:
	U.S. government obligations	$	-		$	-			-		$	17,401,555		$	703,570		3
	States and political subdivisions		-			-			-			1,239,103			60,898		2
	Corporate		2,000,636			7,167			1			56,249,758			2,076,123		37
	Foreign		4,363,294			18,539			3			26,858,417			1,395,450		15
	Commercial MBS		64,371			38			1			-			-		-
	Residential MBS		-			-			-			18,187,588			345,062		4
	Greater than 12 months:
	U.S. government obligations		7,681,258			90,810			1			-			-		-
	Corporate		4,394,471			282,078			4			1,072,341			175,763		1
	Foreign		7,036,987			116,601			3			-			-		-
	Total fixed maturities		25,541,017			515,233			13			121,008,762			4,756,866		62
	Equities:
	Less than 12 months:
	Corporate common stock		275,396			16,003			6			2,806,072			494,264		24
	Greater than 12 months:
	Corporate common stock		1,341,361			115,950			11			-			-		-
Total equities		1,616,757			131,953			17			2,806,072			494,264		24
Total	$	27,157,774		$	647,186			30		$	123,814,834		$	5,251,130		86
As of June 30, 2014, all of the above fixed maturity securities individually had a fair value to cost ratio equal to or greater than 88% and the equity securities had a fair value to cost ratio equal to or exceeding 82%. As of December 31, 2013, all of the above fixed maturity securities had a fair value to cost ratio equal to or greater than 84% and the equity securities noted above had a fair value to cost ratio equal to or greater than 70%.
The Company’s decision to record an impairment loss is primarily based on whether the security’s fair value is likely to remain significantly below its book value in light of all the factors considered. Factors that are considered include the length of time the security’s fair value has been below its carrying amount, the severity of the decline in value, the credit worthiness of the issuer, and the coupon and/or dividend payment history of the issuer. The Company also assesses whether it intends to sell or whether it is more likely than not that it may be required to sell the security prior to its recovery in value. For any fixed maturity securities that are other-than-temporarily impaired, the Company determines the portion of the other-than-temporary impairment that is credit-related and the portion that is related to other factors. The credit-related portion is the difference between the expected future cash flows and the amortized cost basis of the fixed maturity security, and that difference is charged to earnings. The non-credit-related portion representing the remaining difference to fair value is recognized in other comprehensive income (loss). Only in the case of a credit-related impairment where management has the intent to sell the security, or it is more likely than not that it will be required to sell the security before recovery of its cost basis, is a fixed maturity security adjusted to fair value and the resulting losses recognized in realized gains (losses) in the consolidated statements of income. Any other-than-temporary impairments on equity securities are recorded in the consolidated statements of income in the periods incurred as the difference between fair value and cost. Based on our review, the Company experienced no other-than-temporary impairments during the quarters or six months ended June 30, 2014 or 2013.
Management believes that the Company will fully recover its cost basis in the securities held at June 30, 2014, 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 temporary impairments shown herein are primarily the result of the current interest rate environment rather than credit factors that would imply other-than-temporary impairment.
Net unrealized gains for investments classified as available-for-sale are presented below, net of the effect on deferred income taxes and deferred acquisition costs assuming that the appreciation (depreciation) had been realized.
	June 30,			December 31,
	2014			2013
Net unrealized appreciation on available-for sale securities	$	30,019,760		$	15,442,886
Adjustment to deferred acquisition costs		(796,941	)		(418,419	)
Deferred income taxes		(9,935,759	)		(5,108,319	)
Net unrealized appreciation on available-for sale securities	$	19,287,060		$	9,916,148
The amortized cost and fair value of fixed maturity securities at June 30, 2014, by contractual maturity, are presented below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
	Available-for-Sale
	Amortized			Fair
	Cost			Value
Due in one year or less	$	4,563,723		$	4,680,629
Due after one year through five years		75,557,902			83,659,927
Due after five years through ten years		194,689,572			207,057,787
Due after ten years		49,881,996			55,616,632
Due at multiple maturity dates		80,635,262			83,727,787
Total	$	405,328,455		$	434,742,762
Proceeds for the quarters and six months ended June 30, 2014 and 2013 from sales and maturities of investments in available-for-sale securities, as well as gross gains and gross losses realized, are presented below.
	Quarter Ended June 30,						Six Months Ended June 30,
	2014			2013			2014			2013
Proceeds from sales and maturities	$	10,078,931		$	16,566,630		$	17,228,979		$	28,664,356
Gross realized gains		152,138			5,719			173,810			108,383
Gross realized losses		(79,473	)		(16,429	)		(104,951	)		(31,126	)
The table below shows the change in net unrealized investment gains (losses) and the amount of realized investment gains (losses) on fixed maturities and equity securities for the quarters and six months ended June 30, 2014 and 2013.
	Quarter Ended June 30,						Six Months Ended June 30,
	2014			2013			2014			2013
Change in unrealized investment gains (losses):
Available-for-sale:
Fixed maturities	$	7,041,196		$	(18,548,532	)	$	13,901,393		$	(21,480,323	)
Equity securities		363,677			(414,588	)		675,481			(391,854	)
Realized investment gains (losses):
Available-for-sale:
Fixed maturities	$	68,188		$	1,680		$	68,188		$	89,647
Equity securities		4,477			(12,390	)		671			(12,390	)
The Company is required to hold assets on deposit for the benefit of policyholders in accordance with statutory rules and regulations. At June 30, 2014 and December 31, 2013, these required deposits had a total fair value of $24,446,501 and $25,209,390, respectively.
The Company also engages in commercial and residential mortgage lending. As of June 30, 2014 and December 31, 2013, 69.5% and 83.2%, respectively, of these investments were in commercial properties. All commercial mortgage loans are either originated in-house or through two mortgage brokers, are secured by first mortgages on the real estate and generally carry personal guarantees by the borrowers. Loan to value ratios of 80% or less and debt service coverage from existing cash flows of 115% or higher are generally required. We minimize credit risk in our mortgage loan portfolio through various methods, including stringently underwriting the loan request, maintaining small average loan balances, and reviewing larger mortgage loans on an annual basis. As of June 30, 2014 and December 31, 2013, there were no non-performing loans, loans on nonaccrual status, loans 90 days past due or more, loans in process of foreclosure, or restructured loans. The Company experienced no mortgage loan defaults during the quarters or six months ended June 30, 2014 and 2013.
During 2013, we began evaluating and purchasing residential mortgage loans through the secondary market. We review each mortgage loan opportunity individually, considering both the value of the underlying property and the credit worthiness of the borrower. During the quarter and six months ended June 30, 2014, we purchased residential mortgages through the secondary market totaling approximately $1,522,000 and $2,254,000, respectively. During the year ended December 31, 2013, we purchased residential mortgages through the secondary market totaling approximately $2,116,000. We are utilizing a third party servicer to administer these loans.
The Company owns certain investments in state-guaranteed receivables. These investments represent an assignment of the future rights to cash flows from lottery winners purchased at a discounted price. Payments on these investments are made by state run lotteries and guaranteed by the states. The state-guaranteed receivables are carried at their amortized cost basis on the balance sheet. At June 30, 2014, the amortized cost and estimated fair value of state-guaranteed receivables, by contractual maturity, are summarized as follows:
	Amortized			Fair
	Cost			Value
Due in one year or less	$	701,042		$	710,324
Due after one year through five years		2,466,328			2,678,524
Due after five years through ten years		2,926,813			3,592,598
Due after ten years		1,844,418			2,581,021
Total	$	7,938,601		$	9,562,467
The amortized cost of state-guaranteed receivables, by state, is summarized as follows:
	June 30,			December 31,
	2014			2013
New York	$	3,746,128		$	3,880,368
Massachusetts		1,918,175			1,927,350
Georgia		1,510,514			1,500,719
Pennsylvania		294,809			284,756
Texas		220,048			212,447
California		181,928			195,593
Ohio		66,999			83,874
Total	$	7,938,601		$	8,085,107
Prior to the third quarter of 2013, the Company owned a $3,000,000 position in a Morgan Stanley market-indexed note, which paid 1% interest annually and matured in six years from the issue date. At maturity, the Company would have participated at 110% of any increase in the Dow Jones Industrial Average since the purchase date, but were guaranteed against market-related downside risk. Accordingly, a portion of the investment was classified as a derivative and bifurcated for reporting purposes. The derivative portion, having a cost basis of $645,000 calculated at 21.5% of the total value of the purchase price of the note, was reported as an investment in derivative on the balance sheet. The remaining non-derivative portion of the note was reported within fixed maturities on the balance sheet. This derivative was marked-to-market through the income statement, with the change in value reported as a component of investment income on the income statement. This investment was sold during the third quarter of 2013 for $3,918,083, generating a realized gain of $918,083. This realized gain was partially offset by the reduction in investment income previously recognized that was associated with the removal of the mark-to-market adjustment.
Major categories of net investment income are summarized as follows:
	Quarter Ended June 30,						Six Months Ended June 30,
	2014			2013			2014			2013
Fixed maturities	$	4,729,760		$	4,798,389		$	9,438,841		$	9,605,911
Equity securities		75,841			35,836			127,478			49,731
Mortgage loans on real estate		352,824			274,334			656,700			552,398
Policy loans		118,448			117,978			235,377			236,090
State-guaranteed receivables		140,719			143,622			284,514			289,876
Gain on investment in derivative		-			121,500			-			243,000
Other		60,429			60,559			117,486			119,013
Gross investment income		5,478,021			5,552,218			10,860,396			11,096,019
Investment expenses		303,397			282,510			606,790			565,020
Net investment income	$	5,174,624		$	5,269,708		$	10,253,606		$	10,530,999

