Investors Heritage Capital (IHRC) 10-K 23 Mar 16 2015 FY Annual report Financial data

Document And Entity Information

Document And Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2015	Mar. 23, 2016	Jun. 30, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	Investors Heritage Capital Corp
Trading Symbol	ihrc
Document Type	10-K
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding		1,117,647
Entity Public Float			$ 23,356,879
Amendment Flag	false
Entity Central Index Key	55,362
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	Dec. 31, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	FY

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Securities available-for-sale, at fair value:
Fixed maturities (amortized cost: 2015 - $399,525,617; 2014 - $403,596,261)	$ 409,146,807	$ 430,117,478
Equity securities (cost: 2015 - $7,452,666; 2014 - $6,331,436)	7,616,789	7,405,819
Mortgage loans on real estate	33,174,131	29,459,436
Policy loans	6,702,911	6,665,493
State-guaranteed receivables	7,692,959	7,917,379
Investments in convertible options	957,405
Other invested assets	2,379,451	3,270,848
Total investments	467,670,453	484,836,453
Cash and cash equivalents	3,619,663	1,870,867
Accrued investment income	5,149,612	5,190,740
Due premiums	2,946,218	3,217,136
Deferred acquisition costs	17,237,522	17,847,907
Value of business acquired	225,276	301,037
Leased property under capital leases	381,432	555,251
Property and equipment	909,151	1,000,120
Cash value of company-owned life insurance	13,191,773	12,441,833
Other assets	2,374,292	2,041,050
Amounts recoverable from reinsurers	56,332,692	55,910,993
Total assets	570,038,084	585,213,387
Policy liabilities:
Benefit reserves	493,369,378	490,126,730
Unearned premium reserves	8,119,385	7,812,972
Policy claims	2,584,088	2,821,106
Liability for deposit-type contracts	3,400,836	3,432,793
Reserves for dividends and endowments and other	388,193	391,439
Total policy liabilities	507,861,880	504,585,040
Deferred federal income tax liability	1,105,776	7,785,450
Obligations under capital leases	377,259	553,028
Notes payable	1,433,448	2,508,576
Accrued pension liability	6,075,376	5,141,442
Other liabilities	3,933,343	4,103,365
Total liabilities	520,787,082	524,676,901
STOCKHOLDERS' EQUITY
Common stock (shares issued: 2015 - 1,117,647; 2014 - 1,123,980)	1,117,647	1,123,980
Paid-in surplus	8,913,360	8,908,243
Accumulated other comprehensive income	757,161	12,704,319
Retained earnings	38,462,834	37,799,944
Total stockholders' equity	49,251,002	60,536,486
Total liabilities and stockholders' equity	$ 570,038,084	$ 585,213,387

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Fixed maturities, amortized cost	$ 399,525,617	$ 403,596,261
Equity securities, cost	$ 7,452,666	$ 6,331,436
Common stock, shares issued (in Shares)	1,117,647	1,123,980

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
REVENUE
Premiums and other considerations	$ 56,864,702	$ 61,116,195
Premiums ceded	(12,511,080)	(13,687,074)
Net premiums	44,353,622	47,429,121
Investment income, net of expenses	21,237,313	21,162,735
Net realized gains on investments	818,705	710,632
Other income	1,767,071	1,595,300
Total revenue	68,176,711	70,897,788
BENEFITS AND EXPENSES
Death and other benefits	44,305,739	40,568,665
Guaranteed annual endowments	404,466	413,135
Dividends to policyholders	332,063	339,945
Increase in benefit reserves and unearned premiums	6,739,357	11,522,583
Acquisition costs deferred	(6,030,513)	(6,678,626)
Amortization of deferred acquisition costs	7,103,147	7,359,964
Commissions	3,537,009	4,564,713
Other general and administrative expenses	10,881,337	11,111,572
Total benefits and expenses	67,272,605	69,201,951
INCOME BEFORE FEDERAL INCOME TAXES	904,106	1,695,837
PROVISION (BENEFIT) FOR FEDERAL INCOME TAXES
Current	392,468	315,444
Deferred	(525,078)	114,209
Total federal income taxes	(132,610)	429,653
NET INCOME	$ 1,036,716	$ 1,266,184
BASIC AND DILUTED NET EARNINGS PER SHARE (in Dollars per share)	$ 0.93	$ 1.12

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($)		12 Months Ended
		Dec. 31, 2015	Dec. 31, 2014
NET INCOME		$ 1,036,716	$ 1,266,184
Change in net unrealized gains (losses) on available-for-sale securities:
Unrealized holding gains (losses) arising during period		(17,074,720)	12,863,346
Reclassification adjustment for gains included in income	[1]	(735,567)	(710,632)
Adjustment for effects of deferred acquisition costs		462,249	(293,231)
Net unrealized gains (losses) on investments		(17,348,038)	11,859,483
Change in defined benefit pension plan:
Actuarial net loss on pension plan		(1,515,949)	(3,231,218)
Amortization of actuarial net loss in net periodic pension cost	[2]	762,233	390,413
Net change in defined benefit pension plan		(753,716)	(2,840,805)
Other comprehensive income (loss) before income taxes		(18,101,754)	9,018,678
Income tax expense (benefit)		(6,154,596)	3,066,350
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAXES		(11,947,158)	5,952,328
COMPREHENSIVE INCOME (LOSS)		$ (10,910,442)	$ 7,218,512
[1]	These items appear within net realized gains on investments in the consolidated income statements.
[2]	These items are included in the computation of net periodic benefit cost (see Note 6).

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	AOCI Attributable to Parent [Member]	Retained Earnings [Member]	Total
Balance at Dec. 31, 2013	$ 1,128,583	$ 8,908,243	$ 6,751,991	$ 36,858,451	$ 53,647,268
Net income				1,266,184	1,266,184
Other comprehensive income (loss), net			5,952,328		5,952,328
Cash dividends				(225,717)	(225,717)
Repurchases of common stock, net	(4,603)			(98,974)	(103,577)
Balance at Dec. 31, 2014	1,123,980	8,908,243	12,704,319	37,799,944	60,536,486
Net income				1,036,716	1,036,716
Other comprehensive income (loss), net			(11,947,158)		(11,947,158)
Cash dividends				(236,035)	(236,035)
Repurchases of common stock, net	(6,333)	5,117		(137,791)	(139,007)
Balance at Dec. 31, 2015	$ 1,117,647	$ 8,913,360	$ 757,161	$ 38,462,834	$ 49,251,002

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
OPERATING ACTIVITIES
Net income	$ 1,036,716	$ 1,266,184
Adjustments to reconcile net income to net cash provided by operating activities:
Net realized gains on investments	(818,705)	(710,632)
Expense (benefit) for deferred federal income taxes	(525,078)	114,209
Amortization of deferred acquisition costs	7,103,147	7,359,964
Acquisition costs deferred	(6,030,513)	(6,678,626)
Net adjustment for premium and discount on investments	(185,671)	(278,027)
Depreciation and other amortization	599,638	735,741
Change in value of convertible options	(102,342)
Changes in operating assets and liabilities:
Accrued investment income	41,128	513
Due premiums	270,918	150,872
Cash value of company-owned life insurance	(749,940)	(633,585)
Amounts recoverable from reinsurers	(421,699)	(241,905)
Benefit reserves	7,126,305	12,701,323
Policy claims	(237,018)	(851,368)
Liability for deposit-type contracts	(31,957)	148,833
Reserves for dividends and endowments and other	(3,246)	(17,116)
Other assets and other liabilities	(498,817)	199,497
NET CASH PROVIDED BY OPERATING ACTIVITIES	6,572,866	13,265,877
INVESTING ACTIVITIES
Purchases of available-for-sale securities	(33,893,271)	(47,681,113)
Sales of available-for-sale securities	8,115,128	18,366,907
Maturities of available-for-sale securities	29,085,575	28,079,553
Acquisitions of mortgage loans on real estate	(12,240,031)	(14,310,374)
Payments of mortgage loans on real estate	8,619,349	3,475,019
Payments of state-guaranteed receivables	769,540	725,540
Purchases of convertible options	(1,016,251)
Sales and exchanges of convertible options	168,415
Net reductions (additions) in other investments	853,979	(80,272)
Net additions to property and equipment	(259,089)	(157,822)
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES	203,344	(11,582,562)
FINANCING ACTIVITIES
Policyholder account deposits	4,486,920	4,932,397
Policyholder account withdrawals	(8,064,164)	(8,035,476)
Payments on notes payable	(3,877,673)	(3,614,374)
Proceeds from notes payable	2,802,545	3,091,008
Dividends paid	(236,035)	(225,717)
Repurchases of common stock, net	(139,007)	(103,577)
NET CASH USED IN FINANCING ACTIVITIES	(5,027,414)	(3,955,739)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	1,748,796	(2,272,424)
Cash and cash equivalents at beginning of year	1,870,867	4,143,291
CASH AND CASH EQUIVALENTS AT END OF YEAR	3,619,663	1,870,867
SUPPLEMENTAL INFORMATION
Cash paid during year for federal income taxes	$ 213,671	$ 181,385

Note 1 - Nature of Operations a

Note 1 - Nature of Operations and Accounting Policies	12 Months Ended
	Dec. 31, 2015
Disclosure Text Block [Abstract]
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	NOTE 1 - Nature of Operations and Accounting Policies 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. The Company's 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. Basis of Presentation: Principles of Consolidation: Use of Estimates: Investments: Premiums and discounts on fixed maturity investments are amortized into income using the interest method. Anticipated prepayments on mortgage-backed securities are considered in the determination of the effective yield on such securities. If a difference arises between anticipated prepayments and actual prepayments, the carrying amounts of the investments are adjusted with a corresponding charge or credit to interest income. 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, as discussed in further detail in Note 2 to the consolidated financial statements. If an other-than-temporary impairment occurs with respect to a bond, the reduced book value is amortized back to the security’s expected recovery value over the remaining term of the bond. The Company continues to review the security for further impairment that would prompt another write-down in the value. Mortgage loans are carried at their aggregate principal balance, adjusted for any unamortized premium or discount . Policy loans are carried at their aggregate principal balance. State-guaranteed receivables 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. Investments in convertible options represent the bifurcated equity derivative portion of convertible security investments. These investments are recorded at their market value with changes in the market value recorded as a component of net investment income on the income statement. Other invested assets include real estate investments and notes receivable. Real estate investments are carried at cost less accumulated depreciation. Notes receivable are carried at their aggregate principal balance. Short-term investments represent securities with maturity dates within one year but exceeding three months. These securities are carried at amortized cost, which approximates fair value. Cash equivalents include money market funds on deposit at various financial institutions with contractual maturity dates within three months at the time of purchase. Deferred Acquisition Costs: Deferred acquisition costs related to annuities and universal life insurance products are deferred to the extent deemed recoverable and amortized in relation to the present value of actual and expected gross profits on the policies. To the extent that realized gains and losses on fixed income securities result in adjustments to deferred acquisition costs related to annuities, such adjustments are reflected as a component of the amortization of deferred acquisition costs. Deferred acquisition costs related to annuities and universal life insurance products are also adjusted, net of tax, for the change in amortization that would have been recorded if the unrealized gains (losses) from securities had actually been realized. This adjustment is included in the change in net unrealized appreciation (depreciation) on available-for-sale securities, a component of "Accumulated Other Comprehensive Income" in the stockholders' equity section of the balance sheet. Value of Business Acquired: Property and Equipment: Capital Leases: , respectively. The present value of net minimum lease payments at December 31, 2015 was $377,259, which is equal to the total future minimum lease payments of $404,444 less imputed interest of $27,185. Accumulated amortization on the leased property was $745,601 and $992,449 at December 31, 2015 and 2014, respectively. Cash Value of Company-Owned Life Insurance: Benefit Reserves and Policyholder Deposits: Benefit reserves and policyholder deposits on universal life and investment-type products are determined by using the retrospective deposit method and represent the policy account value before consideration of surrender charges. In addition, unearned revenues are included as a part of the benefit reserve. The mortality assumptions for regular ordinary business are based on the 1955-60 Basic Table, Select and Ultimate, for plans issued prior to 1982; the 1965-70 Basic Table, Select and Ultimate, for plans issued in 1982 through 1984; the 1975-80 Basic Table, Select and Ultimate, for plans issued after 1984; the 2001 Valuation Basic Table, Select and Ultimate, for plans issued after 2008; and on the Company's experience for final expense and preneed plans. Reinsurance: Unearned Premium Reserves: Policy Claims: At December 31, 2015 and 2014, the Company’s policy claims liability includes an estimate of $721,592 and $940,600, respectively, for outstanding claims 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. Liability for Deposit-Type Contracts: Participating Policies : The liability for future policy benefits of the Texas Memorial Life and Memorial Service Life blocks of participating business was determined based on the 2001 CSO and 1980 CSO Mortality tables, respectively. While these policies are participating, no future dividends are anticipated on this block of policies. The average assumed investment yields used in determining expected gross profits ranged from 3.56% to 9.17% (for the current and all future years, an assumed investment yield of 4.50% was utilized). Federal Income Taxes: Revenues and Expenses: Revenues for universal life and investment-type products consist of investment income and policy charges for the cost of insurance and policy initiation and administrative fees. Expenses include interest credited to policy account balances, actual administrative expenses and benefit payments in excess of policy account balances. Other income consists principally of third party administrative service fees along with servicing and administration fees relative to credit insurance administered for our reinsurers. Common Stock and Earnings per Share: 0 in 2015 and 2014, respectively. Subsequent Events: New Accounting Standards: In July 2015, the FASB issued guidance regarding employee benefit accounting. The guidance is divided into three parts. First, the guidance requires a pension plan to use contract value as the only required measure for fully benefit-responsive investment contracts. Second, the guidance simplifies and increases the effectiveness of the investment disclosure requirements for employee benefit plans. Third, the guidance provides benefit plans with a measurement date practical expedient. This guidance is effective for fiscal years beginning after December 15, 2015. The Company is currently evaluating this guidance, but it is not expected to have a material impact on its consolidated financial statements. In January 2016, the FASB issued guidance regarding the recognition and measurement of financial assets and liabilities. This guidance intends to enhance reporting for financial instruments and addresses certain aspects of recognition and measurement of investments in equity securities and the presentation in the balance sheet of financial assets and liabilities measured at fair value. It also amends certain disclosure requirements associated with the fair value of financial instruments. This guidance is effective for fiscal years beginning after December 15, 2017. The recognition and measurement provisions of this guidance will be applied by means of a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption and early adoption is not permitted. The Company is in the process of evaluating this guidance, but its primary impact on the Company is expected to be the recognition of all unrealized gains and losses on available-for-sale equity securities in net income. Currently, all unrealized gains and losses on available-for-sale equity securities are recognized in other comprehensive income (loss). In February 2016, the FASB issued updated guidance regarding leases that provides new requirements for leases to be recognized in the financial statements. In general, the guidance requires the lessee to recognize liabilities on the balance sheet for the obligation to make lease payments and an asset for the right to use the underlying assets for the lease term. There is a differentiation between finance leases and operating leases for the lessee in the statements of operations and cash flows. Finance leases recognize interest on the lease liability separately from the right to use the asset whereas an operating lease recognizes a single lease cost allocated over the lease term on a generally straight-line basis. All cash payments are within operating activities in the statement of cash flows except finance leases classify repayments of the principal portion of the lease liability within financing activities. The updated guidance is to be applied using a modified retrospective approach effective for annual and interim periods beginning after December 15, 2018. Early adoption is permitted. The adoption of this guidance is not expected to have a material effect on the Company’s consolidated financial statements. 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 2 - Investments