Note_5_Fair_Values_of_Financia

Note 5 - Fair Values of Financial Instruments	6 Months Ended
	Jun. 30, 2014
Fair Value Disclosures [Abstract]	'
Fair Value Disclosures [Text Block]	'
	NOTE 5– Fair Values of Financial Instruments
	The fair value of a financial instrument is the estimated amount at which the instrument could be exchanged in an orderly transaction between knowledgeable, unrelated, willing parties, i.e., not in a forced transaction.  The estimated fair value of a financial instrument may differ from the amount that could be realized if the security was sold in an immediate sale, e.g., a forced transaction.  Additionally, the valuation of investments is more subjective when markets are less liquid due to the lack of market based inputs, which may increase the potential that the estimated fair value of an investment is not reflective of the price at which an actual transaction would occur.
	The Company holds fixed maturities and equity securities that are measured and reported at fair market value on the balance sheet. The Company is also required to disclose fair value estimates for other financial instruments not required to be carried at market value on the balance sheet. The Company determines the fair market values of its financial instruments based on the fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value, as follows:
	Level 1 - Quoted prices in active markets for identical assets or liabilities.
	Level 2 - 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 for substantially the full term of the assets or liabilities.
	Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The unobservable inputs reflect the Company’s own assumptions about the inputs that market participants would use.
	The Company has categorized its financial instruments, based on the priority of the inputs to the valuation technique, into the three-level fair value hierarchy. If the inputs used to measure the financial instruments fall within different levels of the hierarchy, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument. 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.
	Valuation of Investments Reported at Fair Value in Financial Statements
	The Company’s Level 1 investments include equity securities that are traded in an active exchange market, as well as one U.S. agency equity security whose value is set by government statute.
	The Company’s Level 2 investments include fixed maturities with quoted prices that are traded less frequently than exchange-traded instruments or instruments whose value is determined using a pricing model with inputs that are observable in the market or can be derived principally from or corroborated by observable market data. This category generally includes the majority of our fixed maturities, where fair values are obtained from a nationally recognized, third-party pricing service.
	The Company’s Level 3 investments include financial instruments whose value cannot be obtained through a pricing service and must be determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. This category currently includes one private equity investment where independent pricing inputs were not able to be obtained. For the fixed maturities that may fall within this level, the Company utilizes the assistance of its third-party investment advisor to estimate the fair value based on non-binding broker quotes and internal models using unobservable assumptions about market participants. For the private equity investment, the Company establishes fair value based on the most recent trading activity as well as a review of the underlying financial statements of the entity. The Company’s Level 3 segment also included the investment in derivative related to the bifurcated equity-indexed portion of a market-indexed note prior to its sale during the third quarter of 2013. The value of the derivative portion of this investment was derived from an option pricing model that utilizes the Dow Jones Industrial Average as of the measurement date compared to the strike price in the note, along with various other market assumptions including those regarding volatility and dividend yields.
	The following table presents the Company’s fair value hierarchy for those financial instruments measured and reported at fair value on a recurring basis as of June 30, 2014 and December 31, 2013.
		30-Jun-14
		Level 1			Level 2			Level 3		Total
	Fixed maturities:
	U.S. government obligations	$	-		$	33,146,506		$	-	$	33,146,506
	States and political subdivisions		-			43,667,770			-		43,667,770
	Corporate		-			236,060,673			-		236,060,673
	Foreign		-			67,191,205			-		67,191,205
	Asset-backed securities		-			1,643,323			-		1,643,323
	Mortgage-backed securities:
	Commercial MBS		-			7,570,098			-		7,570,098
	Residential MBS		-			45,463,187			-		45,463,187
	Total fixed maturities	$	-		$	434,742,762		$	-	$	434,742,762
	Equity securities:
	U.S. agencies	$	707,900		$	-		$	-	$	707,900
	Mutual funds		356,625			-			-		356,625
	Corporate common stock		5,223,783			-			384,000		5,607,783
	Total equity securities	$	6,288,308		$	-		$	384,000	$	6,672,308
		31-Dec-13
		Level 1			Level 2			Level 3		Total
	Fixed maturities:
	U.S. government obligations	$	-		$	34,575,791		$	-	$	34,575,791
	States and political subdivisions		-			42,994,764			-		42,994,764
	Corporate		-			227,942,974			-		227,942,974
	Foreign		-			57,646,352			-		57,646,352
	Asset-backed securities		-			2,787,370			-		2,787,370
	Mortgage-backed securities:
	Commercial MBS		-			4,413,720			-		4,413,720
	Residential MBS		-			47,548,134			-		47,548,134
	Total fixed maturities	$	-		$	417,909,105		$	-	$	417,909,105
	Equity securities:
	U.S. agencies	$	687,000		$	-		$	-	$	687,000
	Mutual funds		319,639			-			-		319,639
	Corporate common stock		4,427,694			-			384,000		4,811,694
	Total equity securities	$	5,434,333		$	-		$	384,000	$	5,818,333
	The following table provides a summary of changes in fair value of our Level 3 financial instruments reported at fair value for the quarters and six months ended June 30, 2014 and 2013.
		Quarter Ended June 30, 2014
								Corporate		Investment
								Common		in
		Corporate			Foreign			Stock		Derivative		Total
	Beginning balance	$	-		$	-		$	384,000	$	-	$	384,000
	Transfers into Level 3		-			-			-		-		-
	Transfers out of Level 3		-			-			-		-		-
	Purchases		-			-			-		-		-
	Sales		-			-			-		-		-
	Total gains or losses:
	Included in earnings		-			-			-		-		-
	Included in other comprehensive income		-			-			-		-		-
	Ending balance	$	-		$	-		$	384,000	$	-	$	384,000
		Quarter Ended June 30, 2013
								Corporate		Investment
								Common		in
	Corporate			Foreign			Stock		Derivative		Total
Beginning balance	$	2,033,750		$	-		$	384,000	$	764,100	$	3,181,850
Transfers into Level 3		-			-			-		-		-
Transfers out of Level 3		-			-			-		-		-
Purchases		-			2,025,000			-		-		2,025,000
Sales		-			(335	)		-		-		(335	)
Total gains or losses:
Included in earnings		-			-			-		121,500		121,500
Included in other comprehensive income		(143,750	)		(29,665	)		-		-		(173,415	)
Ending balance	$	1,890,000		$	1,995,000		$	384,000	$	885,600	$	5,154,600
	Six Months Ended June 30, 2014
							Corporate		Investment
							Common		in
	Corporate			Foreign			Stock		Derivative		Total
Beginning balance	$	-		$	-		$	384,000	$	-	$	384,000
Transfers into Level 3		-			-			-		-		-
Transfers out of Level 3		-			-			-		-		-
Purchases		-			-			-		-		-
Sales		-			-			-		-		-
Total gains or losses:
Included in earnings		-			-			-		-		-
Included in other comprehensive loss		-			-			-		-		-
Ending balance	$	-		$	-		$	384,000	$	-	$	384,000
	Six Months Ended June 30, 2013
							Corporate		Investment
							Common		in
	Corporate			Foreign			Stock		Derivative		Total
Beginning balance	$	3,834,470		$	-		$	384,000	$	642,600	$	4,861,070
Transfers into Level 3		-			-			-		-		-
Transfers out of Level 3		(3,834,470	)		-			-		-		(3,834,470	)
Purchases		2,000,000			2,025,000			-		-		4,025,000
Sales		-			(335	)		-		-		(335	)
Total gains or losses:
Included in earnings		-			-			-		243,000		243,000
Included in other comprehensive income		(110,000	)		(29,665	)		-		-		(139,665	)
Ending balance	$	1,890,000		$	1,995,000		$	384,000	$	885,600	$	5,154,600
The Company experienced no transfers between Level 1 and Level 2 during the quarters or six months ended June 30, 2014 or 2013. The Company experienced no transfers between Level 2 and Level 3 during the quarter or six months ended June 30, 2014. The Company experienced no transfers between Level 2 and Level 3 during the quarter ended June 30, 2013. The Company had four corporate fixed maturities that transferred from Level 3 to Level 2 during the six months ended June 30, 2013. Transfers in and/or out of Level 3 are primarily attributable to changes in the availability of market observable information and re-evaluation of the observability of pricing inputs.
The unrealized gains (losses) on Level 3 investments, other than the investment in derivative, are recorded as a component of accumulated other comprehensive income (loss), net of tax, in accordance with required accounting for our available-for-sale portfolio. The unrealized gains (losses) on the investment in derivative are reported in earnings as a component of investment income.
Financial Instruments Disclosed, but not Carried, at Fair Value
The following disclosure presents the carrying values and estimated fair values of the Company’s financial instruments disclosed, but not carried, at fair value as of June 30, 2014 and December 31, 2013, and the level within the fair value hierarchy at which such assets and liabilities are measured on a recurring basis. The fair values for insurance contracts other than investment-type contracts are not required to be disclosed. The estimated fair value amounts have been determined using available market information and appropriate valuation methodologies. However, considerable judgment was required to interpret market data to develop these estimates. Accordingly, the estimates are not necessarily indicative of the amounts which could be realized in a current market exchange. The use of different market assumptions or estimation methodologies may have a material effect on the fair value amounts.
	30-Jun-14
	Carrying			Fair
	Amount			Value			Level 1		Level 2		Level 3
Assets:
Mortgage loans on real estate:
Commercial	$	13,283,850		$	14,101,357		$	-	$	-	$	14,101,357
Residential		5,820,856			6,347,380			-		-		6,347,380
Policy loans		6,681,655			6,681,655			-		-		6,681,655
State-guaranteed receivables		7,938,601			9,562,467			-		9,562,467		-
Other invested assets		3,327,871			3,327,871			-		-		3,327,871
Cash and cash equivalents		4,133,711			4,133,711			4,133,711		-		-
Accrued investment income		5,289,921			5,289,921			-		-		5,289,921
Cash value of company-owned life insurance		11,603,169			11,603,169			-		-		11,603,169
Liabilities:
Policyholder deposits (Investment-type contracts)		53,589,733			54,436,078			-		-		54,436,078
Policy claims		2,925,685			2,925,685			-		-		2,925,685
Obligations under capital leases		712,053			712,053			-		-		712,053
Notes payable		2,971,485			2,971,924			-		-		2,971,924
	31-Dec-13
	Carrying			Fair
	Amount			Value			Level 1		Level 2		Level 3
Assets:
Mortgage loans on real estate:
Commercial	$	15,478,188		$	16,128,845		$	-	$	16,128,845	$	-
Residential		3,123,534			3,273,306			-		3,273,306		-
Policy loans		6,674,887			6,674,887			-		-		6,674,887
State-guaranteed receivables		8,085,107			9,392,660			-		9,392,660		-
Other invested assets		3,181,182			3,181,182			-		-		3,181,182
Cash and cash equivalents		4,143,291			4,143,291			4,143,291		-		-
Accrued investment income		5,191,253			5,191,253			-		-		5,191,253
Cash value of company-owned life insurance		11,808,248			11,808,248			-		-		11,808,248
Liabilities:
Policyholder deposits (Investment-type contracts)		53,476,853			53,396,538			-		-		53,396,538
Policy claims		3,672,474			3,672,474			-		-		3,672,474
Obligations under capital leases		943,488			943,488			-		-		943,488
Notes payable		3,031,942			3,033,122			-		-		3,033,122
The following methods and assumptions were used in estimating the fair value disclosures for financial instruments in the accompanying financial statements and notes thereto:
Mortgage loans on real estate: The fair values for mortgage loans are estimated using discounted cash flow analyses. For commercial mortgage loans, the discount rate was assumed to be the interest rate of the last commercial mortgage acquired by the Company. For residential mortgage loans, the discount rate was assumed to be the average yield on recent purchases less an expense factor. These investment fair values were moved from Level 2 to Level 3 in the fair value hierarchy during the second quarter of 2014 given the expansion of our residential mortgage loans and the unobservable inputs used to determine those fair values.
State-guaranteed receivables: The fair values for state-guaranteed receivables are estimated using discounted cash flow analyses, using the average Citigroup Pension Liability Index in effect at the end of each period.
Cash and cash equivalents: The carrying amounts reported for these financial instruments approximate their fair values given the highly liquid nature of the instruments.
Cash value of company-owned life insurance: The carrying values and fair values for these policies are based on the current cash surrender values of the policies.
Investment-type contracts: The fair value for liabilities under investment-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 the nonperformance risk of the liabilities.
Notes payable: The fair values for notes payable on commercial loans with fixed interest rates are estimated using discounted cash flow analyses, assuming current interest rate assumptions for similar borrowings based on information gathered from market loan brokers. The fair value for notes payable with floating interest rates and promissory notes approximate the unpaid principal balances on such notes.
Policy loans, other invested assets, accrued investment income, policy claims and obligations under capital leases: The carrying values of these instruments approximate their fair values and are disclosed in Level 3 of the hierarchy.

Note_6_Earnings_per_Share

Note 6 - Earnings per Share	6 Months Ended
	Jun. 30, 2014
Earnings Per Share [Abstract]	'
Earnings Per Share [Text Block]	'
	NOTE 6- Earnings perShare
	Earnings per share of common stock were computed based on the weighted average number of common shares outstanding during each period. The weighted average number of shares outstanding for the quarters ended June 30, 2014 and 2013 were 1,127,225 and 1,140,116, respectively. The weighted average number of shares outstanding for the six months ended June 30, 2014 and 2013 were 1,127,900 and 1,140,996, respectively.

Note_7_Segment_Data

Note 7 - Segment Data	6 Months Ended
	Jun. 30, 2014
Segment Reporting [Abstract]	'
Segment Reporting Disclosure [Text Block]	'
	NOTE 7- Segment Data
	The Company operates in four segments as shown in the following table. All segments include both individual and group insurance. Identifiable revenues, expenses and assets are assigned directly to the applicable segment. Net investment income, realized gains and losses, and invested assets are generally allocated to the insurance and the corporate segments in proportion to policy liabilities and stockholders' equity, respectively. Certain assets, such as property and equipment and leased property under capital leases, are allocated between the administrative and financial services segment and the corporate and other segment. Investors Heritage Financial revenue and income associated with credit administrative services is assigned to the administrative and financial services segment, along with fees relative to third party administrative services. Any remaining revenue and income is assigned to the corporate and other segment. Results for the parent company, Investors Heritage Printing, At Need Funding and Heritage Funding, after elimination of intercompany amounts, are allocated to the corporate and other segment.
		Quarter Ended June 30,						Six Months Ended June 30,
		2014			2013			2014			2013
	Revenue:
	Preneed and burial products	$	12,378,694		$	12,906,857		$	23,591,408		$	25,261,222
	Traditional and universal life products		4,499,730			7,531,626			10,097,262			14,129,925
	Administrative and financial services		348,573			315,948			626,009			643,512
	Corporate and other		337,965			290,906			540,167			628,670
	Total revenue	$	17,564,962		$	21,045,337		$	34,854,846		$	40,663,329
	Pre-tax income (loss) from operations:
	Preneed and burial products	$	(50,136	)	$	72,185		$	(358,714	)	$	7,210
	Traditional and universal life products		88,686			(1,694,923	)		281,177			(1,399,579	)
	Administrative and financial services		67,678			55,259			113,909			128,818
	Corporate and other		186,712			52,449			188,863			170,374
	Total pre-tax income (loss)	$	292,940		$	(1,515,030	)	$	225,235		$	(1,093,177	)
	Included in the Corporate and other revenue and pre-tax income above and as a component of other income in the consolidated income statement for the quarter and six months ended June 30, 2014 is $141,907 of net life insurance proceeds received under a company-owned life insurance policy upon the death of a former board member.
	At June 30, 2013, the Company’s death and other benefits included an additional amount totaling $2,029,462 relative to a comparison of our life insurance policies against the Social Security Death Master File. This comparison was performed in compliance with a recently enacted Kentucky state law which follows a model law adopted by the National Conference of Insurance Legislators. This amount primarily affects the traditional and universal life segment, along with a much smaller impact on the final expense portion of the preneed and burial segment. The Company is in the process of researching the potential matches to determine that a valid claim exists, to locate beneficiaries and to pay benefits accordingly.

Note_8_Federal_Income_Taxes

Note 8 - Federal Income Taxes	6 Months Ended
	Jun. 30, 2014
Income Tax Disclosure [Abstract]	'
Income Tax Disclosure [Text Block]	'
	NOTE 8– Federal Income Taxes
	The provision for federal income taxes is based on the estimated effective annual tax rate. Deferred taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Income before federal income taxes differs from taxable income principally due to the dividends-received deduction; the 404(k) dividend deduction; the small life insurance company tax deduction; and non-taxable effects of company-owned life insurance premiums, cash value growth, and death benefit proceeds.
	We file U.S. federal income tax returns and income tax returns in various state jurisdictions. Our 2010 through 2013 U.S. federal tax years remain subject to income tax examination by tax authorities. We have no known uncertain tax benefits within our provision for income taxes. In addition, we do not believe the Company will be subject to any penalties or interest relative to any open tax years and, therefore, have not accrued any such amounts. However, should such a circumstance arise, it is our policy to classify any interest and penalties (if applicable) as income tax expense in the financial statements.

Note_9_Other_Comprehensive_Inc

Note 9 - Other Comprehensive Income (Loss)	6 Months Ended
	Jun. 30, 2014
Disclosure Text Block [Abstract]	'
Comprehensive Income (Loss) Note [Text Block]	'
	NOTE 9 – Other Comprehensive Income(Loss)
	The following tables present the pretax components of the Company’s other comprehensive income (loss), and the related income tax expense (benefit) for each component, for the quarters and six months ended June 30, 2014 and 2013.
		Quarter Ended June 30, 2014
					Income Tax
					Expense
		Pretax			(Benefit)			Net of Tax
	Other comprehensive income:
	Change in net unrealized gains on available-for-sale securities:
	Unrealized holding gains arising during period	$	7,477,538		$	2,532,191		$	4,945,347
	Reclassification adjustment for gains included in income		(72,665	)		(14,533	)		(58,132	)
	Adjustment for effect of deferred acquisition costs		(187,378	)		(63,709	)		(123,669	)
	Net unrealized gains on investments		7,217,495			2,453,949			4,763,546
	Change in defined benefit pension plan:
	Amortization of actuarial net loss in net periodic pension cost		97,603			33,185			64,418
	Total other comprehensive income	$	7,315,098		$	2,487,134		$	4,827,964
		Quarter Ended June 30, 2013
					Income Tax
					Expense
		Pretax			(Benefit)			Net of Tax
	Other comprehensive loss:
	Change in net unrealized gains on available-for-sale securities:
	Unrealized holding losses arising during period	$	(18,973,830	)	$	(6,455,742	)	$	(12,518,088	)
	Reclassification adjustment for losses included in income		10,710			(2,394	)		13,104
	Adjustment for effect of deferred acquisition costs		557,230			189,457			367,773
	Net unrealized losses on investments		(18,405,890	)		(6,268,679	)		(12,137,211	)
	Change in defined benefit pension plan:
	Amortization of actuarial net loss in net periodic pension cost		193,162			65,675			127,487
	Total other comprehensive loss	$	(18,212,728	)	$	(6,203,004	)	$	(12,009,724	)
		Six Months Ended June 30, 2014
					Income Tax
					Expense
		Pretax			(Benefit)			Net of Tax
	Other comprehensive income:
	Change in net unrealized gains on available-for-sale securities:
	Unrealized holding gains arising during period	$	14,645,733		$	4,969,909		$	9,675,824
	Reclassification adjustment for gains included in income		(68,859	)		(13,772	)		(55,087	)
	Adjustment for effect of deferred acquisition costs		(378,522	)		(128,697	)		(249,825	)
	Net unrealized gains on investments		14,198,352			4,827,440			9,370,912
	Change in defined benefit pension plan:
	Amortization of actuarial net loss in net periodic pension cost		195,206			66,370			128,836
	Total other comprehensive income	$	14,393,558		$	4,893,810		$	9,499,748
		Six Months Ended June 30, 2013
					Income Tax
					Expense
		Pretax			(Benefit)			Net of Tax
	Other comprehensive loss:
	Change in net unrealized gains on available-for-sale securities:
	Unrealized holding losses arising during period	$	(21,794,920	)	$	(7,414,784	)	$	(14,380,136	)
	Reclassification adjustment for gains included in income		(77,257	)		(32,218	)		(45,039	)
	Adjustment for effect of deferred acquisition costs		670,593			228,000			442,593
	Net unrealized losses on investments		(21,201,584	)		(7,219,002	)		(13,982,582	)
	Change in defined benefit pension plan:
	Amortization of actuarial net loss in net periodic pension cost		386,324			131,350			254,974
	Total other comprehensive loss	$	(20,815,260	)	$	(7,087,652	)	$	(13,727,608	)
	Realized gains and losses on the sales of investments are determined based upon the specific identification method and include provisions for other-than-temporary impairments where appropriate.
	The change in the components of the Company’s accumulated other comprehensive income, net of tax, for the six months ended June 30, 2014 and 2013 are as follows:
		Unrealized Gains			Defined			Accumulated
		(Losses) on			Benefit			Other
		Available-For-Sale			Pension			Comprehensive
		Securities			Plan			Income
	For the six months ended June 30, 2014:
	Beginning balance	$	9,916,148		$	(3,164,157	)	$	6,751,991
	Other comprehensive income before reclassifications		9,425,999			-			9,425,999
Amounts reclassified from accumulated other comprehensive income		(55,087	)		128,836			73,749
Net current period other comprehensive income		9,370,912			128,836			9,499,748
Ending balance	$	19,287,060		$	(3,035,321	)	$	16,251,739
For the six months ended June 30, 2013:
Beginning balance	$	28,088,103		$	(5,548,379	)	$	22,539,724
Other comprehensive loss before reclassifications		(13,937,543	)		-			(13,937,543	)
Amounts reclassified from accumulated other comprehensive income		(45,039	)		254,974			209,935
Net current period other comprehensive income (loss)		(13,982,582	)		254,974			(13,727,608	)
Ending balance	$	14,105,521		$	(5,293,405	)	$	8,812,116
The following table presents the pretax and the related income tax components of the amounts reclassified from the Company’s accumulated other comprehensive income to the Company’s consolidated statement of income for the quarters and six months ended June 30, 2014 and 2013.
	Quarter Ended June 30,						Six Months Ended June 30,
Reclassification Adjustments	2014			2013			2014			2013
Unrealized gains on available-for-sale securities:
Realized gains (losses) on sale of securities (a)	$	72,665		$	(10,710	)	$	68,859		$	77,257
Income tax benefit (expense) (c)		(14,533	)		(2,394	)		(13,772	)		(32,218	)
Net of tax		58,132			(13,104	)		55,087			45,039
Defined benefit pension plan:
Amortization of actuarial net loss (b)		(97,603	)		(193,162	)		(195,206	)		(386,324	)
Income tax benefit (c)		33,185			65,675			66,370			131,350
Net of tax		(64,418	)		(127,487	)		(128,836	)		(254,974	)
Total reclassifications for the period	$	(6,286	)	$	(140,591	)	$	(73,749	)	$	(209,935	)
(a) These items appear within net realized gains (losses) on investments in the consolidated income statements.
(b) These items are included in the computation of net periodic pension cost (see Note 10).
(c) These items appear within federal income taxes in the consolidated income statements.

Note_10_Employee_Benefit_Plans

Note 10 - Employee Benefit Plans	6 Months Ended
	Jun. 30, 2014
Compensation and Retirement Disclosure [Abstract]	'
Pension and Other Postretirement Benefits Disclosure [Text Block]	'
	NOTE 10 – Employee Benefit Plans
	Investors Heritage Capital Corporation sponsors a noncontributory defined benefit pension plan. Benefits under this plan were curtailed for covered employees effective as of June 30, 2012, and no further benefits are being earned under this plan. The following table provides the components of our net periodic benefit cost:
		Quarter Ended June 30,						Six Months Ended June 30,
		2014			2013			2014			2013
	Service cost	$	-		$	-		$	-		$	-
	Interest cost		261,264			167,180			522,528			334,360
	Expected return on plan assets		(299,419	)		(298,146	)		(598,837	)		(596,292	)
	Recognized actuarial net loss		97,603			193,162			195,206			386,324
	Net periodic pension cost	$	59,448		$	62,196		$	118,897		$	124,392
	We previously disclosed in our financial statements for the year ended December 31, 2013 that the Company expected to contribute $900,000 to our defined benefit pension plan during 2014. As of June 30, 2014, the Company had contributed $450,000 to the plan.