Note 2 - Investments	12 Months Ended
	Dec. 31, 2015
Investments, Debt and Equity Securities [Abstract]
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]	NOTE 2 - Investments The Company limits credit risk by investing primarily in investment grade securities and by diversifying its investment portfolio among government and corporate bonds and mortgage loans. The Company manages its fixed income portfolio to diversify between and within industry sectors. Investments in available-for-sale securities at December 31 are summarized as follows: 2015 Amortized Gross Unrealized Gross Unrealized Fair Cost Gains Losses Value Available-for-sale securities: Fixed maturities: U.S. government obligations $ 23,373,714 $ 642,038 $ - $ 24,015,752 States and political subdivisions 36,830,198 4,511,826 136,585 41,205,439 Corporate 229,425,035 10,338,999 4,587,896 235,176,138 Foreign 65,010,084 1,731,076 4,682,638 62,058,522 Asset-backed securities 143,552 457 - 144,009 Mortgage-backed securities (MBS): Commercial MBS 6,830,520 148,314 15,592 6,963,242 Residential MBS 37,200,599 1,776,233 62,255 38,914,577 Corporate redeemable preferred stock 711,915 - 42,787 669,128 Total fixed maturity securities 399,525,617 19,148,943 9,527,753 409,146,807 Equity securities: U.S. agencies 707,900 - - 707,900 Mutual funds 318,284 - 14,253 304,031 Corporate common stock 6,426,482 702,497 524,121 6,604,858 Total equity securities 7,452,666 702,497 538,374 7,616,789 Total $ 406,978,283 $ 19,851,440 $ 10,066,127 $ 416,763,596 2014 Amortized Gross Unrealized Gross Unrealized Fair Cost Gains Losses Value Available-for-sale securities: Fixed maturities: U.S. government obligations $ 28,063,178 $ 820,997 $ 16,164 $ 28,868,011 States and political subdivisions 38,021,271 5,985,975 - 44,007,246 Corporate 224,299,411 15,669,733 930,632 239,038,512 Foreign 63,792,040 2,934,542 751,369 65,975,213 Asset-backed securities 1,432,996 33,501 - 1,466,497 Mortgage-backed securities (MBS): Commercial MBS 7,869,355 266,831 - 8,136,186 Residential MBS 40,118,010 2,507,809 6 42,625,813 Total fixed maturity securities 403,596,261 28,219,388 1,698,171 430,117,478 Equity securities: U.S. agencies 707,900 - - 707,900 Mutual funds 318,284 40,038 - 358,322 Corporate common stock 5,305,252 1,157,718 123,373 6,339,597 Total equity securities 6,331,436 1,197,756 123,373 7,405,819 Total $ 409,927,697 $ 29,417,144 $ 1,821,544 $ 437,523,297 The following table summarizes, for all securities in an unrealized loss position at December 31, 2015 and 2014, the estimated fair value, pre-tax gross unrealized loss and number of securities by length of time that those securities have been continuously in an unrealized loss position. December 31, 2015 December 31, 2014 Gross Number Gross Number Estimated Unrealized of Estimated Unrealized of Fair Value Loss Securities Fair Value Loss Securities Fixed maturities: Less than 12 months: States and political subdivisions $ 1,613,415 $ 136,585 2 $ - $ - - Corporate 55,039,213 3,873,158 52 12,473,068 508,818 7 Foreign 24,154,510 1,418,143 20 10,374,173 310,267 7 Commercial MBS 1,447,694 15,592 2 - - - Residential MBS 3,320,890 62,255 2 16,862 6 1 Corporate redeemable preferred stock 669,128 42,787 2 - - - Greater than 12 months: U.S. government obligations - - - 7,736,774 16,164 1 Corporate 5,533,581 714,738 4 3,828,887 421,814 3 Foreign 6,007,156 3,264,495 4 4,724,455 441,102 2 Total fixed maturities 97,785,587 9,527,753 88 39,154,219 1,698,171 21 Equity securities: Less than 12 months: Mutual funds 304,031 14,253 1 - - - Corporate common stock 2,449,672 473,551 15 527,614 103,438 4 Greater than 12 months: Corporate common stock 183,960 50,570 3 525,865 19,935 4 Total equities 2,937,663 538,374 19 1,053,479 123,373 8 Total $ 100,723,250 $ 10,066,127 107 $ 40,207,698 $ 1,821,544 29 At December 31, 2015, 97.4% of the fixed maturity portfolio had a fair value to amortized cost ratio of greater than 80%, and 93.4% of the equity securities portfolio had a fair value to cost ratio of greater than 80%. At December 31, 2015, 54.5% and 22.6% of the gross unrealized losses shown above were comprised of fixed maturity securities in the basic industrial sector and energy sector, respectively. The majority of these unrealized losses were attributable to credit spread widening across the energy sector and metals/mining subsectors associated with sharp declines in commodity prices. Energy-related companies have been negatively impacted by the rapid decline in oil prices, which has pressured revenues and margins. The metal/mining sub-sector companies are experiencing lower demand for coal, copper, iron ore and other minerals due to the economic slowdown in China in addition to sluggish demand in the United States and Europe and tightening environmental regulation. At December 31, 2015, the unrealized losses associated with our equity securities were primarily attributable to unrealized losses on real estate sector stocks. The increase in unrealized losses is primarily due to equity market conditions at year end. 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 years ended December 31, 2015 or 2014. Management believes that the Company will fully recover its cost basis in the securities held at December 31, 2015, 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 and economic 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 had been realized. December 31 2015 2014 Net unrealized appreciation on available-for sale securities $ 9,785,313 $ 27,595,600 Adjustment to deferred acquisition costs (249,401 ) (711,650 ) Deferred income taxes (3,242,210 ) (9,140,543 ) Net unrealized appreciation on available-for sale securities $ 6,293,702 $ 17,743,407 The amortized cost and fair value of debt securities at December 31, 2015 , 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 $ 9,836,202 $ 9,981,356 Due after one year through five years 90,063,962 96,190,461 Due after five years through ten years 183,395,618 180,028,828 Due after ten years 50,322,624 54,780,672 Due at multiple maturity dates 65,907,211 68,165,490 Total $ 399,525,617 $ 409,146,807 Proceeds for the years ended December 31, 2015 and 2014 from sales and maturities of investments in available-for-sale securities, as well as gross gains and gross losses realized, are presented below. 2015 2014 Proceeds from sales and maturities $ 37,200,703 $ 46,446,460 Gross realized gains 939,423 974,260 Gross realized losses (203,856 ) (263,628 ) Presented below is investment information, including the accumulated and annual change in net unrealized investment gains or losses. Additionally, the table shows the annual change in net unrealized investment gains (losses) and the amount of realized investment gains (losses) by investment type for the years ended December 31, 2015 and 2014 . 2015 2014 Change in net unrealized investment gains (losses): Securities available-for-sale: Fixed maturities $ (16,900,027 ) $ 11,008,303 Equity securities (910,260 ) 1,144,411 Net realized investment gains (losses): Securities available-for-sale: Fixed maturities $ 91,141 $ 682,604 Equity securities 644,426 28,028 Mortgage loans on real estate 75,915 - Investments in convertible options 7,223 - The Company is required to hold assets on deposit for the benefit of policyholders in accordance with statutory rules and regulations. At December 31, 2015 and 2014, these required deposits had a total fair value of $22,899,132 and $23,951,372, respectively. The Company also engages in commercial and residential mortgage lending. As of December 31, 2015, investments in commercial and residential properties comprised 32.1% and 67.9%, respectively, of the Company’s mortgage portfolio. At December 31, 2014, investments in commercial and residential properties comprised 41.9% and 58.1%, respectively, of the Company’s mortgage portfolio. All commercial mortgage loans as well as residential apartment building 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. The Company purchases single family residential mortgage loans through the secondary market. Each mortgage loan opportunity is reviewed individually, considering both the value of the underlying property and the credit worthiness of the borrower. We utilize third party servicers to administer these loans. As of December 31, 2015 and 2014, there were no non-performing mortgage 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 2015 or 2014. The Company’s investments in mortgage loans, by state, are as follows: December 31 2015 2014 Illinois $ 6,046,408 $ 3,392,446 Texas 5,694,612 2,290,700 Florida 3,906,034 6,047,236 California 3,366,434 4,806,451 Kentucky 3,241,793 3,492,854 Georgia 2,671,788 3,123,530 Ohio 1,692,354 1,805,093 Missouri 1,342,845 267,996 Tennessee 895,607 1,054,671 Arizona 774,060 927,600 Indiana 759,139 95,434 West Virginia 412,250 440,725 Nevada 373,359 - Pennsylvania 370,323 - North Carolina 353,275 359,308 New Jersey 247,723 252,612 South Carolina 225,881 248,815 Colorado 222,364 225,772 Massachusetts 205,469 239,399 Idaho 159,073 174,433 Kansas 135,401 136,442 Utah 77,939 77,919 Total $ 33,174,131 $ 29,459,436 At December 31, 2015, the Company held various real estate investments for the production of income totaling $1,126,649, which is reported net of accumulated depreciation of $586,762. At December 31, 2014, the Company’s real estate investments totaled $1,123,089, net of accumulated depreciation of $561,459. 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. At December 31, 2015, the amortized cost and estimated fair value of state-guaranteed receivables, by contractual maturity, are summarized as follows: State-Guaranteed Receivables Amortized Fair Cost Value Due in one year or less $ 763,177 $ 772,746 Due after one year through five years 2,663,392 2,898,690 Due after five years through ten years 3,014,588 3,688,548 Due after ten years 1,251,802 1,734,950 Total $ 7,692,959 $ 9,094,934 The outstanding balance of state-guaranteed receivables, by state, as of December 31, 2015 and 2014 is summarized as follows: December 31 2015 2014 New York $ 3,496,115 $ 3,694,805 Massachusetts 1,991,601 1,969,570 Georgia 1,432,022 1,467,774 Pennsylvania 294,968 299,851 Texas 243,939 227,649 California 180,143 188,131 Ohio 54,171 69,599 Total $ 7,692,959 $ 7,917,379 During the third quarter of 2015, the Company began purchasing investments in convertible fixed maturity securities. Convertible securities feature an option allowing for a portion of the security to be converted into an equity position of the underlying issuer in exchange for a lower coupon rate. In accordance with FASB accounting guidance, this convertible feature must be bifurcated and reported separately on the balance sheet at fair value, with adjustments in fair value recognized in the income statement. Accordingly, the convertible options within our portfolio are reported as investments in convertible options on the balance sheet, and the mark-to-market adjustment associated with the changes in fair value of the convertible options are reported as gains (losses) on investments in convertible options as a component of net investment income. As of December 31, 2015, the total fair value of our investments in convertible options was $957 ,405. For the year ended December 31, 2015, we recognized a gain on our investments in convertible options of $102 ,342 relative to the mark-to-market adjustment. Additionally, we recognized net realized investment gains of $7 ,223 upon the exchange of convertible securities . Major categories of net investment income are summarized as follows: 2015 2014 Fixed maturities $ 18,296,411 $ 18,957,838 Equity securities 295,368 270,306 Mortgage loans on real estate 2,316,721 1,497,721 Policy loans 494,299 478,712 State-guaranteed receivables 545,120 557,812 Gain on investments in convertible options 102,342 - Other 219,037 232,606 Gross investment income 22,269,298 21,994,995 Investment expenses 1,031,985 832,260 Net investment income $ 21,237,313 $ 21,162,735

Note 3 - Fair Values of Financi

Note 3 - Fair Values of Financial Instruments	12 Months Ended
	Dec. 31, 2015
Fair Value Disclosures [Abstract]
Fair Value Disclosures [Text Block]	NOTE 3 - 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 Level 2 Level 3 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 as well as our investments in convertible options. These options are bifurcated from the underlying fixed maturity investments and are also valued using observable market data. 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 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 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 December 31, 2015 and 2014. December 31, 2015 Level 1 Level 2 Level 3 Total U.S. government obligations $ - $ 24,015,752 $ - $ 24,015,752 States and political subdivisions - 41,205,439 - 41,205,439 Corporate - 235,176,138 - 235,176,138 Foreign - 62,058,522 - 62,058,522 Asset-backed securities - 144,009 - 144,009 Mortgage-backed securities: Commercial MBS - 6,963,242 - 6,963,242 Residential MBS - 38,914,577 - 38,914,577 Corporate redeemable preferred stock - 669,128 - 669,128 Total fixed maturities $ - $ 409,146,807 $ - $ 409,146,807 U.S. agencies $ 707,900 $ - $ - $ 707,900 Mutual funds 304,031 - - 304,031 Corporate common stock 6,252,858 - 352,000 6,604,858 Total equity securities $ 7,264,789 $ - $ 352,000 $ 7,616,789 Investments in convertible options $ - $ 957,405 $ - $ 957,405 December 31, 2014 Level 1 Level 2 Level 3 Total U.S. government obligations $ - $ 28,868,011 $ - $ 28,868,011 States and political subdivisions - 44,007,246 - 44,007,246 Corporate - 239,038,512 - 239,038,512 Foreign - 65,975,213 - 65,975,213 Asset-backed securities - 1,466,497 - 1,466,497 Mortgage-backed securities: Commercial MBS - 8,136,186 - 8,136,186 Residential MBS - 42,625,813 - 42,625,813 Total fixed maturities $ - $ 430,117,478 $ - $ 430,117,478 U.S. agencies $ 707,900 $ - $ - $ 707,900 Mutual funds 358,322 - - 358,322 Corporate common stock 5,955,597 - 384,000 6,339,597 Total equity securities $ 7,021,819 $ - $ 384,000 $ 7,405,819 The following table provides a summary of changes in fair value of our Level 3 financial instruments for the years ended December 31, 2015 and 2014. Year Ended December 31 2015 2014 Corporate common stock: 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 (loss) (32,000 ) - Ending balance $ 352,000 $ 384,000 The Company experienced no transfers between Level 1 and Level 2 during the years ended December 31, 2015 or 2014. The Company experienced no transfers between Level 2 and Level 3 during the years ended December 31, 2015 or 2014. 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 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. 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 December 31, 2015 and 2014, 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. December 31, 2015 Carrying Fair Amount Value Level 1 Level 2 Level 3 Assets: Mortgage loans on real estate: Commercial $ 10,655,107 $ 11,080,145 $ - $ - $ 11,080,145 Residential 22,519,024 24,679,435 - - 24,679,435 Policy loans 6,702,911 6,702,911 - - 6,702,911 State-guaranteed receivables 7,692,959 9,094,934 - 9,094,934 - Other invested assets 2,379,451 2,379,451 - - 2,379,451 Cash and cash equivalents 3,619,663 3,619,663 3,619,663 - - Accrued investment income 5,149,612 5,149,612 - - 5,149,612 Cash value of company-owned life insurance 13,191,773 13,191,773 - - 13,191,773 Liabilities: Policyholder deposits (Investment-type contracts) 52,694,746 53,880,242 - - 53,880,242 Policy claims 2,584,088 2,584,088 - - 2,584,088 Obligations under capital leases 377,259 377,259 - - 377,259 Notes payable 1,433,448 1,433,448 - - 1,433,448 December 31, 2014 Carrying Fair Amount Value Level 1 Level 2 Level 3 Assets: Mortgage loans on real estate: Commercial $ 12,961,492 $ 13,693,557 $ - $ - $ 13,693,557 Residential 16,497,944 18,392,927 - - 18,392,927 Policy loans 6,665,493 6,665,493 - - 6,665,493 State-guaranteed receivables 7,917,379 9,719,006 - 9,719,006 - Other invested assets 3,270,848 3,270,848 - - 3,270,848 Cash and cash equivalents 1,870,867 1,870,867 1,870,867 - - Accrued investment income 5,190,740 5,190,740 - - 5,190,740 Cash value of company-owned life insurance 12,441,833 12,441,833 - - 12,441,833 Liabilities: Policyholder deposits (Investment-type contracts) 53,318,598 55,486,262 - - 55,486,262 Policy claims 2,821,106 2,821,106 - - 2,821,106 Obligations under capital leases 553,028 553,028 - - 553,028 Notes payable 2,508,576 2,508,576 - - 2,508,576 The following methods and assumptions were used in estimating the fair value disclosures for financial instruments in the accompanying consolidated financial statements and notes thereto: Mortgage loans on real estate: State-guaranteed receivables: Cash and cash equivalents: Cash value of company-owned life insurance: Investment-type contracts: Notes payable: Policy loans, other invested assets, accrued investment income, policy claims and obligations under capital leases:

Note 4 - Federal Income Taxes

Note 4 - Federal Income Taxes	12 Months Ended
	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Income Tax Disclosure [Text Block]	NOTE 4 - Federal Income Taxes Deferred income 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. Significant components of the Company’s deferred tax liabilities and assets as of December 31 are as follows: 2015 2014 Deferred tax liabilities: Policy acquisition costs $ 2,675,908 $ 2,954,747 Net unrealized gain on available-for-sale securities 3,242,210 9,140,543 Due premiums 957,825 1,068,415 Other 695,201 861,193 Total deferred tax liabilities 7,571,144 14,024,898 Deferred tax assets: Benefit reserves, net of reinsurance 3,137,466 3,229,901 Other policyholder funds 363,106 376,530 AMT credit carryforwards 565,828 511,673 Accrued pension liability 2,065,628 1,748,090 Other 333,340 373,254 Total deferred tax assets 6,465,368 6,239,448 Net deferred tax liabilities $ 1,105,776 $ 7,785,450 The Company periodically reviews its gross deferred tax assets for recoverability. At December 31, 2015 and 2014, the Company is able to demonstrate that the benefit of its gross deferred tax assets is fully recoverable. The reconciliation of income tax attributable to operations computed at the federal statutory tax rate to income tax expense is as follows: 2015 2014 Statutory federal income tax rate 34.0 % 34.0 % Small life insurance company deduction (19.2 ) (2.5 ) Dividends-received deduction (2.7 ) (1.4 ) Defined contribution plan dividend (2.3 ) (1.3 ) Nondeductible COLI expense (16.3 ) (7.2 ) Nontaxable COLI life insurance proceeds (7.7 ) (2.8 ) Nondeductible travel & meals expense 2.5 1.3 True-up of provision to actual 1.7 4.4 Other (4.7 ) 0.8 Effective income tax rate (14.7 ) % 25.3 % We file U.S. federal income tax returns and income tax returns in various state jurisdictions. Our 2012 through 2015 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 consolidated financial statements.