Note_4_Investments_Tables

Note 4 - Investments (Tables)	6 Months Ended
	Jun. 30, 2014
Investments Disclosure [Abstract]	'
Schedule of Available-for-sale Securities Reconciliation [Table Text Block]	'
					Gross			Gross
	30-Jun-14	Amortized			Unrealized			Unrealized			Fair
		Cost			Gains			Losses			Value
	Fixed maturity securities:
	U.S. government obligations	$	32,299,152		$	938,164		$	90,810		$	33,146,506
	States and political subdivisions		38,679,485			4,988,285			-			43,667,770
	Corporate		218,381,654			17,968,264			289,245			236,060,673
	Foreign		63,810,146			3,516,199			135,140			67,191,205
	Asset-backed securities		1,580,807			62,516			-			1,643,323
	Mortgage-backed securities (MBS):
	Commercial MBS		7,347,396			222,740			38			7,570,098
	Residential MBS		43,229,815			2,233,372			-			45,463,187
	Total fixed maturity securities		405,328,455			29,929,540			515,233			434,742,762
	Equity securities:
	U.S. agencies		707,900			-			-			707,900
	Mutual funds		318,284			38,341			-			356,625
	Corporate common stock		5,040,671			699,065			131,953			5,607,783
	Total equity securities		6,066,855			737,406			131,953			6,672,308
	Total	$	411,395,310		$	30,666,946		$	647,186		$	441,415,070
					Gross			Gross
	31-Dec-13	Amortized			Unrealized			Unrealized			Fair
		Cost			Gains			Losses			Value
	Fixed maturity securities:
	U.S. government obligations	$	34,485,660		$	793,701		$	703,570		$	34,575,791
	States and political subdivisions		39,910,030			3,145,632			60,898			42,994,764
	Corporate		217,659,449			12,535,411			2,251,886			227,942,974
	Foreign		56,960,366			2,081,436			1,395,450			57,646,352
	Asset-backed securities		2,677,953			109,417			-			2,787,370
	Mortgage-backed securities (MBS):
	Commercial MBS		4,252,765			160,955			-			4,413,720
	Residential MBS		46,449,968			1,443,228			345,062			47,548,134
	Total fixed maturity securities		402,396,191			20,269,780			4,756,866			417,909,105
	Equity securities:
	U.S. agencies		687,000			-			-			687,000
	Mutual funds		318,283			1,356			-			319,639
	Corporate common stock		4,883,078			422,880			494,264			4,811,694
	Total equity securities		5,888,361			424,236			494,264			5,818,333
	Total	$	408,284,552		$	20,694,016		$	5,251,130		$	423,727,438
Schedule of Temporary Impairment Losses, Investments [Table Text Block]	'
		30-Jun-14									31-Dec-13
					Gross			Number						Gross		Number
		Estimated			Unrealized			of			Estimated			Unrealized		of
		Fair Value			Loss			Securities			Fair Value			Loss		Securities
	Fixed Maturities:
	Less than 12 months:
	U.S. government obligations	$	-		$	-			-		$	17,401,555		$	703,570		3
	States and political subdivisions		-			-			-			1,239,103			60,898		2
	Corporate		2,000,636			7,167			1			56,249,758			2,076,123		37
	Foreign		4,363,294			18,539			3			26,858,417			1,395,450		15
	Commercial MBS		64,371			38			1			-			-		-
	Residential MBS		-			-			-			18,187,588			345,062		4
	Greater than 12 months:
	U.S. government obligations		7,681,258			90,810			1			-			-		-
	Corporate		4,394,471			282,078			4			1,072,341			175,763		1
	Foreign		7,036,987			116,601			3			-			-		-
	Total fixed maturities		25,541,017			515,233			13			121,008,762			4,756,866		62
	Equities:
	Less than 12 months:
	Corporate common stock		275,396			16,003			6			2,806,072			494,264		24
	Greater than 12 months:
	Corporate common stock		1,341,361			115,950			11			-			-		-
	Total equities		1,616,757			131,953			17			2,806,072			494,264		24
	Total	$	27,157,774		$	647,186			30		$	123,814,834		$	5,251,130		86
Unrealized Gain (Loss) on Investments [Table Text Block]	'
		June 30,			December 31,
		2014			2013
	Net unrealized appreciation on available-for sale securities	$	30,019,760		$	15,442,886
	Adjustment to deferred acquisition costs		(796,941	)		(418,419	)
	Deferred income taxes		(9,935,759	)		(5,108,319	)
	Net unrealized appreciation on available-for sale securities	$	19,287,060		$	9,916,148
Investments Classified by Contractual Maturity Date [Table Text Block]	'
		Available-for-Sale
		Amortized			Fair
		Cost			Value
	Due in one year or less	$	4,563,723		$	4,680,629
	Due after one year through five years		75,557,902			83,659,927
	Due after five years through ten years		194,689,572			207,057,787
	Due after ten years		49,881,996			55,616,632
	Due at multiple maturity dates		80,635,262			83,727,787
	Total	$	405,328,455		$	434,742,762
Realized Gain (Loss) on Investments [Table Text Block]	'
		Quarter Ended June 30,						Six Months Ended June 30,
		2014			2013			2014			2013
	Proceeds from sales and maturities	$	10,078,931		$	16,566,630		$	17,228,979		$	28,664,356
	Gross realized gains		152,138			5,719			173,810			108,383
	Gross realized losses		(79,473	)		(16,429	)		(104,951	)		(31,126	)
Realized and Unrealized Gains (Losses) on Investments [Table Text Block]	'
		Quarter Ended June 30,						Six Months Ended June 30,
		2014			2013			2014			2013
	Change in unrealized investment gains (losses):
	Available-for-sale:
	Fixed maturities	$	7,041,196		$	(18,548,532	)	$	13,901,393		$	(21,480,323	)
	Equity securities		363,677			(414,588	)		675,481			(391,854	)
	Realized investment gains (losses):
	Available-for-sale:
	Fixed maturities	$	68,188		$	1,680		$	68,188		$	89,647
	Equity securities		4,477			(12,390	)		671			(12,390	)
State Guaranteed Receivables, Classified by Contractual Maturity Date [Table Text Block]	'
		Amortized			Fair
		Cost			Value
	Due in one year or less	$	701,042		$	710,324
	Due after one year through five years		2,466,328			2,678,524
	Due after five years through ten years		2,926,813			3,592,598
	Due after ten years		1,844,418			2,581,021
	Total	$	7,938,601		$	9,562,467
Schedule Of Payments On State Guaranteed Receivables By State [Table Text Block]	'
		June 30,			December 31,
		2014			2013
	New York	$	3,746,128		$	3,880,368
	Massachusetts		1,918,175			1,927,350
	Georgia		1,510,514			1,500,719
	Pennsylvania		294,809			284,756
	Texas		220,048			212,447
	California		181,928			195,593
	Ohio		66,999			83,874
	Total	$	7,938,601		$	8,085,107
Investment Income [Table Text Block]	'
		Quarter Ended June 30,						Six Months Ended June 30,
		2014			2013			2014			2013
	Fixed maturities	$	4,729,760		$	4,798,389		$	9,438,841		$	9,605,911
	Equity securities		75,841			35,836			127,478			49,731
	Mortgage loans on real estate		352,824			274,334			656,700			552,398
	Policy loans		118,448			117,978			235,377			236,090
	State-guaranteed receivables		140,719			143,622			284,514			289,876
	Gain on investment in derivative		-			121,500			-			243,000
	Other		60,429			60,559			117,486			119,013
	Gross investment income		5,478,021			5,552,218			10,860,396			11,096,019
	Investment expenses		303,397			282,510			606,790			565,020
	Net investment income	$	5,174,624		$	5,269,708		$	10,253,606		$	10,530,999

Note_5_Fair_Values_of_Financia1

Note 5 - Fair Values of Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2014
Fair Value Disclosures [Abstract]	'
Fair Value, Assets Measured on Recurring Basis [Table Text Block]	'
		30-Jun-14
		Level 1			Level 2			Level 3		Total
	Fixed maturities:
	U.S. government obligations	$	-		$	33,146,506		$	-	$	33,146,506
	States and political subdivisions		-			43,667,770			-		43,667,770
	Corporate		-			236,060,673			-		236,060,673
	Foreign		-			67,191,205			-		67,191,205
	Asset-backed securities		-			1,643,323			-		1,643,323
	Mortgage-backed securities:
	Commercial MBS		-			7,570,098			-		7,570,098
	Residential MBS		-			45,463,187			-		45,463,187
	Total fixed maturities	$	-		$	434,742,762		$	-	$	434,742,762
	Equity securities:
	U.S. agencies	$	707,900		$	-		$	-	$	707,900
	Mutual funds		356,625			-			-		356,625
	Corporate common stock		5,223,783			-			384,000		5,607,783
	Total equity securities	$	6,288,308		$	-		$	384,000	$	6,672,308
		31-Dec-13
		Level 1			Level 2			Level 3		Total
	Fixed maturities:
	U.S. government obligations	$	-		$	34,575,791		$	-	$	34,575,791
	States and political subdivisions		-			42,994,764			-		42,994,764
	Corporate		-			227,942,974			-		227,942,974
	Foreign		-			57,646,352			-		57,646,352
	Asset-backed securities		-			2,787,370			-		2,787,370
	Mortgage-backed securities:
	Commercial MBS		-			4,413,720			-		4,413,720
	Residential MBS		-			47,548,134			-		47,548,134
	Total fixed maturities	$	-		$	417,909,105		$	-	$	417,909,105
	Equity securities:
	U.S. agencies	$	687,000		$	-		$	-	$	687,000
	Mutual funds		319,639			-			-		319,639
	Corporate common stock		4,427,694			-			384,000		4,811,694
	Total equity securities	$	5,434,333		$	-		$	384,000	$	5,818,333
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]	'
		Quarter Ended June 30, 2014
								Corporate		Investment
								Common		in
		Corporate			Foreign			Stock		Derivative		Total
	Beginning balance	$	-		$	-		$	384,000	$	-	$	384,000
	Transfers into Level 3		-			-			-		-		-
	Transfers out of Level 3		-			-			-		-		-
	Purchases		-			-			-		-		-
	Sales		-			-			-		-		-
	Total gains or losses:
	Included in earnings		-			-			-		-		-
	Included in other comprehensive income		-			-			-		-		-
	Ending balance	$	-		$	-		$	384,000	$	-	$	384,000
		Quarter Ended June 30, 2013
								Corporate		Investment
								Common		in
		Corporate			Foreign			Stock		Derivative		Total
	Beginning balance	$	2,033,750		$	-		$	384,000	$	764,100	$	3,181,850
	Transfers into Level 3		-			-			-		-		-
	Transfers out of Level 3		-			-			-		-		-
	Purchases		-			2,025,000			-		-		2,025,000
	Sales		-			(335	)		-		-		(335	)
	Total gains or losses:
	Included in earnings		-			-			-		121,500		121,500
	Included in other comprehensive income		(143,750	)		(29,665	)		-		-		(173,415	)
	Ending balance	$	1,890,000		$	1,995,000		$	384,000	$	885,600	$	5,154,600
		Six Months Ended June 30, 2014
								Corporate		Investment
								Common		in
		Corporate			Foreign			Stock		Derivative		Total
	Beginning balance	$	-		$	-		$	384,000	$	-	$	384,000
	Transfers into Level 3		-			-			-		-		-
	Transfers out of Level 3		-			-			-		-		-
	Purchases		-			-			-		-		-
	Sales		-			-			-		-		-
	Total gains or losses:
	Included in earnings		-			-			-		-		-
	Included in other comprehensive loss		-			-			-		-		-
	Ending balance	$	-		$	-		$	384,000	$	-	$	384,000
		Six Months Ended June 30, 2013
								Corporate		Investment
								Common		in
		Corporate			Foreign			Stock		Derivative		Total
	Beginning balance	$	3,834,470		$	-		$	384,000	$	642,600	$	4,861,070
	Transfers into Level 3		-			-			-		-		-
	Transfers out of Level 3		(3,834,470	)		-			-		-		(3,834,470	)
	Purchases		2,000,000			2,025,000			-		-		4,025,000
	Sales		-			(335	)		-		-		(335	)
	Total gains or losses:
	Included in earnings		-			-			-		243,000		243,000
	Included in other comprehensive income		(110,000	)		(29,665	)		-		-		(139,665	)
	Ending balance	$	1,890,000		$	1,995,000		$	384,000	$	885,600	$	5,154,600
Fair Value, by Balance Sheet Grouping [Table Text Block]	'
		30-Jun-14
		Carrying			Fair
		Amount			Value			Level 1		Level 2		Level 3
	Assets:
	Mortgage loans on real estate:
	Commercial	$	13,283,850		$	14,101,357		$	-	$	-	$	14,101,357
	Residential		5,820,856			6,347,380			-		-		6,347,380
	Policy loans		6,681,655			6,681,655			-		-		6,681,655
	State-guaranteed receivables		7,938,601			9,562,467			-		9,562,467		-
	Other invested assets		3,327,871			3,327,871			-		-		3,327,871
	Cash and cash equivalents		4,133,711			4,133,711			4,133,711		-		-
	Accrued investment income		5,289,921			5,289,921			-		-		5,289,921
	Cash value of company-owned life insurance		11,603,169			11,603,169			-		-		11,603,169
	Liabilities:
	Policyholder deposits (Investment-type contracts)		53,589,733			54,436,078			-		-		54,436,078
	Policy claims		2,925,685			2,925,685			-		-		2,925,685
	Obligations under capital leases		712,053			712,053			-		-		712,053
	Notes payable		2,971,485			2,971,924			-		-		2,971,924
		31-Dec-13
		Carrying			Fair
		Amount			Value			Level 1		Level 2		Level 3
	Assets:
	Mortgage loans on real estate:
	Commercial	$	15,478,188		$	16,128,845		$	-	$	16,128,845	$	-
	Residential		3,123,534			3,273,306			-		3,273,306		-
	Policy loans		6,674,887			6,674,887			-		-		6,674,887
	State-guaranteed receivables		8,085,107			9,392,660			-		9,392,660		-
	Other invested assets		3,181,182			3,181,182			-		-		3,181,182
	Cash and cash equivalents		4,143,291			4,143,291			4,143,291		-		-
	Accrued investment income		5,191,253			5,191,253			-		-		5,191,253
	Cash value of company-owned life insurance		11,808,248			11,808,248			-		-		11,808,248
	Liabilities:
	Policyholder deposits (Investment-type contracts)		53,476,853			53,396,538			-		-		53,396,538
	Policy claims		3,672,474			3,672,474			-		-		3,672,474
	Obligations under capital leases		943,488			943,488			-		-		943,488
	Notes payable		3,031,942			3,033,122			-		-		3,033,122