Note 5 - Notes Payable

Note 5 - Notes Payable	12 Months Ended
	Dec. 31, 2015
Debt Disclosure [Abstract]
Debt Disclosure [Text Block]	NOTE 5 - Notes Payable During the first quarter of 2015, the Company renewed the Investors Heritage Capital Corporation operating line of credit and the At Need Funding line of credit. The Investors Heritage Capital Corporation line of credit remains at $150,000 with a new maturity date of March 24, 2017. Interest is paid on this note monthly at the prime rate, with a floor of 3.25%. The At Need Funding line of credit was increased to $1,500,000 with a new maturity date of March 24, 2017. Interest is paid on this note monthly at the prime rate, which is currently 3.50%. This line of credit is used for the purpose of funding at-need funerals secured by the assignment of verified, incontestable life insurance policies. On November 25, 2014, Investors Heritage Capital entered into a line of credit agreement for $1,500,000, maturing on November 25, 2016. This line of credit is designated for the purpose of funding the purchase of agent debit balance receivables from Investors Heritage Life. These agent debit balance receivables will be purchased by Investors Heritage Capital at a discount with servicing retained by Investors Heritage Life. Borrowings under the line of credit will be collateralized by the agent debit balances. This line of credit requires interest to be paid monthly at the prime rate. We have not yet borrowed any amounts under this line of credit. On November 5, 2012, the Company entered into a loan agreement to borrow $2,000,000 in order to fund a credit agreement to Puritan Financial Companies, Inc. On November 25, 2014, this note was amended to extend the maturity date to November 25, 2019 to correlate with an amendment to the Puritan promissory note and marketing agreement, as discussed further below. The amended loan agreement calls for interest to be paid quarterly at a rate of 0.25% under the prime rate. The note requires monthly principal payments of at least $15,000 beginning December 5, 2014 with a balloon payment upon maturity. There is no penalty for prepayment. This note is collateralized with 55,000 shares of Investors Heritage Life Insurance Company common stock. The borrowed funds were utilized to fund a credit agreement to Puritan Financial Companies, Inc. for $2,000,000, with interest at a rate of 1.75% above the prime rate. The promissory note and the marketing agreement with Puritan Financial Group were amended on August 28, 2014 to extend the maturity date to August 28, 2019. These amendments allow the Company to withhold 15% of Puritan Financial’s earned commissions on certain products to pay down the note. Additionally, the amended note calls for quarterly payments of principal and interest and requires Puritan Financial to pay at least $400,000 annually toward the outstanding balance of the note from 2015 until the balance is paid in full. Any unpaid principal balance together with all accrued interest shall be due and payable with a balloon payment upon maturity. Under this credit agreement, Puritan Financial Companies, Inc. and its wholly-owned subsidiary Puritan Financial Group have committed to an increased level of new business production on behalf of the Company. Additionally, Puritan Financial Companies, Inc. has issued warrants for 2,000,000 shares of common stock to the Company in exchange for this funding. This note is further collateralized by all the stock and other assets of Puritan Financial Companies, Inc. and each of its affiliated companies. Puritan Financial Companies, Inc. has another credit facility with a senior lender and the Company has a subordinate interest to the senior lender in all of the collateral which is security for this loan. The outstanding balance on this note receivable, which is included within other invested assets on the balance sheet, was $1,450,830 and $1,860,043 at December 31, 2015 and 2014, respectively. On February 3, 2005, Investors Heritage Capital borrowed $3,650,000 to finance the purchase of certain home office property previously owned by Investors Heritage Life at a purchase price of $3,650,000. The proceeds received by Investors Heritage Life were used to repay their surplus notes to Investors Heritage Capital. Additionally, Investors Heritage Capital used such proceeds to repay the $3,000,000 bank note outstanding at December 31, 2004. This transaction was approved by the Kentucky Department of Insurance. The balance on this note was paid in full during 2014. Interest expense and interest paid on this note during 2014 were $15,795 and $18,164, respectively. Information relative to the Company’s outstanding notes payable at December 31, 2015 and 2014 is as follows: 2015 Outstanding Current Maturity Interest Interest Principal Interest Rate Date Expense Paid At Need Funding line of credit $ 59,484 3.50 % 3/24/2017 $ 19,301 $ 20,002 Bank note 1,373,964 3.25 % 11/25/2019 32,186 35,194 2014 Outstanding Current Maturity Interest Interest Principal Interest Rate Date Expense Paid At Need Funding line of credit $ 727,566 3.25 % 9/25/2015 $ 20,887 $ 20,641 Bank note 1,781,010 3.00 % 11/25/2019 58,308 59,270 We assess our compliance with prescribed debt covenant requirements as outlined in the terms of each debt agreement at least annually, if not otherwise required in the debt agreement. Management has assessed our position as of December 31, 2015, and we are in compliance with all debt covenant requirements.

Note 6 - Employee Benefit Plans

Note 6 - Employee Benefit Plans	12 Months Ended
	Dec. 31, 2015
Compensation and Retirement Disclosure [Abstract]
Pension and Other Postretirement Benefits Disclosure [Text Block]	NOTE 6 - Employee Benefit Plans The Company sponsors the IHCC Employee Retirement Plan (the “Pension Plan”), which is a noncontributory defined benefit pension plan that was frozen in 2012 with respect to new benefit accruals. Participants in the plan at the time it was frozen may still continue to earn vesting credit towards their Pension Plan benefit. The following table provides additional details relative to the Pension Plan as of December 31. 2015 2014 Change in projected benefit obligation: Benefit obligation at beginning of year $ 24,975,342 $ 21,315,600 Service cost - - Interest cost 890,263 1,045,055 Actuarial (gain) loss (5,930 ) 3,687,960 Benefits paid (1,167,798 ) (1,073,273 ) Benefit obligation at end of year 24,691,877 24,975,342 Change in plan assets: Fair value of plan assets at beginning of year 19,833,900 18,427,757 Actual return on plan assets (349,601 ) 1,654,416 Employer contributions 300,000 825,000 Benefits paid (1,167,798 ) (1,073,273 ) Fair value of plan assets at end of year 18,616,501 19,833,900 Funded status (6,075,376 ) (5,141,442 ) Unrecognized net actuarial loss 8,388,698 7,634,982 Net amount recognized as prepaid benefit cost $ 2,313,322 $ 2,493,540 Components of net periodic benefit cost: Service cost $ - $ - Interest cost 890,263 1,045,055 Expected return on plan assets (1,172,278 ) (1,197,674 ) Amortization of net (gain) loss 762,233 390,413 Net periodic benefit cost $ 480,218 $ 237,794 Accumulated benefit obligation $ 24,691,877 $ 24,975,342 The portion of the accrued pension liability included in accumulated other comprehensive income at December 31, 2015 is $8,388,698, which has been recorded net of related tax of $2,852,157. The portion of the accrued pension liability included in accumulated other comprehensive income at December 31, 2014 is $7,634,982, which has been recorded net of related tax of $2,595,894. These amounts are solely the result of unamortized actuarial net losses not yet amortized into income. The estimated net loss that will be amortized from accumulated other comprehensive income (loss) into net periodic benefit cost during 2016 is $737,174. Actuarial assumptions used at December 31, 2015 and 2014 to determine benefit obligations and net periodic benefit cost are as follows: December 31 2015 2014 Discount rate 4.20 % 3.75 % Expected return on plan assets 6.25 % 6.50 % The long-term rate of return for plan assets is determined based on an analysis of historical returns on invested assets, anticipated future fixed income, equity investment markets, and diversification needs. Long term trends are evaluated relative to current market factors such as inflation, interest rates and investment strategies, including risk management, in order to assess the assumptions as applied to the plan. The Company employs a conservative investment strategy whereby the majority of invested assets are held in appropriate investments for defined benefit pension plans, including a small portion of plan assets held in common stock of the Company. The Company uses an independent third party to administer its retirement plan. Plan assets are held in a trust account and include a diversified assortment of pooled separate accounts as well as Company common stock. The fair value of plan assets as of December 31, 2015 and 2014 are as follows: December 31 2015 2014 Pooled separate accounts $ 18,029,051 $ 19,168,950 Company common stock - 31,000 shares 587,450 664,950 Pooled separate accounts held by the Pension Plan at December 31, 2015 and 2014 are considered Level 2 assets and are valued at the net asset value (“NAV”) of units held by the Pension Plan at year end. The NAV is determined by dividing the net assets, at fair value, of the fund by the number of units outstanding on the day of valuation. Pooled separate accounts are comprised, primarily, of shares of registered investment companies held through subaccounts of a separate account of an insurance company. The NAV as adjusted (for mutual fund dividends, mutual fund splits and administrative maintenance charges and other items) and reported by the insurance company approximates fair value of the investments. The investments are redeemable at the adjusted NAV under agreements with the insurance company. However, it is possible that the redemption rights may be restricted or eliminated in the future. Due to the nature of the investments, changes in the market conditions, liquidity requirements, and the economic environment may significantly affect the NAV of the registered investment companies and, consequently, the fair value of the Pension Plan's investments. Shares of Company common stock held by the plan at December 31, 2015 and 2014 are considered Level 2 assets and are valued based on observable inputs, such as quoted prices in markets with limited activity. Dividends of $6,510 and $6,200 were paid to the plan in 2015 and 2014, respectively, on the Company common stock. The plan made no purchases or sales of Company common stock during 2015 or 2014. A summary of the allocation of plan assets by investment type as of December 31, 2015 and 2014 is as follows: December 31 2015 2014 Fixed income pooled separate accounts 68 % 67 % Equity pooled separate accounts 29 % 30 % Company common stock 3 % 3 % The Company expects to contribute approximately $300,000 to its pension plan in 2016. The following estimated future benefit payments are expected to be paid: Pension Benefits 2016 $ 2,220,000 1,350,000 1,340,000 1,390,000 1,670,000 2021-2025 8,170,000 The Company sponsors a 401(k) defined contribution plan known as the IHCC Retirement Savings Plan and Trust (the “Old 401(k) Plan”), which was frozen in 2012 relative to allowable new contributions. The only remaining investments held within the Old 401(k) Plan consist of Company stock. Upon distribution of the Company stock by the Old 401(k) Plan, the participant has the right to hold the stock, sell the stock on the open market, subject to a right of first refusal in favor of the Company, or sell the stock back to the Company at its then fair market value as determined by an independent appraiser. Under the put option, the Company has the right to purchase the stock in substantially equal annual installments over a period not exceeding five years. The Company also sponsors a traditional 401(k) retirement plan, the IHCC 401(k) Retirement Plan (the “Retirement Plan”). Employees are eligible to participate in the Retirement Plan on the first day of employment. Under the Retirement Plan, the Company matches employee contributions dollar for dollar up to 4% of employee compensation deferrals. Employees who have met certain employment criteria may also be eligible to receive an additional allocation after the end of each plan year. Information relative to the assets within both the Old 401(k) Plan and the Retirement Plan as of December 31, 2015 and 2014, along with employer contributions expensed and dividends paid on Company stock for the years then ended, are as follows: December 31 2015 2014 Old 401(k) Plan Company common stock: Shares held 276,590 294,467 Fair value $ 5,241,377 $ 6,316,313 Retirement Plan Mutual funds - fair value $ 2,979,588 $ 2,119,209 For the Year Ended December 31 2015 2014 Old 401(k) Plan Employer contributions $ - $ - Dividends on Company stock 61,838 66,312 Retirement Plan Employer contributions $ 453,576 $ 466,926 In addition, the Company sponsors a deferred compensation plan for selected executive officers. Information relative to the assets within the deferred compensation plan as of December 31, 2015 and 2014, along with employer contributions expensed and dividends paid on Company stock for the years then ended, are as follows: December 31 2015 2014 Company common stock: Shares held 27,350 21,020 Fair value $ 518,292 $ 450,889 Mutual funds - fair value 80,666 140,770 Cash and cash equivalents 6,227 5,816 For the Year Ended December 31 2015 2014 Employer contributions $ 50,263 $ 35,010 Dividends on Company stock 4,340 4,164

Note 7 - Stockholders' Equity a

Note 7 - Stockholders' Equity and Dividend Restrictions	12 Months Ended
	Dec. 31, 2015
Stockholders' Equity Note [Abstract]
Stockholders' Equity Note Disclosure [Text Block]	NOTE 7 - Stockholders' Equity and Dividend Restrictions Statutory restrictions limit the amount of dividends which may be paid by Investors Heritage Life. Generally, dividends during any year may not be paid, without prior regulatory approval, in excess of the lesser of (a) 10 percent of statutory surplus as of the preceding December 31, or (b) statutory net gain from operations for the preceding year. For 2016, the maximum dividend that Investors Heritage Life can pay to Investors Heritage Capital without regulatory approval is $688,465.

Note 8 - Statutory Accounting P

Note 8 - Statutory Accounting Practices	12 Months Ended
	Dec. 31, 2015
Statutory Accounting Practices Disclosures [Abstract]
Statutory Accounting Practices Disclosures [Text Block]	NOTE 8 - Statutory Accounting Practices Investors Heritage Life's statutory-basis capital and surplus was $21 ,202 ,435 and $20,868 ,262 at December 31, 2015 and 2014, respectively. Statutory-basis net income was $1,267 ,672 and $848,303 for 2015 and 2014, respectively. Principal adjustments to statutory amounts to derive GAAP amounts include: a) costs of acquiring new policies are deferred and amortized; b) benefit reserves are calculated using more realistic investment, mortality and withdrawal assumptions; c) changes in deferred taxes associated with timing differences are recorded in net income rather than directly to equity; d) value of business acquired and goodwill established for acquired companies differ from admitted statutory goodwill; e) accounting for certain investments in debt securities is at fair value with unrealized gains and losses reported as a separate component of equity; f) statutory asset valuation reserves and interest maintenance reserves are eliminated; and g) convertible option components of certain fixed maturities are bifurcated and recorded at market value with changes in market value recorded in the income statement .

Note 9 - Segment Data

Note 9 - Segment Data	12 Months Ended
	Dec. 31, 2015
Segment Reporting [Abstract]
Segment Reporting Disclosure [Text Block]	NOTE 9 - Segment Data The Company operates in four segments. 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. Information relative to our operating segments is as follows: 2015 2014 (000's omitted) Revenue: Preneed and burial products $ 48,894 $ 47,445 Traditional and universal life products 16,746 21,226 Administrative and financial services 1,357 1,244 Corporate and other 1,180 983 Total $ 68,177 $ 70,898 Pre-tax income (loss) from operations: Preneed and burial products $ (496 ) $ (34 ) Traditional and universal life products 742 1,286 Administrative and financial services 274 284 Corporate and other 384 160 Total $ 904 $ 1,696 Assets: Preneed and burial products $ 374,793 $ 375,219 Traditional and universal life products 123,823 120,377 Administrative and financial services 9,706 9,496 Corporate and other 61,716 80,121 Total $ 570,038 $ 585,213 Amortization and depreciation expense: Preneed and burial products $ 5,641 $ 5,458 Traditional and universal life products 1,538 1,987 Administrative and financial services 214 278 Corporate and other 310 373 Total $ 7,703 $ 8,096 Included in the corporate and other revenue and pre-tax income above and as a component of other income in the consolidated statement of income for the years ended December 31, 2015 and 2014 are $203,451 and $141,907, respectively, of net life insurance proceeds received under a company-owned life insurance policy upon the death of a former employee and former board member.