Note_7_Segment_Data_Tables

Note 7 - Segment Data (Tables)	6 Months Ended
	Jun. 30, 2014
Segment Reporting [Abstract]	'
Schedule of Segment Reporting Information, by Segment [Table Text Block]	'
		Quarter Ended June 30,						Six Months Ended June 30,
		2014			2013			2014			2013
	Revenue:
	Preneed and burial products	$	12,378,694		$	12,906,857		$	23,591,408		$	25,261,222
	Traditional and universal life products		4,499,730			7,531,626			10,097,262			14,129,925
	Administrative and financial services		348,573			315,948			626,009			643,512
	Corporate and other		337,965			290,906			540,167			628,670
	Total revenue	$	17,564,962		$	21,045,337		$	34,854,846		$	40,663,329
	Pre-tax income (loss) from operations:
	Preneed and burial products	$	(50,136	)	$	72,185		$	(358,714	)	$	7,210
	Traditional and universal life products		88,686			(1,694,923	)		281,177			(1,399,579	)
	Administrative and financial services		67,678			55,259			113,909			128,818
	Corporate and other		186,712			52,449			188,863			170,374
	Total pre-tax income (loss)	$	292,940		$	(1,515,030	)	$	225,235		$	(1,093,177	)

Note_9_Other_Comprehensive_Inc1

Note 9 - Other Comprehensive Income (Loss) (Tables)	6 Months Ended
	Jun. 30, 2014
Disclosure Text Block [Abstract]	'
Comprehensive Income (Loss) [Table Text Block]	'
		Quarter Ended June 30, 2014
					Income Tax
					Expense
		Pretax			(Benefit)			Net of Tax
	Other comprehensive income:
	Change in net unrealized gains on available-for-sale securities:
	Unrealized holding gains arising during period	$	7,477,538		$	2,532,191		$	4,945,347
	Reclassification adjustment for gains included in income		(72,665	)		(14,533	)		(58,132	)
	Adjustment for effect of deferred acquisition costs		(187,378	)		(63,709	)		(123,669	)
	Net unrealized gains on investments		7,217,495			2,453,949			4,763,546
	Change in defined benefit pension plan:
	Amortization of actuarial net loss in net periodic pension cost		97,603			33,185			64,418
	Total other comprehensive income	$	7,315,098		$	2,487,134		$	4,827,964
		Quarter Ended June 30, 2013
					Income Tax
					Expense
		Pretax			(Benefit)			Net of Tax
	Other comprehensive loss:
	Change in net unrealized gains on available-for-sale securities:
	Unrealized holding losses arising during period	$	(18,973,830	)	$	(6,455,742	)	$	(12,518,088	)
	Reclassification adjustment for losses included in income		10,710			(2,394	)		13,104
	Adjustment for effect of deferred acquisition costs		557,230			189,457			367,773
	Net unrealized losses on investments		(18,405,890	)		(6,268,679	)		(12,137,211	)
	Change in defined benefit pension plan:
	Amortization of actuarial net loss in net periodic pension cost		193,162			65,675			127,487
	Total other comprehensive loss	$	(18,212,728	)	$	(6,203,004	)	$	(12,009,724	)
		Six Months Ended June 30, 2014
					Income Tax
					Expense
		Pretax			(Benefit)			Net of Tax
	Other comprehensive income:
	Change in net unrealized gains on available-for-sale securities:
	Unrealized holding gains arising during period	$	14,645,733		$	4,969,909		$	9,675,824
	Reclassification adjustment for gains included in income		(68,859	)		(13,772	)		(55,087	)
	Adjustment for effect of deferred acquisition costs		(378,522	)		(128,697	)		(249,825	)
	Net unrealized gains on investments		14,198,352			4,827,440			9,370,912
	Change in defined benefit pension plan:
	Amortization of actuarial net loss in net periodic pension cost		195,206			66,370			128,836
	Total other comprehensive income	$	14,393,558		$	4,893,810		$	9,499,748
		Six Months Ended June 30, 2013
					Income Tax
					Expense
		Pretax			(Benefit)			Net of Tax
	Other comprehensive loss:
	Change in net unrealized gains on available-for-sale securities:
	Unrealized holding losses arising during period	$	(21,794,920	)	$	(7,414,784	)	$	(14,380,136	)
	Reclassification adjustment for gains included in income		(77,257	)		(32,218	)		(45,039	)
	Adjustment for effect of deferred acquisition costs		670,593			228,000			442,593
	Net unrealized losses on investments		(21,201,584	)		(7,219,002	)		(13,982,582	)
	Change in defined benefit pension plan:
	Amortization of actuarial net loss in net periodic pension cost		386,324			131,350			254,974
	Total other comprehensive loss	$	(20,815,260	)	$	(7,087,652	)	$	(13,727,608	)
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]	'
		Unrealized Gains			Defined			Accumulated
		(Losses) on			Benefit			Other
		Available-For-Sale			Pension			Comprehensive
		Securities			Plan			Income
	For the six months ended June 30, 2014:
	Beginning balance	$	9,916,148		$	(3,164,157	)	$	6,751,991
	Other comprehensive income before reclassifications		9,425,999			-			9,425,999
	Amounts reclassified from accumulated other comprehensive income		(55,087	)		128,836			73,749
	Net current period other comprehensive income		9,370,912			128,836			9,499,748
	Ending balance	$	19,287,060		$	(3,035,321	)	$	16,251,739
	For the six months ended June 30, 2013:
	Beginning balance	$	28,088,103		$	(5,548,379	)	$	22,539,724
	Other comprehensive loss before reclassifications		(13,937,543	)		-			(13,937,543	)
	Amounts reclassified from accumulated other comprehensive income		(45,039	)		254,974			209,935
	Net current period other comprehensive income (loss)		(13,982,582	)		254,974			(13,727,608	)
	Ending balance	$	14,105,521		$	(5,293,405	)	$	8,812,116
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block]	'
		Quarter Ended June 30,						Six Months Ended June 30,
	Reclassification Adjustments	2014			2013			2014			2013
	Unrealized gains on available-for-sale securities:
	Realized gains (losses) on sale of securities (a)	$	72,665		$	(10,710	)	$	68,859		$	77,257
	Income tax benefit (expense) (c)		(14,533	)		(2,394	)		(13,772	)		(32,218	)
	Net of tax		58,132			(13,104	)		55,087			45,039
	Defined benefit pension plan:
	Amortization of actuarial net loss (b)		(97,603	)		(193,162	)		(195,206	)		(386,324	)
	Income tax benefit (c)		33,185			65,675			66,370			131,350
	Net of tax		(64,418	)		(127,487	)		(128,836	)		(254,974	)
	Total reclassifications for the period	$	(6,286	)	$	(140,591	)	$	(73,749	)	$	(209,935	)

Note_10_Employee_Benefit_Plans1

Note 10 - Employee Benefit Plans (Tables)	6 Months Ended
	Jun. 30, 2014
Compensation and Retirement Disclosure [Abstract]	'
Schedule of Defined Benefit Plans Disclosures [Table Text Block]	'
		Quarter Ended June 30,						Six Months Ended June 30,
		2014			2013			2014			2013
	Service cost	$	-		$	-		$	-		$	-
	Interest cost		261,264			167,180			522,528			334,360
	Expected return on plan assets		(299,419	)		(298,146	)		(598,837	)		(596,292	)
	Recognized actuarial net loss		97,603			193,162			195,206			386,324
	Net periodic pension cost	$	59,448		$	62,196		$	118,897		$	124,392

Note_1_Nature_of_Operations_De

Note 1 - Nature of Operations (Details)	6 Months Ended
	Jun. 30, 2014
Disclosure Text Block [Abstract]	'
Percent of Revenue	99.00%

Note_4_Investments_Details

Note 4 - Investments (Details) (USD $)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2014	Sep. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	Dec. 31, 2013
Note 4 - Investments (Details) [Line Items]	'	'	'	'	'
Restricted Cash and Investments (in Dollars)	$24,446,501	'	$24,446,501	'	$25,209,390
Investment Properties, Commercial Percentage	69.50%	'	69.50%	'	83.20%
Maximum Loan to Value Ratio Required	80.00%	'	80.00%	'	'
Minimum Debt Service Coverage Required	115.00%	'	115.00%	'	'
Residential Mortgages Purchased Through the Secondary Market (in Dollars)	1,522,000	'	2,254,000	'	2,116,000
Market Indexed Note (in Dollars)	'	'	'	3,000,000	'
Market Indexed Note, Interest Rate	'	'	'	1.00%	'
Market Indexed Note, Term	'	'	'	'6 years	'
Market Indexed Note, Participation	'	'	'	110.00%	'
Derivative Cost Basis (in Dollars)	'	'	'	645,000	'
Percent of Total Value	'	'	'	21.50%	'
Proceeds from Sale of Market Indexed Note (in Dollars)	'	3,918,083	'	'	'
Gain (Loss) on Sale of Market Index Note (in Dollars)	'	$918,083	'	'	'
Fixed Maturities [Member]	'	'	'	'	'
Note 4 - Investments (Details) [Line Items]	'	'	'	'	'
Minimum Fair Value to Cost Ratio	88.00%	'	88.00%	'	84.00%
Equity Securities [Member]	'	'	'	'	'
Note 4 - Investments (Details) [Line Items]	'	'	'	'	'
Minimum Fair Value to Cost Ratio	82.00%	'	82.00%	'	70.00%