Note 10 - Reinsurance

Note 10 - Reinsurance	12 Months Ended
	Dec. 31, 2015
Reinsurance Disclosures [Abstract]
Reinsurance [Text Block]	NOTE 10 - Reinsurance The Company ceded 100% of the risks associated with its credit life and accident insurance written during 2015 and 2014 through coinsurance agreements with various companies. The Company administers the ceded credit life and accident insurance for an agreed-upon fee. During 2015 and 2014, the Company received $223,994 and $242,327, respectively, of fee income associated with these reinsurance arrangements, which is recognized in the administrative and financial services segment in the preceding table in Note 9. Ceded claim reserves associated with these reinsurance arrangements at December 31, 2015 and 2014 were $1 ,396 ,448 and $1 ,544 ,874, respectively. Additionally, unearned premium reserves were reduced by $8,117,461 and $7,810,299 at December 31, 2015 and 2014, respectively, for credit-related reinsurance transactions. The Company utilizes yearly renewable term reinsurance to cede life insurance coverage in excess of its retention limit. Investors Heritage Life cedes 85% of life and annuity policy obligations assumed from Franklin American Life Insurance Company to Scottish Annuity and Life Insurance Company (Cayman) Ltd. Benefit reserves ceded to Scottish and included in the amounts recoverable from reinsurers approximated $18,522,000 and $19,806,000 at December 31, 2015 and 2014, respectively. An escrow account has been established by Scottish to secure Investors Heritage Life's ceded benefit obligations. Investors Heritage Life coinsures policy obligations written through its relationship with Puritan Financial Group to Puritan Life Insurance Company of America (“Puritan”). This reinsurance agreement was terminated with respect to new business effective July 31, 2015, after which time the Company now maintains 100% of direct new business produced under the marketing agreement. Benefit reserves ceded to Puritan and included in the amounts recoverable from reinsurers approximated $18,261,000 and $16,931,000 at December 31, 2015 and 2014, respectively. Puritan maintains a trust account in Kentucky to secure Investors Heritage Life's ceded benefit obligations. Investors Heritage Life assumes 75% of the risks on certain policies sold by Puritan and Sterling Investors Life Insurance Company. The products being assumed are identical to the Heritage Solution and Heritage Provider products currently being written by Investors Heritage Life. However, these reinsurance arrangements allow us to participate in the profitability of these products in certain states where we are not currently marketing. These reinsurance agreements were also terminated with respect to new business effective July 31, 2015. Premiums assumed under these agreements totaled approximately $753,000 and $3,310,000 for the years ended December 31, 2015 and 2014, respectively. Benefit reserves assumed under these agreements totaled approximately $11,267,000 and $10,991,000 at December 31, 2015 and 2014, respectively. Reinsurance ceded and assumed amounts included in the consolidated statements of income are as follows: 2015 2014 Premiums ceded $ 12,511,080 $ 13,687,074 Premiums assumed 781,863 3,346,657 Commission and expense allowances 4,457,058 3,443,836 Benefit recoveries 8,414,608 7,703,390 The Company remains contingently liable on all ceded insurance should any reinsurer be unable to meet their obligations.

Note 11 - Other Comprehensive I

Note 11 - Other Comprehensive Income	12 Months Ended
	Dec. 31, 2015
Disclosure Text Block [Abstract]
Comprehensive Income (Loss) Note [Text Block]	NOTE 11 – Other Comprehensive Income The following tables present the pretax components of the Company’s other comprehensive income, and the related income tax expense (benefit) for each component, for the years ended December 31, 2015 and 2014. Year Ended December 31, 2015 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 $ (17,074,720 ) $ (5,805,405 ) $ (11,269,315 ) Reclassification adjustment for gains included in income (735,567 ) (250,093 ) (485,474 ) Adjustment for effect of deferred acquisition costs 462,249 157,165 305,084 Net unrealized losses on investments (17,348,038 ) (5,898,333 ) (11,449,705 ) Change in defined benefit pension plan: Actuarial net loss on pension plan (1,515,949 ) (515,422 ) (1,000,527 ) Amortization of actuarial net loss in net periodic pension cost 762,233 259,159 503,074 Net change in defined benefit pension plan (753,716 ) (256,263 ) (497,453 ) Total other comprehensive loss $ (18,101,754 ) $ (6,154,596 ) $ (11,947,158 ) Year Ended December 31, 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 $ 12,863,346 $ 4,356,021 $ 8,507,325 Reclassification adjustment for gains included in income (710,632 ) (224,098 ) (486,534 ) Adjustment for effect of deferred acquisition costs (293,231 ) (99,699 ) (193,532 ) Net unrealized gains on investments 11,859,483 4,032,224 7,827,259 Change in defined benefit pension plan: Actuarial net loss on pension plan (3,231,218 ) (1,098,614 ) (2,132,604 ) Amortization of actuarial net loss in net periodic pension cost 390,413 132,740 257,673 Net change in defined benefit pension plan (2,840,805 ) (965,874 ) (1,874,931 ) Total other comprehensive income $ 9,018,678 $ 3,066,350 $ 5,952,328 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 for the years ended December 31, 2015 and 2014 are as follows: Unrealized Gains Defined Accumulated (Losses) on Benefit Other Available-For-Sale Pension Comprehensive Securities Plans Income For the year ended December 31, 2015: Beginning balance $ 17,743,407 $ (5,039,088 ) $ 12,704,319 Other comprehensive loss before reclassifications (10,964,231 ) (1,000,527 ) (11,964,758 ) Amounts reclassified from accumulated other comprehensive income (485,474 ) 503,074 17,600 Net current period other comprehensive loss (11,449,705 ) (497,453 ) (11,947,158 ) Ending balance $ 6,293,702 $ (5,536,541 ) $ 757,161 For the year ended December 31, 2014: Beginning balance $ 9,916,148 $ (3,164,157 ) $ 6,751,991 Other comprehensive income (loss) before reclassifications 8,313,793 (2,132,604 ) 6,181,189 Amounts reclassified from accumulated other comprehensive income (486,534 ) 257,673 (228,861 ) Net current period other comprehensive income (loss) 7,827,259 (1,874,931 ) 5,952,328 Ending balance $ 17,743,407 $ (5,039,088 ) $ 12,704,319 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 years ended December 31, 2015 and 2014. Year Ended December 31, Reclassification Adjustments 2015 2014 Unrealized gains on available-for-sale securities: Realized gains on sale of securities (a) $ 735,567 $ 710,632 Income tax expense (c) (250,093 ) (224,098 ) Net of tax 485,474 486,534 Defined benefit pension plans: Amortization of actuarial net loss (b) (762,233 ) (390,413 ) Income tax benefit (c) 259,159 132,740 Net of tax (503,074 ) (257,673 ) Total reclassifications for the period $ (17,600 ) $ 228,861 (a) These items appear within net realized gains on investments in the consolidated income statements. (b) These items are included in the computation of net periodic benefit cost (see Note 6). (c) These items appear within federal income taxes in the consolidated income statements.

Note 12 - Contingent Liabilitie

Note 12 - Contingent Liabilities	12 Months Ended
	Dec. 31, 2015
Loss Contingency [Abstract]
Contingencies Disclosure [Text Block]	NOTE 12 - Contingent Liabilities The Company is named as a defendant in several legal actions arising primarily from claims made under insurance policies. Management and its legal counsel are of the opinion that the settlement of those actions will not have a material adverse effect on the financial position or results of operations. In most of the states in which the Company is licensed to do business, guaranty fund assessments may be taken as a credit against premium taxes over a five-year period. These assessments, brought about by the insolvency of life and health insurers, are levied at the discretion of the various state guaranty fund associations to cover association obligations. It is management's opinion that the effect of any future assessments would not be material to the financial position or results of operations of the Company because of the use of premium tax offsets.

Accounting Policies, by Policy

Accounting Policies, by Policy (Policies)	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Basis of Presentation:
Consolidation, Policy [Policy Text Block]	Principles of Consolidation:
Use of Estimates, Policy [Policy Text Block]	Use of Estimates:
Investment, Policy [Policy Text Block]	Investments: Premiums and discounts on fixed maturity investments are amortized into income using the interest method. Anticipated prepayments on mortgage-backed securities are considered in the determination of the effective yield on such securities. If a difference arises between anticipated prepayments and actual prepayments, the carrying amounts of the investments are adjusted with a corresponding charge or credit to interest income. 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, as discussed in further detail in Note 2 to the consolidated financial statements. If an other-than-temporary impairment occurs with respect to a bond, the reduced book value is amortized back to the security’s expected recovery value over the remaining term of the bond. The Company continues to review the security for further impairment that would prompt another write-down in the value. Mortgage loans are carried at their aggregate principal balance, adjusted for any unamortized premium or discount . Policy loans are carried at their aggregate principal balance. State-guaranteed receivables 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. Investments in convertible options represent the bifurcated equity derivative portion of convertible security investments. These investments are recorded at their market value with changes in the market value recorded as a component of net investment income on the income statement. Other invested assets include real estate investments and notes receivable. Real estate investments are carried at cost less accumulated depreciation. Notes receivable are carried at their aggregate principal balance. Short-term investments represent securities with maturity dates within one year but exceeding three months. These securities are carried at amortized cost, which approximates fair value. Cash equivalents include money market funds on deposit at various financial institutions with contractual maturity dates within three months at the time of purchase.
Deferred Policy Acquisition Costs, Policy [Policy Text Block]	Deferred Acquisition Costs: Deferred acquisition costs related to annuities and universal life insurance products are deferred to the extent deemed recoverable and amortized in relation to the present value of actual and expected gross profits on the policies. To the extent that realized gains and losses on fixed income securities result in adjustments to deferred acquisition costs related to annuities, such adjustments are reflected as a component of the amortization of deferred acquisition costs. Deferred acquisition costs related to annuities and universal life insurance products are also adjusted, net of tax, for the change in amortization that would have been recorded if the unrealized gains (losses) from securities had actually been realized. This adjustment is included in the change in net unrealized appreciation (depreciation) on available-for-sale securities, a component of "Accumulated Other Comprehensive Income" in the stockholders' equity section of the balance sheet.
Intangible Assets Arising from Insurance Contracts Acquired in Business Combination, Policy [Policy Text Block]	Value of Business Acquired:
Property, Plant and Equipment, Policy [Policy Text Block]	Property and Equipment:
Lease, Policy [Policy Text Block]	Capital Leases: , respectively. The present value of net minimum lease payments at December 31, 2015 was $377,259, which is equal to the total future minimum lease payments of $404,444 less imputed interest of $27,185. Accumulated amortization on the leased property was $745,601 and $992,449 at December 31, 2015 and 2014, respectively.
Cash Value of Company Owned Life Insurance Policy [Policy Text Block]	Cash Value of Company-Owned Life Insurance:
Liability Reserve Estimate, Policy [Policy Text Block]	Benefit Reserves and Policyholder Deposits: Benefit reserves and policyholder deposits on universal life and investment-type products are determined by using the retrospective deposit method and represent the policy account value before consideration of surrender charges. In addition, unearned revenues are included as a part of the benefit reserve. The mortality assumptions for regular ordinary business are based on the 1955-60 Basic Table, Select and Ultimate, for plans issued prior to 1982; the 1965-70 Basic Table, Select and Ultimate, for plans issued in 1982 through 1984; the 1975-80 Basic Table, Select and Ultimate, for plans issued after 1984; the 2001 Valuation Basic Table, Select and Ultimate, for plans issued after 2008; and on the Company's experience for final expense and preneed plans.
Reinsurance Accounting Policy [Policy Text Block]	Reinsurance:
Unearned Premium Reserves [Policy Text Block]	Unearned Premium Reserves:
Unpaid Policy Claims and Claims Adjustment Expense, Policy [Policy Text Block]	Policy Claims: At December 31, 2015 and 2014, the Company’s policy claims liability includes an estimate of $721,592 and $940,600, respectively, for outstanding claims 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.
Deposit Contracts, Policy [Policy Text Block]	Liability for Deposit-Type Contracts:
Participating Policy [Policy Text Block]	Participating Policies : The liability for future policy benefits of the Texas Memorial Life and Memorial Service Life blocks of participating business was determined based on the 2001 CSO and 1980 CSO Mortality tables, respectively. While these policies are participating, no future dividends are anticipated on this block of policies. The average assumed investment yields used in determining expected gross profits ranged from 3.56% to 9.17% (for the current and all future years, an assumed investment yield of 4.50% was utilized).
Income Tax, Policy [Policy Text Block]	Federal Income Taxes:
Insurance Premiums Revenue Recognition, Policy [Policy Text Block]	Revenues and Expenses: Revenues for universal life and investment-type products consist of investment income and policy charges for the cost of insurance and policy initiation and administrative fees. Expenses include interest credited to policy account balances, actual administrative expenses and benefit payments in excess of policy account balances. Other income consists principally of third party administrative service fees along with servicing and administration fees relative to credit insurance administered for our reinsurers.
Stockholders' Equity, Policy [Policy Text Block]	Common Stock and Earnings per Share: 0 in 2015 and 2014, respectively.
Subsequent Events, Policy [Policy Text Block]	Subsequent Events:
New Accounting Pronouncements, Policy [Policy Text Block]	New Accounting Standards: In July 2015, the FASB issued guidance regarding employee benefit accounting. The guidance is divided into three parts. First, the guidance requires a pension plan to use contract value as the only required measure for fully benefit-responsive investment contracts. Second, the guidance simplifies and increases the effectiveness of the investment disclosure requirements for employee benefit plans. Third, the guidance provides benefit plans with a measurement date practical expedient. This guidance is effective for fiscal years beginning after December 15, 2015. The Company is currently evaluating this guidance, but it is not expected to have a material impact on its consolidated financial statements. In January 2016, the FASB issued guidance regarding the recognition and measurement of financial assets and liabilities. This guidance intends to enhance reporting for financial instruments and addresses certain aspects of recognition and measurement of investments in equity securities and the presentation in the balance sheet of financial assets and liabilities measured at fair value. It also amends certain disclosure requirements associated with the fair value of financial instruments. This guidance is effective for fiscal years beginning after December 15, 2017. The recognition and measurement provisions of this guidance will be applied by means of a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption and early adoption is not permitted. The Company is in the process of evaluating this guidance, but its primary impact on the Company is expected to be the recognition of all unrealized gains and losses on available-for-sale equity securities in net income. Currently, all unrealized gains and losses on available-for-sale equity securities are recognized in other comprehensive income (loss). In February 2016, the FASB issued updated guidance regarding leases that provides new requirements for leases to be recognized in the financial statements. In general, the guidance requires the lessee to recognize liabilities on the balance sheet for the obligation to make lease payments and an asset for the right to use the underlying assets for the lease term. There is a differentiation between finance leases and operating leases for the lessee in the statements of operations and cash flows. Finance leases recognize interest on the lease liability separately from the right to use the asset whereas an operating lease recognizes a single lease cost allocated over the lease term on a generally straight-line basis. All cash payments are within operating activities in the statement of cash flows except finance leases classify repayments of the principal portion of the lease liability within financing activities. The updated guidance is to be applied using a modified retrospective approach effective for annual and interim periods beginning after December 15, 2018. Early adoption is permitted. The adoption of this guidance is not expected to have a material effect on the Company’s consolidated financial statements. 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 2 - Investments (Tables)

Note 2 - Investments (Tables)	12 Months Ended
	Dec. 31, 2015
Investments, Debt and Equity Securities [Abstract]
Schedule of Available-for-sale Securities Reconciliation [Table Text Block]	2015 Amortized Gross Unrealized Gross Unrealized Fair Cost Gains Losses Value Available-for-sale securities: Fixed maturities: U.S. government obligations $ 23,373,714 $ 642,038 $ - $ 24,015,752 States and political subdivisions 36,830,198 4,511,826 136,585 41,205,439 Corporate 229,425,035 10,338,999 4,587,896 235,176,138 Foreign 65,010,084 1,731,076 4,682,638 62,058,522 Asset-backed securities 143,552 457 - 144,009 Mortgage-backed securities (MBS): Commercial MBS 6,830,520 148,314 15,592 6,963,242 Residential MBS 37,200,599 1,776,233 62,255 38,914,577 Corporate redeemable preferred stock 711,915 - 42,787 669,128 Total fixed maturity securities 399,525,617 19,148,943 9,527,753 409,146,807 Equity securities: U.S. agencies 707,900 - - 707,900 Mutual funds 318,284 - 14,253 304,031 Corporate common stock 6,426,482 702,497 524,121 6,604,858 Total equity securities 7,452,666 702,497 538,374 7,616,789 Total $ 406,978,283 $ 19,851,440 $ 10,066,127 $ 416,763,596 2014 Amortized Gross Unrealized Gross Unrealized Fair Cost Gains Losses Value Available-for-sale securities: Fixed maturities: U.S. government obligations $ 28,063,178 $ 820,997 $ 16,164 $ 28,868,011 States and political subdivisions 38,021,271 5,985,975 - 44,007,246 Corporate 224,299,411 15,669,733 930,632 239,038,512 Foreign 63,792,040 2,934,542 751,369 65,975,213 Asset-backed securities 1,432,996 33,501 - 1,466,497 Mortgage-backed securities (MBS): Commercial MBS 7,869,355 266,831 - 8,136,186 Residential MBS 40,118,010 2,507,809 6 42,625,813 Total fixed maturity securities 403,596,261 28,219,388 1,698,171 430,117,478 Equity securities: U.S. agencies 707,900 - - 707,900 Mutual funds 318,284 40,038 - 358,322 Corporate common stock 5,305,252 1,157,718 123,373 6,339,597 Total equity securities 6,331,436 1,197,756 123,373 7,405,819 Total $ 409,927,697 $ 29,417,144 $ 1,821,544 $ 437,523,297
Schedule of Temporary Impairment Losses, Investments [Table Text Block]	December 31, 2015 December 31, 2014 Gross Number Gross Number Estimated Unrealized of Estimated Unrealized of Fair Value Loss Securities Fair Value Loss Securities Fixed maturities: Less than 12 months: States and political subdivisions $ 1,613,415 $ 136,585 2 $ - $ - - Corporate 55,039,213 3,873,158 52 12,473,068 508,818 7 Foreign 24,154,510 1,418,143 20 10,374,173 310,267 7 Commercial MBS 1,447,694 15,592 2 - - - Residential MBS 3,320,890 62,255 2 16,862 6 1 Corporate redeemable preferred stock 669,128 42,787 2 - - - Greater than 12 months: U.S. government obligations - - - 7,736,774 16,164 1 Corporate 5,533,581 714,738 4 3,828,887 421,814 3 Foreign 6,007,156 3,264,495 4 4,724,455 441,102 2 Total fixed maturities 97,785,587 9,527,753 88 39,154,219 1,698,171 21 Equity securities: Less than 12 months: Mutual funds 304,031 14,253 1 - - - Corporate common stock 2,449,672 473,551 15 527,614 103,438 4 Greater than 12 months: Corporate common stock 183,960 50,570 3 525,865 19,935 4 Total equities 2,937,663 538,374 19 1,053,479 123,373 8 Total $ 100,723,250 $ 10,066,127 107 $ 40,207,698 $ 1,821,544 29
Unrealized Gain (Loss) on Investments [Table Text Block]	December 31 2015 2014 Net unrealized appreciation on available-for sale securities $ 9,785,313 $ 27,595,600 Adjustment to deferred acquisition costs (249,401 ) (711,650 ) Deferred income taxes (3,242,210 ) (9,140,543 ) Net unrealized appreciation on available-for sale securities $ 6,293,702 $ 17,743,407
Investments Classified by Contractual Maturity Date [Table Text Block]	Available-for-Sale Amortized Fair Cost Value Due in one year or less $ 9,836,202 $ 9,981,356 Due after one year through five years 90,063,962 96,190,461 Due after five years through ten years 183,395,618 180,028,828 Due after ten years 50,322,624 54,780,672 Due at multiple maturity dates 65,907,211 68,165,490 Total $ 399,525,617 $ 409,146,807
Realized Gain (Loss) on Investments [Table Text Block]	2015 2014 Proceeds from sales and maturities $ 37,200,703 $ 46,446,460 Gross realized gains 939,423 974,260 Gross realized losses (203,856 ) (263,628 )
Realized and Unrealized Gains (Losses) on Investments [Table Text Block]	2015 2014 Change in net unrealized investment gains (losses): Securities available-for-sale: Fixed maturities $ (16,900,027 ) $ 11,008,303 Equity securities (910,260 ) 1,144,411 Net realized investment gains (losses): Securities available-for-sale: Fixed maturities $ 91,141 $ 682,604 Equity securities 644,426 28,028 Mortgage loans on real estate 75,915 - Investments in convertible options 7,223 -
Schedule of Mortgage Loans on Real Estate [Table Text Block]	December 31 2015 2014 Illinois $ 6,046,408 $ 3,392,446 Texas 5,694,612 2,290,700 Florida 3,906,034 6,047,236 California 3,366,434 4,806,451 Kentucky 3,241,793 3,492,854 Georgia 2,671,788 3,123,530 Ohio 1,692,354 1,805,093 Missouri 1,342,845 267,996 Tennessee 895,607 1,054,671 Arizona 774,060 927,600 Indiana 759,139 95,434 West Virginia 412,250 440,725 Nevada 373,359 - Pennsylvania 370,323 - North Carolina 353,275 359,308 New Jersey 247,723 252,612 South Carolina 225,881 248,815 Colorado 222,364 225,772 Massachusetts 205,469 239,399 Idaho 159,073 174,433 Kansas 135,401 136,442 Utah 77,939 77,919 Total $ 33,174,131 $ 29,459,436
State Guaranteed Receivables, Classified by Contractual Maturity Date [Table Text Block]	State-Guaranteed Receivables Amortized Fair Cost Value Due in one year or less $ 763,177 $ 772,746 Due after one year through five years 2,663,392 2,898,690 Due after five years through ten years 3,014,588 3,688,548 Due after ten years 1,251,802 1,734,950 Total $ 7,692,959 $ 9,094,934
Schedule of Payments On State Guaranteed Receivables by State [Table Text Block]	December 31 2015 2014 New York $ 3,496,115 $ 3,694,805 Massachusetts 1,991,601 1,969,570 Georgia 1,432,022 1,467,774 Pennsylvania 294,968 299,851 Texas 243,939 227,649 California 180,143 188,131 Ohio 54,171 69,599 Total $ 7,692,959 $ 7,917,379
Investment Income [Table Text Block]	2015 2014 Fixed maturities $ 18,296,411 $ 18,957,838 Equity securities 295,368 270,306 Mortgage loans on real estate 2,316,721 1,497,721 Policy loans 494,299 478,712 State-guaranteed receivables 545,120 557,812 Gain on investments in convertible options 102,342 - Other 219,037 232,606 Gross investment income 22,269,298 21,994,995 Investment expenses 1,031,985 832,260 Net investment income $ 21,237,313 $ 21,162,735

Note 3 - Fair Values of Finan22

Note 3 - Fair Values of Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2015
Fair Value Disclosures [Abstract]
Fair Value, Assets Measured on Recurring Basis [Table Text Block]	December 31, 2015 Level 1 Level 2 Level 3 Total U.S. government obligations $ - $ 24,015,752 $ - $ 24,015,752 States and political subdivisions - 41,205,439 - 41,205,439 Corporate - 235,176,138 - 235,176,138 Foreign - 62,058,522 - 62,058,522 Asset-backed securities - 144,009 - 144,009 Mortgage-backed securities: Commercial MBS - 6,963,242 - 6,963,242 Residential MBS - 38,914,577 - 38,914,577 Corporate redeemable preferred stock - 669,128 - 669,128 Total fixed maturities $ - $ 409,146,807 $ - $ 409,146,807 U.S. agencies $ 707,900 $ - $ - $ 707,900 Mutual funds 304,031 - - 304,031 Corporate common stock 6,252,858 - 352,000 6,604,858 Total equity securities $ 7,264,789 $ - $ 352,000 $ 7,616,789 Investments in convertible options $ - $ 957,405 $ - $ 957,405 December 31, 2014 Level 1 Level 2 Level 3 Total U.S. government obligations $ - $ 28,868,011 $ - $ 28,868,011 States and political subdivisions - 44,007,246 - 44,007,246 Corporate - 239,038,512 - 239,038,512 Foreign - 65,975,213 - 65,975,213 Asset-backed securities - 1,466,497 - 1,466,497 Mortgage-backed securities: Commercial MBS - 8,136,186 - 8,136,186 Residential MBS - 42,625,813 - 42,625,813 Total fixed maturities $ - $ 430,117,478 $ - $ 430,117,478 U.S. agencies $ 707,900 $ - $ - $ 707,900 Mutual funds 358,322 - - 358,322 Corporate common stock 5,955,597 - 384,000 6,339,597 Total equity securities $ 7,021,819 $ - $ 384,000 $ 7,405,819
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]	Year Ended December 31 2015 2014 Corporate common stock: 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 (loss) (32,000 ) - Ending balance $ 352,000 $ 384,000
Fair Value, by Balance Sheet Grouping [Table Text Block]	December 31, 2015 Carrying Fair Amount Value Level 1 Level 2 Level 3 Assets: Mortgage loans on real estate: Commercial $ 10,655,107 $ 11,080,145 $ - $ - $ 11,080,145 Residential 22,519,024 24,679,435 - - 24,679,435 Policy loans 6,702,911 6,702,911 - - 6,702,911 State-guaranteed receivables 7,692,959 9,094,934 - 9,094,934 - Other invested assets 2,379,451 2,379,451 - - 2,379,451 Cash and cash equivalents 3,619,663 3,619,663 3,619,663 - - Accrued investment income 5,149,612 5,149,612 - - 5,149,612 Cash value of company-owned life insurance 13,191,773 13,191,773 - - 13,191,773 Liabilities: Policyholder deposits (Investment-type contracts) 52,694,746 53,880,242 - - 53,880,242 Policy claims 2,584,088 2,584,088 - - 2,584,088 Obligations under capital leases 377,259 377,259 - - 377,259 Notes payable 1,433,448 1,433,448 - - 1,433,448 December 31, 2014 Carrying Fair Amount Value Level 1 Level 2 Level 3 Assets: Mortgage loans on real estate: Commercial $ 12,961,492 $ 13,693,557 $ - $ - $ 13,693,557 Residential 16,497,944 18,392,927 - - 18,392,927 Policy loans 6,665,493 6,665,493 - - 6,665,493 State-guaranteed receivables 7,917,379 9,719,006 - 9,719,006 - Other invested assets 3,270,848 3,270,848 - - 3,270,848 Cash and cash equivalents 1,870,867 1,870,867 1,870,867 - - Accrued investment income 5,190,740 5,190,740 - - 5,190,740 Cash value of company-owned life insurance 12,441,833 12,441,833 - - 12,441,833 Liabilities: Policyholder deposits (Investment-type contracts) 53,318,598 55,486,262 - - 55,486,262 Policy claims 2,821,106 2,821,106 - - 2,821,106 Obligations under capital leases 553,028 553,028 - - 553,028 Notes payable 2,508,576 2,508,576 - - 2,508,576

Note 4 - Federal Income Taxes (

Note 4 - Federal Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]	2015 2014 Deferred tax liabilities: Policy acquisition costs $ 2,675,908 $ 2,954,747 Net unrealized gain on available-for-sale securities 3,242,210 9,140,543 Due premiums 957,825 1,068,415 Other 695,201 861,193 Total deferred tax liabilities 7,571,144 14,024,898 Deferred tax assets: Benefit reserves, net of reinsurance 3,137,466 3,229,901 Other policyholder funds 363,106 376,530 AMT credit carryforwards 565,828 511,673 Accrued pension liability 2,065,628 1,748,090 Other 333,340 373,254 Total deferred tax assets 6,465,368 6,239,448 Net deferred tax liabilities $ 1,105,776 $ 7,785,450
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]	2015 2014 Statutory federal income tax rate 34.0 % 34.0 % Small life insurance company deduction (19.2 ) (2.5 ) Dividends-received deduction (2.7 ) (1.4 ) Defined contribution plan dividend (2.3 ) (1.3 ) Nondeductible COLI expense (16.3 ) (7.2 ) Nontaxable COLI life insurance proceeds (7.7 ) (2.8 ) Nondeductible travel & meals expense 2.5 1.3 True-up of provision to actual 1.7 4.4 Other (4.7 ) 0.8 Effective income tax rate (14.7 ) % 25.3 %

Note 5 - Notes Payable (Tables)

Note 5 - Notes Payable (Tables)	12 Months Ended
	Dec. 31, 2015
Debt Disclosure [Abstract]
Schedule of Debt [Table Text Block]	2015 Outstanding Current Maturity Interest Interest Principal Interest Rate Date Expense Paid At Need Funding line of credit $ 59,484 3.50 % 3/24/2017 $ 19,301 $ 20,002 Bank note 1,373,964 3.25 % 11/25/2019 32,186 35,194 2014 Outstanding Current Maturity Interest Interest Principal Interest Rate Date Expense Paid At Need Funding line of credit $ 727,566 3.25 % 9/25/2015 $ 20,887 $ 20,641 Bank note 1,781,010 3.00 % 11/25/2019 58,308 59,270

Note 6 - Employee Benefit Pla25

Note 6 - Employee Benefit Plans (Tables)	12 Months Ended
	Dec. 31, 2015
Compensation and Retirement Disclosure [Abstract]
Schedule of Defined Benefit Plans Disclosures [Table Text Block]	2015 2014 Change in projected benefit obligation: Benefit obligation at beginning of year $ 24,975,342 $ 21,315,600 Service cost - - Interest cost 890,263 1,045,055 Actuarial (gain) loss (5,930 ) 3,687,960 Benefits paid (1,167,798 ) (1,073,273 ) Benefit obligation at end of year 24,691,877 24,975,342 Change in plan assets: Fair value of plan assets at beginning of year 19,833,900 18,427,757 Actual return on plan assets (349,601 ) 1,654,416 Employer contributions 300,000 825,000 Benefits paid (1,167,798 ) (1,073,273 ) Fair value of plan assets at end of year 18,616,501 19,833,900 Funded status (6,075,376 ) (5,141,442 ) Unrecognized net actuarial loss 8,388,698 7,634,982 Net amount recognized as prepaid benefit cost $ 2,313,322 $ 2,493,540 Components of net periodic benefit cost: Service cost $ - $ - Interest cost 890,263 1,045,055 Expected return on plan assets (1,172,278 ) (1,197,674 ) Amortization of net (gain) loss 762,233 390,413 Net periodic benefit cost $ 480,218 $ 237,794 Accumulated benefit obligation $ 24,691,877 $ 24,975,342
Schedule of Assumptions Used [Table Text Block]	December 31 2015 2014 Discount rate 4.20 % 3.75 % Expected return on plan assets 6.25 % 6.50 %
Schedule of Changes in Fair Value of Plan Assets [Table Text Block]	December 31 2015 2014 Pooled separate accounts $ 18,029,051 $ 19,168,950 Company common stock - 31,000 shares 587,450 664,950
Schedule of Allocation of Plan Assets [Table Text Block]	December 31 2015 2014 Fixed income pooled separate accounts 68 % 67 % Equity pooled separate accounts 29 % 30 % Company common stock 3 % 3 %
Schedule of Expected Benefit Payments [Table Text Block]	Pension Benefits 2016 $ 2,220,000 1,350,000 1,340,000 1,390,000 1,670,000 2021-2025 8,170,000
Defined Contributions Schedule [Table Text Block]	December 31 2015 2014 Old 401(k) Plan Company common stock: Shares held 276,590 294,467 Fair value $ 5,241,377 $ 6,316,313 Retirement Plan Mutual funds - fair value $ 2,979,588 $ 2,119,209 For the Year Ended December 31 2015 2014 Old 401(k) Plan Employer contributions $ - $ - Dividends on Company stock 61,838 66,312 Retirement Plan Employer contributions $ 453,576 $ 466,926
Deferred Compensation Arrangement with Individual Disclosure, Postretirement Benefits [Table Text Block]	December 31 2015 2014 Company common stock: Shares held 27,350 21,020 Fair value $ 518,292 $ 450,889 Mutual funds - fair value 80,666 140,770 Cash and cash equivalents 6,227 5,816 For the Year Ended December 31 2015 2014 Employer contributions $ 50,263 $ 35,010 Dividends on Company stock 4,340 4,164

Note 9 - Segment Data (Tables)

Note 9 - Segment Data (Tables)	12 Months Ended
	Dec. 31, 2015
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment [Table Text Block]	2015 2014 (000's omitted) Revenue: Preneed and burial products $ 48,894 $ 47,445 Traditional and universal life products 16,746 21,226 Administrative and financial services 1,357 1,244 Corporate and other 1,180 983 Total $ 68,177 $ 70,898 Pre-tax income (loss) from operations: Preneed and burial products $ (496 ) $ (34 ) Traditional and universal life products 742 1,286 Administrative and financial services 274 284 Corporate and other 384 160 Total $ 904 $ 1,696 Assets: Preneed and burial products $ 374,793 $ 375,219 Traditional and universal life products 123,823 120,377 Administrative and financial services 9,706 9,496 Corporate and other 61,716 80,121 Total $ 570,038 $ 585,213 Amortization and depreciation expense: Preneed and burial products $ 5,641 $ 5,458 Traditional and universal life products 1,538 1,987 Administrative and financial services 214 278 Corporate and other 310 373 Total $ 7,703 $ 8,096

Note 10 - Reinsurance (Tables)

Note 10 - Reinsurance (Tables)	12 Months Ended
	Dec. 31, 2015
Reinsurance Disclosures [Abstract]
Schedule of Reinsurance Ceded and Assumed [TableText Block]	2015 2014 Premiums ceded $ 12,511,080 $ 13,687,074 Premiums assumed 781,863 3,346,657 Commission and expense allowances 4,457,058 3,443,836 Benefit recoveries 8,414,608 7,703,390