Note_4_Investments_Details_Ava

Note 4 - Investments (Details) - Available-for-sale Securities (USD $)	Jun. 30, 2014	Dec. 31, 2013
Fixed maturity securities:	'	'
Fixed maturity securities, amortized cost	$405,328,455	$402,396,191
Fixed maturity securities	434,742,762	417,909,105
Equity securities:	'	'
Equity securities, amortized cost	6,066,855	5,888,361
Equity securities	6,672,308	5,818,333
Securities, amortized cost	411,395,310	408,284,552
Securities, gross unrealized gains	30,666,946	20,694,016
Securities, gross unrealized losses	647,186	5,251,130
Securities	441,415,070	423,727,438
US Government Agencies Debt Securities [Member]	'	'
Fixed maturity securities:	'	'
Fixed maturity securities, amortized cost	32,299,152	34,485,660
Fixed maturity securities, gross unrealized gains	938,164	793,701
Fixed maturity securities, gross unrealized losses	90,810	703,570
Fixed maturity securities	33,146,506	34,575,791
Equity securities:	'	'
Securities	33,146,506	34,575,791
US States and Political Subdivisions Debt Securities [Member]	'	'
Fixed maturity securities:	'	'
Fixed maturity securities, amortized cost	38,679,485	39,910,030
Fixed maturity securities, gross unrealized gains	4,988,285	3,145,632
Fixed maturity securities, gross unrealized losses	'	60,898
Fixed maturity securities	43,667,770	42,994,764
Equity securities:	'	'
Securities	43,667,770	42,994,764
Corporate Debt Securities [Member]	'	'
Fixed maturity securities:	'	'
Fixed maturity securities, amortized cost	218,381,654	217,659,449
Fixed maturity securities, gross unrealized gains	17,968,264	12,535,411
Fixed maturity securities, gross unrealized losses	289,245	2,251,886
Fixed maturity securities	236,060,673	227,942,974
Equity securities:	'	'
Securities	236,060,673	227,942,974
Foreign [Member]	'	'
Fixed maturity securities:	'	'
Fixed maturity securities, amortized cost	63,810,146	56,960,366
Fixed maturity securities, gross unrealized gains	3,516,199	2,081,436
Fixed maturity securities, gross unrealized losses	135,140	1,395,450
Fixed maturity securities	67,191,205	57,646,352
Equity securities:	'	'
Securities	67,191,205	57,646,352
Asset-backed Securities [Member]	'	'
Fixed maturity securities:	'	'
Fixed maturity securities, amortized cost	1,580,807	2,677,953
Fixed maturity securities, gross unrealized gains	62,516	109,417
Fixed maturity securities	1,643,323	2,787,370
Equity securities:	'	'
Securities	1,643,323	2,787,370
Commercial Mortgage Backed Securities [Member]	'	'
Fixed maturity securities:	'	'
Fixed maturity securities, amortized cost	7,347,396	4,252,765
Fixed maturity securities, gross unrealized gains	222,740	160,955
Fixed maturity securities, gross unrealized losses	38	'
Fixed maturity securities	7,570,098	4,413,720
Equity securities:	'	'
Securities	7,570,098	4,413,720
Residential Mortgage Backed Securities [Member]	'	'
Fixed maturity securities:	'	'
Fixed maturity securities, amortized cost	43,229,815	46,449,968
Fixed maturity securities, gross unrealized gains	2,233,372	1,443,228
Fixed maturity securities, gross unrealized losses	'	345,062
Fixed maturity securities	45,463,187	47,548,134
Equity securities:	'	'
Securities	45,463,187	47,548,134
Debt Securities [Member]	'	'
Fixed maturity securities:	'	'
Fixed maturity securities, amortized cost	405,328,455	402,396,191
Fixed maturity securities, gross unrealized gains	29,929,540	20,269,780
Fixed maturity securities, gross unrealized losses	515,233	4,756,866
Fixed maturity securities	434,742,762	417,909,105
Equity securities:	'	'
Securities	434,742,762	417,909,105
US Agencies [Member]	'	'
Equity securities:	'	'
Equity securities, amortized cost	707,900	687,000
Equity securities	707,900	687,000
Securities	707,900	687,000
Mutual Funds [Member]	'	'
Equity securities:	'	'
Equity securities, amortized cost	318,284	318,283
Equity securities, gross unrealized gains	38,341	1,356
Equity securities	356,625	319,639
Securities	356,625	319,639
Common Stock [Member]	'	'
Equity securities:	'	'
Equity securities, amortized cost	5,040,671	4,883,078
Equity securities, gross unrealized gains	699,065	422,880
Equity securities, gross unrealized losses	131,953	494,264
Equity securities	5,607,783	4,811,694
Securities	5,607,783	4,811,694
Equity Securities [Member]	'	'
Equity securities:	'	'
Equity securities, amortized cost	6,066,855	5,888,361
Equity securities, gross unrealized gains	737,406	424,236
Equity securities, gross unrealized losses	131,953	494,264
Equity securities	6,672,308	5,818,333
Securities	$6,672,308	$5,818,333

Note_4_Investments_Details_Sec

Note 4 - Investments (Details) - Securities in a Continuous Unrealized Loss Position (USD $)	Jun. 30, 2014	Dec. 31, 2013
Greater than 12 months:	'	'
Securities in continuous loss position, estimated fair value	$27,157,774	$123,814,834
Securities in continuous loss position, gross unrealized loss	647,186	5,251,130
Securities in continuous loss position, number of securities	30	86
US Government Agencies Debt Securities [Member]	'	'
Less than 12 months:	'	'
Securities in continuous loss position, less than 12 months, fair value	'	17,401,555
Securities in continuous loss position, less than 12 months, gross unrealized loss	'	703,570
Securities in continuous loss position, less than 12 months, number of securities	'	3
Greater than 12 months:	'	'
Securities in continuous loss position, greater than 12 months, fair value	7,681,258	'
Securities in continuous loss position, greater than 12 months, gross unrealized loss	90,810	'
Securities in continuous loss position, greater than 12 months, number of securities	1	'
US States and Political Subdivisions Debt Securities [Member]	'	'
Less than 12 months:	'	'
Securities in continuous loss position, less than 12 months, fair value	'	1,239,103
Securities in continuous loss position, less than 12 months, gross unrealized loss	'	60,898
Securities in continuous loss position, less than 12 months, number of securities	'	2
Corporate Debt Securities [Member]	'	'
Less than 12 months:	'	'
Securities in continuous loss position, less than 12 months, fair value	2,000,636	56,249,758
Securities in continuous loss position, less than 12 months, gross unrealized loss	7,167	2,076,123
Securities in continuous loss position, less than 12 months, number of securities	1	37
Greater than 12 months:	'	'
Securities in continuous loss position, greater than 12 months, fair value	4,394,471	1,072,341
Securities in continuous loss position, greater than 12 months, gross unrealized loss	282,078	175,763
Securities in continuous loss position, greater than 12 months, number of securities	4	1
Foreign [Member]	'	'
Less than 12 months:	'	'
Securities in continuous loss position, less than 12 months, fair value	4,363,294	26,858,417
Securities in continuous loss position, less than 12 months, gross unrealized loss	18,539	1,395,450
Securities in continuous loss position, less than 12 months, number of securities	3	15
Greater than 12 months:	'	'
Securities in continuous loss position, greater than 12 months, fair value	7,036,987	'
Securities in continuous loss position, greater than 12 months, gross unrealized loss	116,601	'
Securities in continuous loss position, greater than 12 months, number of securities	3	'
Commercial Mortgage Backed Securities [Member]	'	'
Less than 12 months:	'	'
Securities in continuous loss position, less than 12 months, fair value	64,371	'
Securities in continuous loss position, less than 12 months, gross unrealized loss	38	'
Securities in continuous loss position, less than 12 months, number of securities	1	'
Residential Mortgage Backed Securities [Member]	'	'
Less than 12 months:	'	'
Securities in continuous loss position, less than 12 months, fair value	'	18,187,588
Securities in continuous loss position, less than 12 months, gross unrealized loss	'	345,062
Securities in continuous loss position, less than 12 months, number of securities	'	4
Debt Securities [Member]	'	'
Greater than 12 months:	'	'
Securities in continuous loss position, estimated fair value	25,541,017	121,008,762
Securities in continuous loss position, gross unrealized loss	515,233	4,756,866
Securities in continuous loss position, number of securities	13	62
Common Stock [Member]	'	'
Less than 12 months:	'	'
Securities in continuous loss position, less than 12 months, fair value	275,396	2,806,072
Securities in continuous loss position, less than 12 months, gross unrealized loss	16,003	494,264
Securities in continuous loss position, less than 12 months, number of securities	6	24
Greater than 12 months:	'	'
Securities in continuous loss position, greater than 12 months, fair value	1,341,361	'
Securities in continuous loss position, greater than 12 months, gross unrealized loss	115,950	'
Securities in continuous loss position, greater than 12 months, number of securities	11	'
Equity Securities [Member]	'	'
Greater than 12 months:	'	'
Securities in continuous loss position, estimated fair value	1,616,757	2,806,072
Securities in continuous loss position, gross unrealized loss	$131,953	$494,264
Securities in continuous loss position, number of securities	17	24

Note_4_Investments_Details_Net

Note 4 - Investments (Details) - Net Unrealized Gains for Investments Classified as Available-for-Sale (USD $)	6 Months Ended	12 Months Ended
	Jun. 30, 2014	Dec. 31, 2013
Net Unrealized Gains for Investments Classified as Available-for-Sale [Abstract]	'	'
Net unrealized appreciation on available-for sale securities	$30,019,760	$15,442,886
Adjustment to deferred acquisition costs	-796,941	-418,419
Deferred income taxes	-9,935,759	-5,108,319
Net unrealized appreciation on available-for sale securities	$19,287,060	$9,916,148

Note_4_Investments_Details_Fix

Note 4 - Investments (Details) - Fixed Maturity Securities by Contractual Maturity (USD $)	Jun. 30, 2014	Dec. 31, 2013
Note 4 - Investments (Details) - Fixed Maturity Securities by Contractual Maturity [Line Items]	'	'
Total	$405,328,455	$402,396,191
Total	434,742,762	417,909,105
All Except for State Guaranteed Receivables [Member]	'	'
Note 4 - Investments (Details) - Fixed Maturity Securities by Contractual Maturity [Line Items]	'	'
Due in one year or less	4,563,723	'
Due in one year or less	4,680,629	'
Due after one year through five years	75,557,902	'
Due after one year through five years	83,659,927	'
Due after five years through ten years	194,689,572	'
Due after five years through ten years	207,057,787	'
Due after ten years	49,881,996	'
Due after ten years	55,616,632	'
Due at multiple maturity dates	80,635,262	'
Due at multiple maturity dates	83,727,787	'
Total	405,328,455	'
Total	$434,742,762	'

Note_4_Investments_Details_Pro

Note 4 - Investments (Details) - Proceeds from Sales and Maturities of Investments in Available-for-Sale (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Proceeds from Sales and Maturities of Investments in Available-for-Sale [Abstract]	'	'	'	'
Proceeds from sales and maturities	$10,078,931	$16,566,630	$17,228,979	$28,664,356
Gross realized gains	152,138	5,719	173,810	108,383
Gross realized losses	($79,473)	($16,429)	($104,951)	($31,126)

Note_4_Investments_Details_Ava1

Note 4 - Investments (Details) - Available-for-Sale Securities - Change in Unrealized Gains (Losses) and Realized Gains (Losses) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Debt Securities [Member]	'	'	'	'
Note 4 - Investments (Details) - Available-for-Sale Securities - Change in Unrealized Gains (Losses) and Realized Gains (Losses) [Line Items]	'	'	'	'
Change in unrealized investment gains (losses)	$7,041,196	($18,548,532)	$13,901,393	($21,480,323)
Realized investment gains (losses)	68,188	1,680	68,188	89,647
Equity Securities [Member]	'	'	'	'
Note 4 - Investments (Details) - Available-for-Sale Securities - Change in Unrealized Gains (Losses) and Realized Gains (Losses) [Line Items]	'	'	'	'
Change in unrealized investment gains (losses)	363,677	-414,588	675,481	-391,854
Realized investment gains (losses)	$4,477	($12,390)	$671	($12,390)