Note 11 - Other Comprehensive28

Note 11 - Other Comprehensive Income (Tables)	12 Months Ended
	Dec. 31, 2015
Disclosure Text Block [Abstract]
Comprehensive Income (Loss) [Table Text Block]	Year Ended December 31, 2015 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 $ (17,074,720 ) $ (5,805,405 ) $ (11,269,315 ) Reclassification adjustment for gains included in income (735,567 ) (250,093 ) (485,474 ) Adjustment for effect of deferred acquisition costs 462,249 157,165 305,084 Net unrealized losses on investments (17,348,038 ) (5,898,333 ) (11,449,705 ) Change in defined benefit pension plan: Actuarial net loss on pension plan (1,515,949 ) (515,422 ) (1,000,527 ) Amortization of actuarial net loss in net periodic pension cost 762,233 259,159 503,074 Net change in defined benefit pension plan (753,716 ) (256,263 ) (497,453 ) Total other comprehensive loss $ (18,101,754 ) $ (6,154,596 ) $ (11,947,158 ) Year Ended December 31, 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 $ 12,863,346 $ 4,356,021 $ 8,507,325 Reclassification adjustment for gains included in income (710,632 ) (224,098 ) (486,534 ) Adjustment for effect of deferred acquisition costs (293,231 ) (99,699 ) (193,532 ) Net unrealized gains on investments 11,859,483 4,032,224 7,827,259 Change in defined benefit pension plan: Actuarial net loss on pension plan (3,231,218 ) (1,098,614 ) (2,132,604 ) Amortization of actuarial net loss in net periodic pension cost 390,413 132,740 257,673 Net change in defined benefit pension plan (2,840,805 ) (965,874 ) (1,874,931 ) Total other comprehensive income $ 9,018,678 $ 3,066,350 $ 5,952,328
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]	Unrealized Gains Defined Accumulated (Losses) on Benefit Other Available-For-Sale Pension Comprehensive Securities Plans Income For the year ended December 31, 2015: Beginning balance $ 17,743,407 $ (5,039,088 ) $ 12,704,319 Other comprehensive loss before reclassifications (10,964,231 ) (1,000,527 ) (11,964,758 ) Amounts reclassified from accumulated other comprehensive income (485,474 ) 503,074 17,600 Net current period other comprehensive loss (11,449,705 ) (497,453 ) (11,947,158 ) Ending balance $ 6,293,702 $ (5,536,541 ) $ 757,161 For the year ended December 31, 2014: Beginning balance $ 9,916,148 $ (3,164,157 ) $ 6,751,991 Other comprehensive income (loss) before reclassifications 8,313,793 (2,132,604 ) 6,181,189 Amounts reclassified from accumulated other comprehensive income (486,534 ) 257,673 (228,861 ) Net current period other comprehensive income (loss) 7,827,259 (1,874,931 ) 5,952,328 Ending balance $ 17,743,407 $ (5,039,088 ) $ 12,704,319
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block]	Year Ended December 31, Reclassification Adjustments 2015 2014 Unrealized gains on available-for-sale securities: Realized gains on sale of securities (a) $ 735,567 $ 710,632 Income tax expense (c) (250,093 ) (224,098 ) Net of tax 485,474 486,534 Defined benefit pension plans: Amortization of actuarial net loss (b) (762,233 ) (390,413 ) Income tax benefit (c) 259,159 132,740 Net of tax (503,074 ) (257,673 ) Total reclassifications for the period $ (17,600 ) $ 228,861

Note 1 - Nature of Operations29

Note 1 - Nature of Operations and Accounting Policies (Details)	12 Months Ended
	Dec. 31, 2015USD ($)$ / sharesshares	Dec. 31, 2014USD ($)$ / sharesshares
Note 1 - Nature of Operations and Accounting Policies (Details) [Line Items]
Percent of Revenue	99.00%
Amortization of Value of Business Acquired (VOBA)	$ 75,761	$ 85,019
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months	70,000
Finite-Lived Intangible Assets, Amortization Expense, Year Two	63,000
Finite-Lived Intangible Assets, Amortization Expense, Year Three	44,000
Finite-Lived Intangible Assets, Amortization Expense, Year Four	13,000
Finite-Lived Intangible Assets, Amortization Expense, Year Five	8,000
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	$ 3,991,112	$ 3,860,908
Capital Leased Assets Number of Units New During Period	1	5
Capital Lease Obligations Incurred	$ 184,100	$ 13,450
Repayments of Long-term Capital Lease Obligations	395,024	501,379
Capital Leases, Future Minimum Payments Due, Next Twelve Months	324,151
Capital Leases, Future Minimum Payments Due in Two Years	74,034
Capital Leases, Future Minimum Payments Due in Three Years	6,259
Capital Lease Obligations	377,259	553,028
Capital Leases, Future Minimum Payments Due	404,444
Capital Leases, Future Minimum Payments, Interest Included in Payments	27,185
Capital Leases, Lessee Balance Sheet, Assets by Major Class, Accumulated Depreciation	745,601	992,449
Reinsurance Recoverables	56,332,692	55,910,993
Policy Claims Liability Estimate of Outstanding Claims	$ 721,592	$ 940,600
Participating Policies as Percentage of Gross Insurance in Force	15.00%	15.00%
Liability for Future Policy Benefit by Product Segment, Interest Rate, Year of Issue	3.00%	3.00%
Investment Yields Used For Expected Gross Profits	4.50%
Common Stock, Par or Stated Value Per Share (in Dollars per share) | $ / shares	$ 1
Common Stock, Shares Authorized (in Shares) | shares	4,000,000
Weighted Average Number of Shares Outstanding, Basic (in Shares) | shares	1,120,306	1,126,365
Common Stock, Dividends, Per Share, Cash Paid (in Dollars per share) | $ / shares	$ 0.21	$ 0.20
Reserves Ceded to Reinsurers [Member]
Note 1 - Nature of Operations and Accounting Policies (Details) [Line Items]
Reinsurance Recoverables	$ 55,510,620	$ 55,154,752
Insurance Contracts Acquired in Business Combination [Member]
Note 1 - Nature of Operations and Accounting Policies (Details) [Line Items]
Finite-Lived Intangible Assets, Accumulated Amortization	$ 696,080	$ 620,319
Maximum [Member]
Note 1 - Nature of Operations and Accounting Policies (Details) [Line Items]
ShortTermInvestmentsMaturityDateTerm	1 year
CashAndCashEquivalentsMaturityTerm	3 months
Investment Yields Used For Expected Gross Profits	9.17%
Minimum [Member]
Note 1 - Nature of Operations and Accounting Policies (Details) [Line Items]
ShortTermInvestmentsMaturityDateTerm	3 months
Investment Yields Used For Expected Gross Profits	3.56%

Note 2 - Investments (Details)

Note 2 - Investments (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Note 2 - Investments (Details) [Line Items]
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities	$ 0	$ 0
Restricted Cash and Investments	$ 22,899,132	$ 23,951,372
Mortgage Loans, Commercial Percentage	32.10%	41.90%
Mortgage Loans, Residential Percentage	67.90%	58.10%
Maximum Loan to Value Ratio Required	80.00%
Minimum Debt Service Coverage Required	115.00%
Mortgage Loans in Process of Foreclosure, Amount 2	$ 0	$ 0
Mortgage Loans, Modifications, Recorded Investment	0	0
Mortgage Loan Defaults, Amount	2,014	0
Real Estate Investment Property, at Cost	1,126,649	1,123,089
Real Estate Investment Property, Accumulated Depreciation	586,762	561,459
Investments in Convertible Options, Fair Value	957,405
Investments in Convertible Securities Gain	102,342
Investments in Convertible Securities, Net Realized Gain (Loss) on Exchange	7,223	0
Mortgage Loans, Equal to Greater than 90 Days Past Due [Member]
Note 2 - Investments (Details) [Line Items]
Mortgage Loans on Real Estate, Carrying Amount of Mortgages	0	0
Nonperforming Financial Instruments [Member]
Note 2 - Investments (Details) [Line Items]
Mortgage Loans on Real Estate, Carrying Amount of Mortgages	0	0
Nonaccrual Status [Member]
Note 2 - Investments (Details) [Line Items]
Mortgage Loans on Real Estate, Carrying Amount of Mortgages	$ 0	$ 0
Fixed Maturities [Member]
Note 2 - Investments (Details) [Line Items]
Percentage of Portfolio Measured	97.40%
Minimum Fair Value to Cost Ratio	80.00%
Fixed Maturities [Member] | Basic Industrial Sector [Member]
Note 2 - Investments (Details) [Line Items]
Percent of Portfolio, Gross Unrealized Losses	54.50%
Fixed Maturities [Member] | Energy Sector [Member]
Note 2 - Investments (Details) [Line Items]
Percent of Portfolio, Gross Unrealized Losses	22.60%
Equity Securities [Member]
Note 2 - Investments (Details) [Line Items]
Percentage of Portfolio Measured	93.40%
Minimum Fair Value to Cost Ratio	80.00%

Note 2 - Investments (Details)

Note 2 - Investments (Details) - Available-for-sale Securities - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Fixed maturities:
Fixed maturity securities, amortized cost	$ 399,525,617	$ 403,596,261
Fixed maturity securities, gross unrealized gains	19,148,943	28,219,388
Fixed maturity securities, gross unrealized losses	9,527,753	1,698,171
Fixed maturity securities	409,146,807	430,117,478
Equity securities:
Equity securities, amortized cost	7,452,666	6,331,436
Equity securities, gross unrealized gains	702,497	1,197,756
Equity securities, gross unrealized losses	538,374	123,373
Equity securities	7,616,789	7,405,819
Securities, amortized cost	406,978,283	409,927,697
Securities, gross unrealized gains	19,851,440	29,417,144
Securities, gross unrealized losses	10,066,127	1,821,544
Securities	416,763,596	437,523,297
US Government Agencies Debt Securities [Member]
Fixed maturities:
Fixed maturity securities, amortized cost	23,373,714	28,063,178
Fixed maturity securities, gross unrealized gains	642,038	820,997
Fixed maturity securities, gross unrealized losses	0	16,164
Fixed maturity securities	24,015,752	28,868,011
Equity securities:
Securities	24,015,752	28,868,011
US States and Political Subdivisions Debt Securities [Member]
Fixed maturities:
Fixed maturity securities, amortized cost	36,830,198	38,021,271
Fixed maturity securities, gross unrealized gains	4,511,826	5,985,975
Fixed maturity securities, gross unrealized losses	136,585	0
Fixed maturity securities	41,205,439	44,007,246
Equity securities:
Securities	41,205,439	44,007,246
Corporate Debt Securities [Member]
Fixed maturities:
Fixed maturity securities, amortized cost	229,425,035	224,299,411
Fixed maturity securities, gross unrealized gains	10,338,999	15,669,733
Fixed maturity securities, gross unrealized losses	4,587,896	930,632
Fixed maturity securities	235,176,138	239,038,512
Equity securities:
Securities	235,176,138	239,038,512
Foreign [Member]
Fixed maturities:
Fixed maturity securities, amortized cost	65,010,084	63,792,040
Fixed maturity securities, gross unrealized gains	1,731,076	2,934,542
Fixed maturity securities, gross unrealized losses	4,682,638	751,369
Fixed maturity securities	62,058,522	65,975,213
Equity securities:
Securities	62,058,522	65,975,213
Asset-backed Securities [Member]
Fixed maturities:
Fixed maturity securities, amortized cost	143,552	1,432,996
Fixed maturity securities, gross unrealized gains	457	33,501
Fixed maturity securities, gross unrealized losses	0	0
Fixed maturity securities	144,009	1,466,497
Equity securities:
Securities	144,009	1,466,497
Commercial Mortgage Backed Securities [Member]
Fixed maturities:
Fixed maturity securities, amortized cost	6,830,520	7,869,355
Fixed maturity securities, gross unrealized gains	148,314	266,831
Fixed maturity securities, gross unrealized losses	15,592	0
Fixed maturity securities	6,963,242	8,136,186
Equity securities:
Securities	6,963,242	8,136,186
Residential Mortgage Backed Securities [Member]
Fixed maturities:
Fixed maturity securities, amortized cost	37,200,599	40,118,010
Fixed maturity securities, gross unrealized gains	1,776,233	2,507,809
Fixed maturity securities, gross unrealized losses	62,255	6
Fixed maturity securities	38,914,577	42,625,813
Equity securities:
Securities	38,914,577	42,625,813
Redeemable Preferred Stock [Member]
Fixed maturities:
Fixed maturity securities, amortized cost	711,915
Fixed maturity securities, gross unrealized gains	0
Fixed maturity securities, gross unrealized losses	42,787
Fixed maturity securities	669,128
Equity securities:
Securities	669,128
US Agencies [Member]
Equity securities:
Equity securities, amortized cost	707,900	707,900
Equity securities, gross unrealized gains	0	0
Equity securities, gross unrealized losses	0	0
Equity securities	707,900	707,900
Securities	707,900	707,900
Mutual Funds [Member]
Equity securities:
Equity securities, amortized cost	318,284	318,284
Equity securities, gross unrealized gains	0	40,038
Equity securities, gross unrealized losses	14,253	0
Equity securities	304,031	358,322
Securities	304,031	358,322
Common Stock [Member]
Equity securities:
Equity securities, amortized cost	6,426,482	5,305,252
Equity securities, gross unrealized gains	702,497	1,157,718
Equity securities, gross unrealized losses	524,121	123,373
Equity securities	6,604,858	6,339,597
Securities	$ 6,604,858	$ 6,339,597

Note 2 - Investments (Details32

Note 2 - Investments (Details) - Securities in a Continuous Unrealized Loss Position	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Greater than 12 months:
Securities in continuous loss position, estimated fair value	$ 100,723,250	$ 40,207,698
Securities in continuous loss position, gross unrealized loss	$ 10,066,127	$ 1,821,544
Securities in continuous loss position, number of securities	107	29
US States and Political Subdivisions Debt Securities [Member]
Less than 12 months:
Securities in continuous loss position, less than 12 months, fair value	$ 1,613,415	$ 0
Securities in continuous loss position, less than 12 months, gross unrealized loss	$ 136,585	$ 0
Securities in continuous loss position, less than 12 months, number of securities	2	0
Corporate Debt Securities [Member]
Less than 12 months:
Securities in continuous loss position, less than 12 months, fair value	$ 55,039,213	$ 12,473,068
Securities in continuous loss position, less than 12 months, gross unrealized loss	$ 3,873,158	$ 508,818
Securities in continuous loss position, less than 12 months, number of securities	52	7
Greater than 12 months:
Securities in continuous loss position, greater than 12 months, fair value	$ 5,533,581	$ 3,828,887
Securities in continuous loss position, greater than 12 months, gross unrealized loss	$ 714,738	$ 421,814
Securities in continuous loss position, greater than 12 months, number of securities	4	3
Foreign [Member]
Less than 12 months:
Securities in continuous loss position, less than 12 months, fair value	$ 24,154,510	$ 10,374,173
Securities in continuous loss position, less than 12 months, gross unrealized loss	$ 1,418,143	$ 310,267
Securities in continuous loss position, less than 12 months, number of securities	20	7
Greater than 12 months:
Securities in continuous loss position, greater than 12 months, fair value	$ 6,007,156	$ 4,724,455
Securities in continuous loss position, greater than 12 months, gross unrealized loss	$ 3,264,495	$ 441,102
Securities in continuous loss position, greater than 12 months, number of securities	4	2
Commercial Mortgage Backed Securities [Member]
Less than 12 months:
Securities in continuous loss position, less than 12 months, fair value	$ 1,447,694	$ 0
Securities in continuous loss position, less than 12 months, gross unrealized loss	$ 15,592	$ 0
Securities in continuous loss position, less than 12 months, number of securities	2	0
Residential Mortgage Backed Securities [Member]
Less than 12 months:
Securities in continuous loss position, less than 12 months, fair value	$ 3,320,890	$ 16,862
Securities in continuous loss position, less than 12 months, gross unrealized loss	$ 62,255	$ 6
Securities in continuous loss position, less than 12 months, number of securities	2	1
Redeemable Preferred Stock [Member]
Less than 12 months:
Securities in continuous loss position, less than 12 months, fair value	$ 669,128	$ 0
Securities in continuous loss position, less than 12 months, gross unrealized loss	$ 42,787	$ 0
Securities in continuous loss position, less than 12 months, number of securities	2	0
US Government Agencies Debt Securities [Member]
Greater than 12 months:
Securities in continuous loss position, greater than 12 months, fair value	$ 0	$ 7,736,774
Securities in continuous loss position, greater than 12 months, gross unrealized loss	$ 0	$ 16,164
Securities in continuous loss position, greater than 12 months, number of securities	0	1
Debt Securities [Member]
Greater than 12 months:
Securities in continuous loss position, estimated fair value	$ 97,785,587	$ 39,154,219
Securities in continuous loss position, gross unrealized loss	$ 9,527,753	$ 1,698,171
Securities in continuous loss position, number of securities	88	21
Mutual Funds [Member]
Less than 12 months:
Securities in continuous loss position, less than 12 months, fair value	$ 304,031	$ 0
Securities in continuous loss position, less than 12 months, gross unrealized loss	$ 14,253	$ 0
Securities in continuous loss position, less than 12 months, number of securities	1	0
Common Stock [Member]
Less than 12 months:
Securities in continuous loss position, less than 12 months, fair value	$ 2,449,672	$ 527,614
Securities in continuous loss position, less than 12 months, gross unrealized loss	$ 473,551	$ 103,438
Securities in continuous loss position, less than 12 months, number of securities	15	4
Greater than 12 months:
Securities in continuous loss position, greater than 12 months, fair value	$ 183,960	$ 525,865
Securities in continuous loss position, greater than 12 months, gross unrealized loss	$ 50,570	$ 19,935
Securities in continuous loss position, greater than 12 months, number of securities	3	4
Equity Securities [Member]
Greater than 12 months:
Securities in continuous loss position, estimated fair value	$ 2,937,663	$ 1,053,479
Securities in continuous loss position, gross unrealized loss	$ 538,374	$ 123,373
Securities in continuous loss position, number of securities	19	8