Note_4_Investments_Details_Sta

Note 4 - Investments (Details) - State-Guaranteed Receivables by Contractual Maturity (USD $)	Jun. 30, 2014	Dec. 31, 2013
Note 4 - Investments (Details) - State-Guaranteed Receivables by Contractual Maturity [Line Items]	'	'
Total	$9,562,467	$9,392,660
State-Guaranteed Receivables [Member]	'	'
Note 4 - Investments (Details) - State-Guaranteed Receivables by Contractual Maturity [Line Items]	'	'
Due in one year or less	701,042	'
Due in one year or less	710,324	'
Due after one year through five years	2,466,328	'
Due after one year through five years	2,678,524	'
Due after five years through ten years	2,926,813	'
Due after five years through ten years	3,592,598	'
Due after ten years	1,844,418	'
Due after ten years	2,581,021	'
Total	7,938,601	'
Total	$9,562,467	'

Note_4_Investments_Details_Amo

Note 4 - Investments (Details) - Amortized Cost of State-guaranteed Receivables, by State (USD $)	Jun. 30, 2014	Dec. 31, 2013
Note 4 - Investments (Details) - Amortized Cost of State-guaranteed Receivables, by State [Line Items]	'	'
Amortized cost of state-guaranteed receivables	$7,938,601	$8,085,107
NEW YORK	'	'
Note 4 - Investments (Details) - Amortized Cost of State-guaranteed Receivables, by State [Line Items]	'	'
Amortized cost of state-guaranteed receivables	3,746,128	3,880,368
MASSACHUSETTS	'	'
Note 4 - Investments (Details) - Amortized Cost of State-guaranteed Receivables, by State [Line Items]	'	'
Amortized cost of state-guaranteed receivables	1,918,175	1,927,350
GEORGIA	'	'
Note 4 - Investments (Details) - Amortized Cost of State-guaranteed Receivables, by State [Line Items]	'	'
Amortized cost of state-guaranteed receivables	1,510,514	1,500,719
PENNSYLVANIA	'	'
Note 4 - Investments (Details) - Amortized Cost of State-guaranteed Receivables, by State [Line Items]	'	'
Amortized cost of state-guaranteed receivables	294,809	284,756
TEXAS	'	'
Note 4 - Investments (Details) - Amortized Cost of State-guaranteed Receivables, by State [Line Items]	'	'
Amortized cost of state-guaranteed receivables	220,048	212,447
CALIFORNIA	'	'
Note 4 - Investments (Details) - Amortized Cost of State-guaranteed Receivables, by State [Line Items]	'	'
Amortized cost of state-guaranteed receivables	181,928	195,593
OHIO	'	'
Note 4 - Investments (Details) - Amortized Cost of State-guaranteed Receivables, by State [Line Items]	'	'
Amortized cost of state-guaranteed receivables	$66,999	$83,874

Note_4_Investments_Details_Net1

Note 4 - Investments (Details) - Net Investment Income (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Net Investment Income [Line Items]	'	'	'	'
Gross investment income	$5,478,021	$5,552,218	$10,860,396	$11,096,019
Investment expenses	303,397	282,510	606,790	565,020
Net investment income	5,174,624	5,269,708	10,253,606	10,530,999
Fixed Maturities [Member]	'	'	'	'
Net Investment Income [Line Items]	'	'	'	'
Gross investment income	4,729,760	4,798,389	9,438,841	9,605,911
Equity Securities [Member]	'	'	'	'
Net Investment Income [Line Items]	'	'	'	'
Gross investment income	75,841	35,836	127,478	49,731
Mortgage Loans on Real Estate [Member]	'	'	'	'
Net Investment Income [Line Items]	'	'	'	'
Gross investment income	352,824	274,334	656,700	552,398
Policy Loans [Member]	'	'	'	'
Net Investment Income [Line Items]	'	'	'	'
Gross investment income	118,448	117,978	235,377	236,090
State-Guaranteed Receivables [Member]	'	'	'	'
Net Investment Income [Line Items]	'	'	'	'
Gross investment income	140,719	143,622	284,514	289,876
Derivative [Member]	'	'	'	'
Net Investment Income [Line Items]	'	'	'	'
Gross investment income	'	121,500	'	243,000
Other Long-term Investments [Member]	'	'	'	'
Net Investment Income [Line Items]	'	'	'	'
Gross investment income	$60,429	$60,559	$117,486	$119,013

Note_5_Fair_Values_of_Financia2

Note 5 - Fair Values of Financial Instruments (Details)	Jun. 30, 2014
Note 5 - Fair Values of Financial Instruments (Details) [Line Items]	'
Fair Value Hierarchy, Number of Input Levels	3
Private Equity Investment [Member]	'
Note 5 - Fair Values of Financial Instruments (Details) [Line Items]	'
Number of Level 3 Investments Reported at Fair Value	1

Note_5_Fair_Values_of_Financia3

Note 5 - Fair Values of Financial Instruments (Details) - Financial Instruments Measured at Fair Value on a Recurring Basis (USD $)	Jun. 30, 2014	Dec. 31, 2013
Fixed maturities:	'	'
Securities available-for-sale	$441,415,070	$423,727,438
US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member]	'	'
Fixed maturities:	'	'
Securities available-for-sale	33,146,506	34,575,791
US Government Agencies Debt Securities [Member]	'	'
Fixed maturities:	'	'
Securities available-for-sale	33,146,506	34,575,791
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member]	'	'
Fixed maturities:	'	'
Securities available-for-sale	43,667,770	42,994,764
US States and Political Subdivisions Debt Securities [Member]	'	'
Fixed maturities:	'	'
Securities available-for-sale	43,667,770	42,994,764
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member]	'	'
Fixed maturities:	'	'
Securities available-for-sale	236,060,673	227,942,974
Corporate Debt Securities [Member]	'	'
Fixed maturities:	'	'
Securities available-for-sale	236,060,673	227,942,974
Foreign [Member] | Fair Value, Inputs, Level 2 [Member]	'	'
Fixed maturities:	'	'
Securities available-for-sale	67,191,205	57,646,352
Foreign [Member]	'	'
Fixed maturities:	'	'
Securities available-for-sale	67,191,205	57,646,352
Asset-backed Securities [Member] | Fair Value, Inputs, Level 2 [Member]	'	'
Fixed maturities:	'	'
Securities available-for-sale	1,643,323	2,787,370
Asset-backed Securities [Member]	'	'
Fixed maturities:	'	'
Securities available-for-sale	1,643,323	2,787,370
Commercial Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member]	'	'
Fixed maturities:	'	'
Securities available-for-sale	7,570,098	4,413,720
Commercial Mortgage Backed Securities [Member]	'	'
Fixed maturities:	'	'
Securities available-for-sale	7,570,098	4,413,720
Residential Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member]	'	'
Fixed maturities:	'	'
Securities available-for-sale	45,463,187	47,548,134
Residential Mortgage Backed Securities [Member]	'	'
Fixed maturities:	'	'
Securities available-for-sale	45,463,187	47,548,134
Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member]	'	'
Fixed maturities:	'	'
Securities available-for-sale	434,742,762	417,909,105
Debt Securities [Member]	'	'
Fixed maturities:	'	'
Securities available-for-sale	434,742,762	417,909,105
US Agencies [Member] | Fair Value, Inputs, Level 1 [Member]	'	'
Fixed maturities:	'	'
Securities available-for-sale	707,900	687,000
US Agencies [Member]	'	'
Fixed maturities:	'	'
Securities available-for-sale	707,900	687,000
Mutual Funds [Member] | Fair Value, Inputs, Level 1 [Member]	'	'
Fixed maturities:	'	'
Securities available-for-sale	356,625	319,639
Mutual Funds [Member]	'	'
Fixed maturities:	'	'
Securities available-for-sale	356,625	319,639
Common Stock [Member] | Fair Value, Inputs, Level 1 [Member]	'	'
Fixed maturities:	'	'
Securities available-for-sale	5,223,783	4,427,694
Common Stock [Member] | Fair Value, Inputs, Level 3 [Member]	'	'
Fixed maturities:	'	'
Securities available-for-sale	384,000	384,000
Common Stock [Member]	'	'
Fixed maturities:	'	'
Securities available-for-sale	5,607,783	4,811,694
Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member]	'	'
Fixed maturities:	'	'
Securities available-for-sale	6,288,308	5,434,333
Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member]	'	'
Fixed maturities:	'	'
Securities available-for-sale	384,000	384,000
Equity Securities [Member]	'	'
Fixed maturities:	'	'
Securities available-for-sale	$6,672,308	$5,818,333

Note_5_Fair_Values_of_Financia4

Note 5 - Fair Values of Financial Instruments (Details) - Changes in Fair Value of Level 3 Financial Instruments (USD $)

3 Months Ended

6 Months Ended

3 Months Ended

6 Months Ended

3 Months Ended

6 Months Ended

3 Months Ended

6 Months Ended

Jun. 30, 2013

Jun. 30, 2013

Jun. 30, 2014

Mar. 31, 2014

Dec. 31, 2013

Jun. 30, 2013

Jun. 30, 2013

Jun. 30, 2013

Jun. 30, 2013

Jun. 30, 2014

Mar. 31, 2014

Dec. 31, 2013

Jun. 30, 2013

Mar. 31, 2013

Dec. 31, 2012

Jun. 30, 2013

Jun. 30, 2013

Corporate Debt Securities [Member]

Corporate Debt Securities [Member]

Foreign [Member]

Foreign [Member]

Common Stock [Member]

Common Stock [Member]

Common Stock [Member]

Common Stock [Member]

Common Stock [Member]

Common Stock [Member]

Derivative [Member]

Derivative [Member]

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Beginning balance

$3,181,850

$4,861,070

$384,000

$384,000

$384,000

$2,033,750

$3,834,470

'

'

$384,000

$384,000

$384,000

$384,000

$384,000

$384,000

$764,100

$642,600

Transfers out of Level 3

'

-3,834,470

'

'

'

'

-3,834,470

'

'

'

'

'

'

'

'

'

'

Purchases

2,025,000

4,025,000

'

'

'

'

2,000,000

2,025,000

2,025,000

'

'

'

'

'

'

'

'

Sales

-335

-335

'

'

'

'

'

-335

-335

'

'

'

'

'

'

'

'

Total gains or losses:

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Included in earnings

121,500

243,000

'

'

'

'

'

'

'

'

'

'

'

'

'

121,500

243,000

Included in other comprehensive income (loss)

-173,415

-139,665

'

'

'

-143,750

-110,000

-29,665

-29,665

'

'

'

'

'

'

'

'

Ending balance

$5,154,600

$5,154,600

$384,000

$384,000

$384,000

$1,890,000

$1,890,000

$1,995,000

$1,995,000

$384,000

$384,000

$384,000

$384,000

$384,000

$384,000

$885,600

$885,600

Note_5_Fair_Values_of_Financia5

Note 5 - Fair Values of Financial Instruments (Details) - Estimated Fair Values of Financial Instruments (USD $)	Jun. 30, 2014	Dec. 31, 2013	Jun. 30, 2013	Dec. 31, 2012
Mortgage loans on real estate:	'	'	'	'
Mortgage loans on real estate	$19,104,706	$18,601,722	'	'
Policy loans	6,681,655	6,674,887	'	'
Policy loans, fair value	6,681,655	6,674,887	'	'
State-guaranteed receivables	7,938,601	8,085,107	'	'
State-guaranteed receivables, fair value	9,562,467	9,392,660	'	'
Other invested assets	3,327,871	3,181,182	'	'
Other invested assets, fair value	3,327,871	3,181,182	'	'
Cash and cash equivalents	4,133,711	4,143,291	3,973,338	6,009,905
Cash and cash equivalents, fair value	4,133,711	4,143,291	'	'
Accrued investment income	5,289,921	5,191,253	'	'
Accrued investment income, fair value	5,289,921	5,191,253	'	'
Cash value of company-owned life insurance	11,603,169	11,808,248	'	'
Cash value of company-owned life insurance, fair value	11,603,169	11,808,248	'	'
Liabilities:	'	'	'	'
Policyholder deposits (Investment-type contracts)	53,589,733	53,476,853	'	'
Policyholder deposits (Investment-type contracts), fair value	54,436,078	53,396,538	'	'
Policy claims	2,925,685	3,672,474	'	'
Policy claims, fair value	2,925,685	3,672,474	'	'
Obligations under capital leases	712,053	943,488	'	'
Obligations under capital leases, fair value	712,053	943,488	'	'
Notes payable	2,971,485	3,031,942	'	'
Notes payable, fair value	2,971,924	3,033,122	'	'
Commercial Mortgage [Member] | Fair Value, Inputs, Level 2 [Member]	'	'	'	'
Mortgage loans on real estate:	'	'	'	'
Mortgage loans on real estate, fair value	'	16,128,845	'	'
Commercial Mortgage [Member] | Fair Value, Inputs, Level 3 [Member]	'	'	'	'
Mortgage loans on real estate:	'	'	'	'
Mortgage loans on real estate, fair value	14,101,357	'	'	'
Commercial Mortgage [Member]	'	'	'	'
Mortgage loans on real estate:	'	'	'	'
Mortgage loans on real estate	13,283,850	15,478,188	'	'
Mortgage loans on real estate, fair value	14,101,357	16,128,845	'	'
Residential Mortgage [Member] | Fair Value, Inputs, Level 2 [Member]	'	'	'	'
Mortgage loans on real estate:	'	'	'	'
Mortgage loans on real estate, fair value	'	3,273,306	'	'
Residential Mortgage [Member] | Fair Value, Inputs, Level 3 [Member]	'	'	'	'
Mortgage loans on real estate:	'	'	'	'
Mortgage loans on real estate, fair value	6,347,380	'	'	'
Residential Mortgage [Member]	'	'	'	'
Mortgage loans on real estate:	'	'	'	'
Mortgage loans on real estate	5,820,856	3,123,534	'	'
Mortgage loans on real estate, fair value	6,347,380	3,273,306	'	'
Fair Value, Inputs, Level 1 [Member]	'	'	'	'
Mortgage loans on real estate:	'	'	'	'
Cash and cash equivalents, fair value	4,133,711	4,143,291	'	'
Fair Value, Inputs, Level 2 [Member]	'	'	'	'
Mortgage loans on real estate:	'	'	'	'
State-guaranteed receivables, fair value	9,562,467	9,392,660	'	'
Fair Value, Inputs, Level 3 [Member]	'	'	'	'
Mortgage loans on real estate:	'	'	'	'
Policy loans	6,681,655	6,674,887	'	'
Policy loans, fair value	6,681,655	6,674,887	'	'
Other invested assets	3,327,871	3,181,182	'	'
Other invested assets, fair value	3,327,871	3,181,182	'	'
Accrued investment income	5,289,921	5,191,253	'	'
Accrued investment income, fair value	5,289,921	5,191,253	'	'
Cash value of company-owned life insurance	11,603,169	11,808,248	'	'
Cash value of company-owned life insurance, fair value	11,603,169	11,808,248	'	'
Liabilities:	'	'	'	'
Policyholder deposits (Investment-type contracts), fair value	54,436,078	53,396,538	'	'
Policy claims	2,925,685	3,672,474	'	'
Policy claims, fair value	2,925,685	3,672,474	'	'
Obligations under capital leases	712,053	943,488	'	'
Obligations under capital leases, fair value	712,053	943,488	'	'
Notes payable, fair value	$2,971,924	$3,033,122	'	'

Note_6_Earnings_per_Share_Deta

Note 6 - Earnings per Share (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Earnings Per Share [Abstract]	'	'	'	'
Weighted Average Number of Shares Outstanding, Basic	1,127,225	1,140,116	1,127,900	1,140,996

Note_7_Segment_Data_Details

Note 7 - Segment Data (Details) (USD $)	0 Months Ended	3 Months Ended	6 Months Ended
	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2014
Segment Reporting [Abstract]	'	'	'
Number of Operating Segments	'	'	4
Proceeds from Life Insurance Policies	'	$141,907	$141,907
Increase In Policy Claims Liability Due To Past Events	$2,029,462	'	'

Note_7_Segment_Data_Details_Se

Note 7 - Segment Data (Details) - Segments by Operating Information (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Segment Reporting Information [Line Items]	'	'	'	'
Revenue	$17,564,962	$21,045,337	$34,854,846	$40,663,329
Pre-tax income (loss) from operations	292,940	-1,515,030	225,235	-1,093,177
Preneed and Burial Products [Member]	'	'	'	'
Segment Reporting Information [Line Items]	'	'	'	'
Revenue	12,378,694	12,906,857	23,591,408	25,261,222
Pre-tax income (loss) from operations	-50,136	72,185	-358,714	7,210
Traditional and Universal Life Products [Member]	'	'	'	'
Segment Reporting Information [Line Items]	'	'	'	'
Revenue	4,499,730	7,531,626	10,097,262	14,129,925
Pre-tax income (loss) from operations	88,686	-1,694,923	281,177	-1,399,579
Administrative and Financial Services [Member]	'	'	'	'
Segment Reporting Information [Line Items]	'	'	'	'
Revenue	348,573	315,948	626,009	643,512
Pre-tax income (loss) from operations	67,678	55,259	113,909	128,818
Corporate and Other [Member]	'	'	'	'
Segment Reporting Information [Line Items]	'	'	'	'
Revenue	337,965	290,906	540,167	628,670
Pre-tax income (loss) from operations	$186,712	$52,449	$188,863	$170,374

Note_9_Other_Comprehensive_Inc2

Note 9 - Other Comprehensive Income (Loss) (Details) - Other Comprehensive Income (USD $)	3 Months Ended				6 Months Ended
	Jun. 30, 2014		Jun. 30, 2013		Jun. 30, 2014		Jun. 30, 2013
Change in net unrealized gains on available-for-sale securities:	'		'		'		'
Unrealized holding gains (losses) arising during period, pretax	$7,477,538		($18,973,830)		$14,645,733		($21,794,920)
Unrealized holding gains (losses) arising during period, tax	2,532,191		-6,455,742		4,969,909		-7,414,784
Unrealized holding gains (losses) arising during period, net of tax	4,945,347		-12,518,088		9,675,824		-14,380,136
Reclassification adjustment for losses (gains) included in income, pretax	-72,665	[1]	10,710	[1]	-68,859	[1]	-77,257	[1]
Reclassification adjustment for losses (gains) included in income, tax	-14,533	[2]	-2,394	[2]	-13,772	[2]	-32,218	[2]
Reclassification adjustment for losses (gains) included in income, net of tax	-58,132		13,104		-55,087		-45,039
Adjustment for effect of deferred acquisition costs, pretax	-187,378		557,230		-378,522		670,593
Adjustment for effect of deferred acquisition costs, tax	-63,709		189,457		-128,697		228,000
Adjustment for effect of deferred acquisition costs, net of tax	-123,669		367,773		-249,825		442,593
Net unrealized gains (losses) on investments, pretax	7,217,495		-18,405,890		14,198,352		-21,201,584
Net unrealized gains (losses) on investments, tax	2,453,949		-6,268,679		4,827,440		-7,219,002
Net unrealized gains (losses) on investments, net of tax	4,763,546		-12,137,211		9,370,912		-13,982,582
Change in defined benefit pension plan:	'		'		'		'
Amortization of actuarial net loss in net periodic pension cost, pretax	97,603	[3]	193,162	[3]	195,206	[3]	386,324	[3]
Amortization of actuarial net loss in net periodic pension cost, tax	33,185	[2]	65,675	[2]	66,370	[2]	131,350	[2]
Amortization of actuarial net loss in net periodic pension cost, net of tax	64,418		127,487		128,836		254,974
Total other comprehensive income (loss), pretax	7,315,098		-18,212,728		14,393,558		-20,815,260
Total other comprehensive income (loss), tax	2,487,134		-6,203,004		4,893,810		-7,087,652
Total other comprehensive income (loss), net of tax	$4,827,964		($12,009,724)		$9,499,748		($13,727,608)
[1]	These items appear within net realized gains (losses) on investments in the consolidated income statements.
[2]	These items appear within federal income taxes in the consolidated income statements.
[3]	These items are included in the computation of net periodic pension cost (see Note 10).

Note_9_Other_Comprehensive_Inc3

Note 9 - Other Comprehensive Income (Loss) (Details) - Accumulated Other Comprehensive Income (USD $)	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
Accumulated Other Comprehensive Income (Loss) [Line Items]	'	'
Beginning balance	$6,751,991	$22,539,724
Other comprehensive income before reclassifications	9,425,999	-13,937,543
Amounts reclassified from accumulated other comprehensive income	73,749	209,935
Net current period other comprehensive income	9,499,748	-13,727,608
Ending balance	16,251,739	8,812,116
Accumulated Net Unrealized Investment Gain (Loss) [Member]	'	'
Accumulated Other Comprehensive Income (Loss) [Line Items]	'	'
Beginning balance	9,916,148	28,088,103
Other comprehensive income before reclassifications	9,425,999	-13,937,543
Amounts reclassified from accumulated other comprehensive income	-55,087	-45,039
Net current period other comprehensive income	9,370,912	-13,982,582
Ending balance	19,287,060	14,105,521
Accumulated Defined Benefit Plans Adjustment [Member]	'	'
Accumulated Other Comprehensive Income (Loss) [Line Items]	'	'
Beginning balance	-3,164,157	-5,548,379
Amounts reclassified from accumulated other comprehensive income	128,836	254,974
Net current period other comprehensive income	128,836	254,974
Ending balance	($3,035,321)	($5,293,405)

Note_9_Other_Comprehensive_Inc4

Note 9 - Other Comprehensive Income (Loss) (Details) - Amounts Reclassified from AOCI to Income (USD $)	3 Months Ended				6 Months Ended
	Jun. 30, 2014		Jun. 30, 2013		Jun. 30, 2014		Jun. 30, 2013
Amounts Reclassified from AOCI to Income [Abstract]	'		'		'		'
Realized gains (losses) on sale of securities (a)	$72,665	[1]	($10,710)	[1]	$68,859	[1]	$77,257	[1]
Income tax benefit (expense) (c)	-14,533	[2]	-2,394	[2]	-13,772	[2]	-32,218	[2]
Net of tax	58,132		-13,104		55,087		45,039
Amortization of actuarial net loss (b)	-97,603	[3]	-193,162	[3]	-195,206	[3]	-386,324	[3]
Income tax benefit (c)	33,185	[2]	65,675	[2]	66,370	[2]	131,350	[2]
Net of tax	-64,418		-127,487		-128,836		-254,974
Total reclassifications for the period	($6,286)		($140,591)		($73,749)		($209,935)
[1]	These items appear within net realized gains (losses) on investments in the consolidated income statements.
[2]	These items appear within federal income taxes in the consolidated income statements.
[3]	These items are included in the computation of net periodic pension cost (see Note 10).

Note_10_Employee_Benefit_Plans2

Note 10 - Employee Benefit Plans (Details) (USD $)	6 Months Ended	12 Months Ended
	Jun. 30, 2014	Dec. 31, 2013
Compensation and Retirement Disclosure [Abstract]	'	'
Defined Benefit Plans, Estimated Future Employer Contributions in Next Fiscal Year	'	$900,000
Defined Benefit Plan, Contributions by Employer	$450,000	'

Note_10_Employee_Benefit_Plans3

Note 10 - Employee Benefit Plans (Details) - Net Periodic Benefit Cost (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Net Periodic Benefit Cost [Abstract]	'	'	'	'
Interest cost	$261,264	$167,180	$522,528	$334,360
Expected return on plan assets	-299,419	-298,146	-598,837	-596,292
Recognized actuarial net loss	97,603	193,162	195,206	386,324
Net periodic pension cost	$59,448	$62,196	$118,897	$124,392