Note 2 - Investments (Details33

Note 2 - Investments (Details) - Net Unrealized Gains for Investments Classified as Available-for-sale - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Net Unrealized Gains for Investments Classified as Available-for-sale [Abstract]
Net unrealized appreciation on available-for sale securities	$ 9,785,313	$ 27,595,600
Adjustment to deferred acquisition costs	(249,401)	(711,650)
Deferred income taxes	(3,242,210)	(9,140,543)
Net unrealized appreciation on available-for sale securities	$ 6,293,702	$ 17,743,407

Note 2 - Investments (Details34

Note 2 - Investments (Details) - Fixed Maturity Securities by Contractual Maturity - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Note 2 - Investments (Details) - Fixed Maturity Securities by Contractual Maturity [Line Items]
Total	$ 399,525,617	$ 403,596,261
Total	409,146,807	$ 430,117,478
All Except for State Guaranteed Receivables [Member]
Note 2 - Investments (Details) - Fixed Maturity Securities by Contractual Maturity [Line Items]
Due in one year or less	9,836,202
Due in one year or less	9,981,356
Due after one year through five years	90,063,962
Due after one year through five years	96,190,461
Due after five years through ten years	183,395,618
Due after five years through ten years	180,028,828
Due after ten years	50,322,624
Due after ten years	54,780,672
Due at multiple maturity dates	65,907,211
Due at multiple maturity dates	68,165,490
Total	399,525,617
Total	$ 409,146,807

Note 2 - Investments (Details35

Note 2 - Investments (Details) - Proceeds from Sales and Maturities of Investments in Available-for-sale - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Proceeds from Sales and Maturities of Investments in Available-for-sale [Abstract]
Proceeds from sales and maturities	$ 37,200,703	$ 46,446,460
Gross realized gains	939,423	974,260
Gross realized losses	$ (203,856)	$ (263,628)

Note 2 - Investments (Details36

Note 2 - Investments (Details) - Available-for-sale Securities - Change in Unrealized Gains (Losses) and Realized Gains (Losses) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Securities available-for-sale:
Mortgage loans on real estate	$ 75,915	$ 0
Investments in convertible options	7,223	0
Debt Securities [Member]
Securities available-for-sale:
Change in unrealized investment gains (losses)	(16,900,027)	11,008,303
Securities available-for-sale:
Realized investment gains (losses)	91,141	682,604
Equity Securities [Member]
Securities available-for-sale:
Change in unrealized investment gains (losses)	(910,260)	1,144,411
Securities available-for-sale:
Realized investment gains (losses)	$ 644,426	$ 28,028

Note 2 - Investments (Details37

Note 2 - Investments (Details) - Mortgage Loans by State - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Note 2 - Investments (Details) - Mortgage Loans by State [Line Items]
Mortgage loans on real estate	$ 33,174,131	$ 29,459,436
ILLINOIS
Note 2 - Investments (Details) - Mortgage Loans by State [Line Items]
Mortgage loans on real estate	6,046,408	3,392,446
TEXAS
Note 2 - Investments (Details) - Mortgage Loans by State [Line Items]
Mortgage loans on real estate	5,694,612	2,290,700
FLORIDA
Note 2 - Investments (Details) - Mortgage Loans by State [Line Items]
Mortgage loans on real estate	3,906,034	6,047,236
CALIFORNIA
Note 2 - Investments (Details) - Mortgage Loans by State [Line Items]
Mortgage loans on real estate	3,366,434	4,806,451
KENTUCKY
Note 2 - Investments (Details) - Mortgage Loans by State [Line Items]
Mortgage loans on real estate	3,241,793	3,492,854
GEORGIA
Note 2 - Investments (Details) - Mortgage Loans by State [Line Items]
Mortgage loans on real estate	2,671,788	3,123,530
OHIO
Note 2 - Investments (Details) - Mortgage Loans by State [Line Items]
Mortgage loans on real estate	1,692,354	1,805,093
MISSOURI
Note 2 - Investments (Details) - Mortgage Loans by State [Line Items]
Mortgage loans on real estate	1,342,845	267,996
TENNESSEE
Note 2 - Investments (Details) - Mortgage Loans by State [Line Items]
Mortgage loans on real estate	895,607	1,054,671
ARIZONA
Note 2 - Investments (Details) - Mortgage Loans by State [Line Items]
Mortgage loans on real estate	774,060	927,600
INDIANA
Note 2 - Investments (Details) - Mortgage Loans by State [Line Items]
Mortgage loans on real estate	759,139	95,434
WEST VIRGINIA
Note 2 - Investments (Details) - Mortgage Loans by State [Line Items]
Mortgage loans on real estate	412,250	440,725
NEVADA
Note 2 - Investments (Details) - Mortgage Loans by State [Line Items]
Mortgage loans on real estate	373,359	0
PENNSYLVANIA
Note 2 - Investments (Details) - Mortgage Loans by State [Line Items]
Mortgage loans on real estate	370,323	0
NORTH CAROLINA
Note 2 - Investments (Details) - Mortgage Loans by State [Line Items]
Mortgage loans on real estate	353,275	359,308
NEW JERSEY
Note 2 - Investments (Details) - Mortgage Loans by State [Line Items]
Mortgage loans on real estate	247,723	252,612
SOUTH CAROLINA
Note 2 - Investments (Details) - Mortgage Loans by State [Line Items]
Mortgage loans on real estate	225,881	248,815
COLORADO
Note 2 - Investments (Details) - Mortgage Loans by State [Line Items]
Mortgage loans on real estate	222,364	225,772
MASSACHUSETTS
Note 2 - Investments (Details) - Mortgage Loans by State [Line Items]
Mortgage loans on real estate	205,469	239,399
IDAHO
Note 2 - Investments (Details) - Mortgage Loans by State [Line Items]
Mortgage loans on real estate	159,073	174,433
KANSAS
Note 2 - Investments (Details) - Mortgage Loans by State [Line Items]
Mortgage loans on real estate	135,401	136,442
UTAH
Note 2 - Investments (Details) - Mortgage Loans by State [Line Items]
Mortgage loans on real estate	$ 77,939	$ 77,919

Note 2 - Investments (Details38

Note 2 - Investments (Details) - State-guaranteed Receivables by Contractual Maturity - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Note 2 - Investments (Details) - State-guaranteed Receivables by Contractual Maturity [Line Items]
Total	$ 7,692,959	$ 7,917,379
Total	9,094,934	$ 9,719,006
State-Guaranteed Receivables [Member]
Note 2 - Investments (Details) - State-guaranteed Receivables by Contractual Maturity [Line Items]
Due in one year or less	763,177
Due in one year or less	772,746
Due after one year through five years	2,663,392
Due after one year through five years	2,898,690
Due after five years through ten years	3,014,588
Due after five years through ten years	3,688,548
Due after ten years	1,251,802
Due after ten years	1,734,950
Total	7,692,959
Total	$ 9,094,934

Note 2 - Investments (Details39

Note 2 - Investments (Details) - Amortized Cost of State-guaranteed Receivables, by State - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Note 2 - Investments (Details) - Amortized Cost of State-guaranteed Receivables, by State [Line Items]
Amortized cost of state-guaranteed receivables	$ 7,692,959	$ 7,917,379
NEW YORK
Note 2 - Investments (Details) - Amortized Cost of State-guaranteed Receivables, by State [Line Items]
Amortized cost of state-guaranteed receivables	3,496,115	3,694,805
MASSACHUSETTS
Note 2 - Investments (Details) - Amortized Cost of State-guaranteed Receivables, by State [Line Items]
Amortized cost of state-guaranteed receivables	1,991,601	1,969,570
GEORGIA
Note 2 - Investments (Details) - Amortized Cost of State-guaranteed Receivables, by State [Line Items]
Amortized cost of state-guaranteed receivables	1,432,022	1,467,774
PENNSYLVANIA
Note 2 - Investments (Details) - Amortized Cost of State-guaranteed Receivables, by State [Line Items]
Amortized cost of state-guaranteed receivables	294,968	299,851
TEXAS
Note 2 - Investments (Details) - Amortized Cost of State-guaranteed Receivables, by State [Line Items]
Amortized cost of state-guaranteed receivables	243,939	227,649
CALIFORNIA
Note 2 - Investments (Details) - Amortized Cost of State-guaranteed Receivables, by State [Line Items]
Amortized cost of state-guaranteed receivables	180,143	188,131
OHIO
Note 2 - Investments (Details) - Amortized Cost of State-guaranteed Receivables, by State [Line Items]
Amortized cost of state-guaranteed receivables	$ 54,171	$ 69,599

Note 2 - Investments (Details40

Note 2 - Investments (Details) - Net Investment Income - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Net Investment Income [Line Items]
Gross investment income	$ 22,269,298	$ 21,994,995
Investment expenses	1,031,985	832,260
Net investment income	21,237,313	21,162,735
Fixed Maturities [Member]
Net Investment Income [Line Items]
Gross investment income	18,296,411	18,957,838
Equity Securities [Member]
Net Investment Income [Line Items]
Gross investment income	295,368	270,306
Mortgages [Member]
Net Investment Income [Line Items]
Gross investment income	2,316,721	1,497,721
Policy Loans [Member]
Net Investment Income [Line Items]
Gross investment income	494,299	478,712
State-Guaranteed Receivables [Member]
Net Investment Income [Line Items]
Gross investment income	545,120	557,812
Convertible Debt Securities [Member]
Net Investment Income [Line Items]
Gross investment income	102,342	0
Other Long-term Investments [Member]
Net Investment Income [Line Items]
Gross investment income	$ 219,037	$ 232,606

Note 3 - Fair Values of Finan41

Note 3 - Fair Values of Financial Instruments (Details)	Dec. 31, 2015
Note 3 - Fair Values of Financial Instruments (Details) [Line Items]
Fair Value Hierarchy Number of Input Levels	3
Private Equity Investment [Member]
Note 3 - Fair Values of Financial Instruments (Details) [Line Items]
Number of Level 3 Investments Reported at Fair Value	1

Note 3 - Fair Values of Finan42

Note 3 - Fair Values of Financial Instruments (Details) - Financial Instruments Measured at Fair Value on a Recurring Basis - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Note 3 - Fair Values of Financial Instruments (Details) - Financial Instruments Measured at Fair Value on a Recurring Basis [Line Items]
Securities available-for-sale	$ 416,763,596	$ 437,523,297
Mortgage-backed securities:
Investments in convertible options	957,405
US Government Agencies Debt Securities [Member]
Note 3 - Fair Values of Financial Instruments (Details) - Financial Instruments Measured at Fair Value on a Recurring Basis [Line Items]
Securities available-for-sale	24,015,752	28,868,011
US States and Political Subdivisions Debt Securities [Member]
Note 3 - Fair Values of Financial Instruments (Details) - Financial Instruments Measured at Fair Value on a Recurring Basis [Line Items]
Securities available-for-sale	41,205,439	44,007,246
Corporate Debt Securities [Member]
Note 3 - Fair Values of Financial Instruments (Details) - Financial Instruments Measured at Fair Value on a Recurring Basis [Line Items]
Securities available-for-sale	235,176,138	239,038,512
Foreign [Member]
Note 3 - Fair Values of Financial Instruments (Details) - Financial Instruments Measured at Fair Value on a Recurring Basis [Line Items]
Securities available-for-sale	62,058,522	65,975,213
Asset-backed Securities [Member]
Note 3 - Fair Values of Financial Instruments (Details) - Financial Instruments Measured at Fair Value on a Recurring Basis [Line Items]
Securities available-for-sale	144,009	1,466,497
Commercial Mortgage Backed Securities [Member]
Note 3 - Fair Values of Financial Instruments (Details) - Financial Instruments Measured at Fair Value on a Recurring Basis [Line Items]
Securities available-for-sale	6,963,242	8,136,186
Residential Mortgage Backed Securities [Member]
Note 3 - Fair Values of Financial Instruments (Details) - Financial Instruments Measured at Fair Value on a Recurring Basis [Line Items]
Securities available-for-sale	38,914,577	42,625,813
Redeemable Preferred Stock [Member]
Note 3 - Fair Values of Financial Instruments (Details) - Financial Instruments Measured at Fair Value on a Recurring Basis [Line Items]
Securities available-for-sale	669,128
Debt Securities [Member]
Note 3 - Fair Values of Financial Instruments (Details) - Financial Instruments Measured at Fair Value on a Recurring Basis [Line Items]
Securities available-for-sale	409,146,807	430,117,478
US Agencies [Member]
Note 3 - Fair Values of Financial Instruments (Details) - Financial Instruments Measured at Fair Value on a Recurring Basis [Line Items]
Securities available-for-sale	707,900	707,900
Mutual Funds [Member]
Note 3 - Fair Values of Financial Instruments (Details) - Financial Instruments Measured at Fair Value on a Recurring Basis [Line Items]
Securities available-for-sale	304,031	358,322
Common Stock [Member]
Note 3 - Fair Values of Financial Instruments (Details) - Financial Instruments Measured at Fair Value on a Recurring Basis [Line Items]
Securities available-for-sale	6,604,858	6,339,597
Equity Securities [Member]
Note 3 - Fair Values of Financial Instruments (Details) - Financial Instruments Measured at Fair Value on a Recurring Basis [Line Items]
Securities available-for-sale	7,616,789	7,405,819
Fair Value, Inputs, Level 1 [Member] | US Agencies [Member]
Note 3 - Fair Values of Financial Instruments (Details) - Financial Instruments Measured at Fair Value on a Recurring Basis [Line Items]
Securities available-for-sale	707,900	707,900
Fair Value, Inputs, Level 1 [Member] | Mutual Funds [Member]
Note 3 - Fair Values of Financial Instruments (Details) - Financial Instruments Measured at Fair Value on a Recurring Basis [Line Items]
Securities available-for-sale	304,031	358,322
Fair Value, Inputs, Level 1 [Member] | Common Stock [Member]
Note 3 - Fair Values of Financial Instruments (Details) - Financial Instruments Measured at Fair Value on a Recurring Basis [Line Items]
Securities available-for-sale	6,252,858	5,955,597
Fair Value, Inputs, Level 1 [Member] | Equity Securities [Member]
Note 3 - Fair Values of Financial Instruments (Details) - Financial Instruments Measured at Fair Value on a Recurring Basis [Line Items]
Securities available-for-sale	7,264,789	7,021,819
Fair Value, Inputs, Level 2 [Member]
Mortgage-backed securities:
Investments in convertible options	957,405
Fair Value, Inputs, Level 2 [Member] | US Government Agencies Debt Securities [Member]
Note 3 - Fair Values of Financial Instruments (Details) - Financial Instruments Measured at Fair Value on a Recurring Basis [Line Items]
Securities available-for-sale	24,015,752	28,868,011
Fair Value, Inputs, Level 2 [Member] | US States and Political Subdivisions Debt Securities [Member]
Note 3 - Fair Values of Financial Instruments (Details) - Financial Instruments Measured at Fair Value on a Recurring Basis [Line Items]
Securities available-for-sale	41,205,439	44,007,246
Fair Value, Inputs, Level 2 [Member] | Corporate Debt Securities [Member]
Note 3 - Fair Values of Financial Instruments (Details) - Financial Instruments Measured at Fair Value on a Recurring Basis [Line Items]
Securities available-for-sale	235,176,138	239,038,512
Fair Value, Inputs, Level 2 [Member] | Foreign [Member]
Note 3 - Fair Values of Financial Instruments (Details) - Financial Instruments Measured at Fair Value on a Recurring Basis [Line Items]
Securities available-for-sale	62,058,522	65,975,213
Fair Value, Inputs, Level 2 [Member] | Asset-backed Securities [Member]
Note 3 - Fair Values of Financial Instruments (Details) - Financial Instruments Measured at Fair Value on a Recurring Basis [Line Items]
Securities available-for-sale	144,009	1,466,497
Fair Value, Inputs, Level 2 [Member] | Commercial Mortgage Backed Securities [Member]
Note 3 - Fair Values of Financial Instruments (Details) - Financial Instruments Measured at Fair Value on a Recurring Basis [Line Items]
Securities available-for-sale	6,963,242	8,136,186
Fair Value, Inputs, Level 2 [Member] | Residential Mortgage Backed Securities [Member]
Note 3 - Fair Values of Financial Instruments (Details) - Financial Instruments Measured at Fair Value on a Recurring Basis [Line Items]
Securities available-for-sale	38,914,577	42,625,813
Fair Value, Inputs, Level 2 [Member] | Redeemable Preferred Stock [Member]
Note 3 - Fair Values of Financial Instruments (Details) - Financial Instruments Measured at Fair Value on a Recurring Basis [Line Items]
Securities available-for-sale	669,128
Fair Value, Inputs, Level 2 [Member] | Debt Securities [Member]
Note 3 - Fair Values of Financial Instruments (Details) - Financial Instruments Measured at Fair Value on a Recurring Basis [Line Items]
Securities available-for-sale	409,146,807	430,117,478
Fair Value, Inputs, Level 3 [Member] | Common Stock [Member]
Note 3 - Fair Values of Financial Instruments (Details) - Financial Instruments Measured at Fair Value on a Recurring Basis [Line Items]
Securities available-for-sale	352,000	384,000
Fair Value, Inputs, Level 3 [Member] | Equity Securities [Member]
Note 3 - Fair Values of Financial Instruments (Details) - Financial Instruments Measured at Fair Value on a Recurring Basis [Line Items]
Securities available-for-sale	$ 352,000	$ 384,000

Note 3 - Fair Values of Finan43

Note 3 - Fair Values of Financial Instruments (Details) - Changes in Fair Value of Level 3 Financial Instruments - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Corporate common stock:
Beginning balance	$ 384,000	$ 384,000
Total gains or losses:
Included in other comprehensive income (loss)	(32,000)	0
Ending balance	$ 352,000	$ 384,000

Note 3 - Fair Values of Finan44

Note 3 - Fair Values of Financial Instruments (Details) - Estimated Fair Values of Financial Instruments - USD ($)	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Mortgage loans on real estate:
Mortgage loans on real estate	$ 33,174,131	$ 29,459,436
Policy loans	6,702,911	6,665,493
Policy loans, fair value	6,702,911	6,665,493
State-guaranteed receivables	7,692,959	7,917,379
State-guaranteed receivables, fair value	9,094,934	9,719,006
Other invested assets	2,379,451	3,270,848
Other invested assets, fair value	2,379,451	3,270,848
Cash and cash equivalents	3,619,663	1,870,867	$ 4,143,291
Cash and cash equivalents, fair value	3,619,663	1,870,867
Accrued investment income	5,149,612	5,190,740
Accrued investment income, fair value	5,149,612	5,190,740
Cash value of company-owned life insurance	13,191,773	12,441,833
Cash value of company-owned life insurance, fair value	13,191,773	12,441,833
Liabilities:
Policyholder deposits (Investment-type contracts)	52,694,746	53,318,598
Policyholder deposits (Investment-type contracts), fair value	53,880,242	55,486,262
Policy claims	2,584,088	2,821,106
Policy claims, fair value	2,584,088	2,821,106
Obligations under capital leases	377,259	553,028
Obligations under capital leases, fair value	377,259	553,028
Notes payable	1,433,448	2,508,576
Notes payable, fair value	1,433,448	2,508,576
Commercial Mortgage [Member]
Mortgage loans on real estate:
Mortgage loans on real estate	10,655,107	12,961,492
Mortgage loans on real estate, fair value	11,080,145	13,693,557
Residential Mortgage [Member]
Mortgage loans on real estate:
Mortgage loans on real estate	22,519,024	16,497,944
Mortgage loans on real estate, fair value	24,679,435	18,392,927
Fair Value, Inputs, Level 1 [Member]
Mortgage loans on real estate:
Cash and cash equivalents, fair value	3,619,663	1,870,867
Fair Value, Inputs, Level 2 [Member]
Mortgage loans on real estate:
State-guaranteed receivables, fair value	9,094,934	9,719,006
Fair Value, Inputs, Level 3 [Member]
Mortgage loans on real estate:
Policy loans	6,702,911	6,665,493
Policy loans, fair value	6,702,911	6,665,493
Other invested assets	2,379,451	3,270,848
Other invested assets, fair value	2,379,451	3,270,848
Accrued investment income	5,149,612	5,190,740
Accrued investment income, fair value	5,149,612	5,190,740
Cash value of company-owned life insurance	13,191,773	12,441,833
Cash value of company-owned life insurance, fair value	13,191,773	12,441,833
Liabilities:
Policyholder deposits (Investment-type contracts), fair value	53,880,242	55,486,262
Policy claims	2,584,088	2,821,106
Policy claims, fair value	2,584,088	2,821,106
Obligations under capital leases	377,259	553,028
Obligations under capital leases, fair value	377,259	553,028
Notes payable, fair value	1,433,448	2,508,576
Fair Value, Inputs, Level 3 [Member] | Commercial Mortgage [Member]
Mortgage loans on real estate:
Mortgage loans on real estate, fair value	11,080,145	13,693,557
Fair Value, Inputs, Level 3 [Member] | Residential Mortgage [Member]
Mortgage loans on real estate:
Mortgage loans on real estate, fair value	$ 24,679,435	$ 18,392,927

Note 4 - Federal Income Taxes45

Note 4 - Federal Income Taxes (Details)	12 Months Ended
	Dec. 31, 2015USD ($)
Note 4 - Federal Income Taxes (Details) [Line Items]
Unrecognized Tax Benefits	$ 0
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued	$ 0
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | Earliest Tax Year [Member]
Note 4 - Federal Income Taxes (Details) [Line Items]
Open Tax Year	2,012
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | Latest Tax Year [Member]
Note 4 - Federal Income Taxes (Details) [Line Items]
Open Tax Year	2,015

Note 4 - Federal Income Taxes46

Note 4 - Federal Income Taxes (Details) - Deferred Tax Liabilities and Assets - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Deferred tax liabilities:
Policy acquisition costs	$ 2,675,908	$ 2,954,747
Net unrealized gain on available-for-sale securities	3,242,210	9,140,543
Due premiums	957,825	1,068,415
Other	695,201	861,193
Total deferred tax liabilities	7,571,144	14,024,898
Deferred tax assets:
Benefit reserves, net of reinsurance	3,137,466	3,229,901
Other policyholder funds	363,106	376,530
AMT credit carryforwards	565,828	511,673
Accrued pension liability	2,065,628	1,748,090
Other	333,340	373,254
Total deferred tax assets	6,465,368	6,239,448
Net deferred tax liabilities	$ 1,105,776	$ 7,785,450

Note 4 - Federal Income Taxes47

Note 4 - Federal Income Taxes (Details) - Reconciliation of Income Tax Rate	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Reconciliation of Income Tax Rate [Abstract]
Statutory federal income tax rate	34.00%	34.00%
Small life insurance company deduction	(19.20%)	(2.50%)
Dividends-received deduction	(2.70%)	(1.40%)
Defined contribution plan dividend	(2.30%)	(1.30%)
Nondeductible COLI expense	(16.30%)	(7.20%)
Nontaxable COLI life insurance proceeds	(7.70%)	(2.80%)
Nondeductible travel & meals expense	2.50%	1.30%
True-up of provision to actual	1.70%	4.40%
Other	(4.70%)	0.80%
Effective income tax rate	(14.70%)	25.30%

Note 5 - Notes Payable (Details

Note 5 - Notes Payable (Details) - USD ($)	Aug. 29, 2014	Nov. 05, 2012	Feb. 03, 2005	Mar. 31, 2015	Dec. 31, 2015	Dec. 31, 2014	Nov. 25, 2014
Note 5 - Notes Payable (Details) [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity							$ 1,500,000
Proceeds from Notes Payable					$ 2,802,545	$ 3,091,008
Payments to Acquire Loans Receivable		$ 2,000,000
Loan Receivable Basis Spread on Variable Rate		1.75%
Debt Instrument, Amendments, Withholding of Earned Commissions		15.00%
Other Long-term Investments					2,379,451	3,270,848
Puritan Financial Companies Inc [Member]
Note 5 - Notes Payable (Details) [Line Items]
Proceeds from Notes Payable		$ 2,000,000
Debt Instrument, Basis Spread on Variable Rate		0.25%
Debt Instrument, Periodic Payment		$ 15,000
Debt Instrument Collateral Common Stock Shares (in Shares)		55,000
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in Shares)	2,000,000
Other Long-term Investments					$ 1,450,830	1,860,043
Investors Heritage Life [Member]
Note 5 - Notes Payable (Details) [Line Items]
Proceeds from Notes Payable			$ 3,650,000
Payments to Acquire Property, Plant, and Equipment			3,650,000
Repayments of Bank Debt			$ 3,000,000
Interest Expense						15,795
Interest Paid						$ 18,164
Operating Line of Credit [Member]
Note 5 - Notes Payable (Details) [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity				$ 150,000
Operating Line of Credit [Member] | Prime Rate [Member]
Note 5 - Notes Payable (Details) [Line Items]
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum				3.25%
At Need Funding, LLC [Member]
Note 5 - Notes Payable (Details) [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity				$ 1,500,000
At Need Funding, LLC [Member] | Prime Rate [Member]
Note 5 - Notes Payable (Details) [Line Items]
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum				3.50%
Minimum [Member] | Puritan Financial Companies Inc [Member]
Note 5 - Notes Payable (Details) [Line Items]
Debt Instrument, Periodic Payment	$ 400,000

Note 5 - Notes Payable (Detai49

Note 5 - Notes Payable (Details) - Notes Payable - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Line of Credit [Member]
Note 5 - Notes Payable (Details) - Notes Payable [Line Items]
Outstanding principal	$ 59,484	$ 727,566
Current interest rate	3.50%	3.25%
Maturity date	Mar. 24, 2017	Sep. 25, 2015
Interest expense	$ 19,301	$ 20,887
Interest paid	20,002	20,641
Notes Payable to Banks [Member]
Note 5 - Notes Payable (Details) - Notes Payable [Line Items]
Outstanding principal	$ 1,373,964	$ 1,781,010
Current interest rate	3.25%	3.00%
Maturity date	Nov. 25, 2019	Nov. 25, 2019
Interest expense	$ 32,186	$ 58,308
Interest paid	$ 35,194	$ 59,270

Note 6 - Employee Benefit Pla50

Note 6 - Employee Benefit Plans (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Note 6 - Employee Benefit Plans (Details) [Line Items]
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Gains (Losses), before Tax	$ 8,388,698	$ 7,634,982
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Pensions	2,852,157	2,595,894
Defined Benefit Plan, Amount to be Amortized from Accumulated Other Comprehensive Income (Loss) Next Fiscal Year	737,174
Defined Benefit Plans, Estimated Future Employer Contributions in Next Fiscal Year	$ 300,000
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay	4.00%
Paid to Pension [Member]
Note 6 - Employee Benefit Plans (Details) [Line Items]
Dividends	$ 6,510	$ 6,200

Note 6 - Employee Benefit Pla51

Note 6 - Employee Benefit Plans (Details) - Net Periodic Benefit Cost - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Change in projected benefit obligation:
Benefit obligation at beginning of year	$ 24,975,342	$ 21,315,600
Interest cost	890,263	1,045,055
Expected return on plan assets	(1,172,278)	(1,197,674)
Amortization of net (gain) loss	762,233	390,413
Net periodic benefit cost	480,218	237,794
Actuarial (gain) loss	(5,930)	3,687,960
Benefits paid	(1,167,798)	(1,073,273)
Benefit obligation at end of year	24,691,877	24,975,342
Accumulated benefit obligation	24,691,877	24,975,342
Change in plan assets:
Fair value of plan assets at beginning of year	19,833,900	18,427,757
Actual return on plan assets	(349,601)	1,654,416
Employer contributions	300,000	825,000
Benefits paid	(1,167,798)	(1,073,273)
Fair value of plan assets at end of year	18,616,501	19,833,900
Funded status	(6,075,376)	(5,141,442)
Unrecognized net actuarial loss	8,388,698	7,634,982
Net amount recognized as prepaid benefit cost	$ 2,313,322	$ 2,493,540

Note 6 - Employee Benefit Pla52

Note 6 - Employee Benefit Plans (Details) - Weighted-Average Actuarial Assumptions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Weighted-Average Actuarial Assumptions [Abstract]
Discount rate	4.20%	3.75%
Expected return on plan assets	6.25%	6.50%

Note 6 - Employee Benefit Pla53

Note 6 - Employee Benefit Plans (Details) - Fair Value of Plan Assets - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Fair Value of Plan Assets [Abstract]
Pooled separate accounts	$ 18,029,051	$ 19,168,950
Company common stock - 31,000 shares	$ 587,450	$ 664,950

Note 6 - Employee Benefit Pla54

Note 6 - Employee Benefit Plans (Details) - Fair Value of Plan Assets (Parentheticals) - shares	Dec. 31, 2015	Dec. 31, 2014
Fair Value of Plan Assets [Abstract]
Company common stock -shares	31,000	31,000

Note 6 - Employee Benefit Pla55

Note 6 - Employee Benefit Plans (Details) - Allocation of Plan Assets	Dec. 31, 2015	Dec. 31, 2014
Debt Securities [Member]
Note 6 - Employee Benefit Plans (Details) - Allocation of Plan Assets [Line Items]
Defined benefit plan, asset allocations	68.00%	67.00%
Equity Securities [Member]
Note 6 - Employee Benefit Plans (Details) - Allocation of Plan Assets [Line Items]
Defined benefit plan, asset allocations	29.00%	30.00%
Company Common Stock [Member]
Note 6 - Employee Benefit Plans (Details) - Allocation of Plan Assets [Line Items]
Defined benefit plan, asset allocations	3.00%	3.00%

Note 6 - Employee Benefit Pla56

Note 6 - Employee Benefit Plans (Details) - Estimated Future Benefit Payments	Dec. 31, 2015USD ($)
Estimated Future Benefit Payments [Abstract]
2,016	$ 2,220,000
2,017	1,350,000
2,018	1,340,000
2,019	1,390,000
2,020	1,670,000
2021-2025	$ 8,170,000

Note 6 - Employee Benefit Pla57

Note 6 - Employee Benefit Plans (Details) - Defined Compensation Plans - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Old 401K Plan [Member]
Company common stock:
Shares held (in Shares)	276,590	294,467
Fair value	$ 5,241,377	$ 6,316,313
Old 401(k) Plan
Dividends on Company stock	61,838	66,312
Retirement Plan [Member]
Retirement Plan
Mutual funds - fair value	2,979,588	2,119,209
Retirement Plan
Employer contributions	$ 453,576	$ 466,926

Note 6 - Employee Benefit Pla58

Note 6 - Employee Benefit Plans (Details) - Deferred Compensation Plan - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Company common stock:
Shares held (in Shares)	27,350	21,020
Fair value	$ 518,292	$ 450,889
Mutual funds - fair value	80,666	140,770
Cash and cash equivalents	6,227	5,816
Employer contributions	50,263	35,010
Dividends on Company stock	$ 4,340	$ 4,164

Note 7 - Stockholders' Equity59

Note 7 - Stockholders' Equity and Dividend Restrictions (Details)	Dec. 31, 2015USD ($)
Stockholders' Equity Note [Abstract]
Dividends Percent of Statutory Surplus	10.00%
Statutory Accounting Practices, Statutory Amount Available for Dividend Payments	$ 688,465

Note 8 - Statutory Accounting60

Note 8 - Statutory Accounting Practices (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Statutory Accounting Practices Disclosures [Abstract]
Statutory Accounting Practices, Statutory Capital and Surplus, Balance	$ 21,202,435	$ 20,868,262
Statutory Accounting Practices, Statutory Net Income Amount	$ 1,267,672	$ 848,303

Note 9 - Segment Data (Details)

Note 9 - Segment Data (Details)	12 Months Ended
	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Segment Reporting [Abstract]
Number of Operating Segments	4
Proceeds from Life Insurance Policies	$ 203,451	$ 141,907

Note 9 - Segment Data (Detail62

Note 9 - Segment Data (Details) - Segments by Operating Information - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Revenue:
Revenue	$ 68,176,711	$ 70,897,788
Pre-tax income (loss) from operations:
Pre-tax income (loss) from operations	904,106	1,695,837
Assets:
Assets	570,038,084	585,213,387
Amortization and depreciation expense:
Depreciation and amortization	7,703,000	8,096,000
Preneed and Burial Products [Member]
Revenue:
Revenue	48,894,000	47,445,000
Pre-tax income (loss) from operations:
Pre-tax income (loss) from operations	(496,000)	(34,000)
Assets:
Assets	374,793,000	375,219,000
Amortization and depreciation expense:
Depreciation and amortization	5,641,000	5,458,000
Traditional and Universal Life Products [Member]
Revenue:
Revenue	16,746,000	21,226,000
Pre-tax income (loss) from operations:
Pre-tax income (loss) from operations	742,000	1,286,000
Assets:
Assets	123,823,000	120,377,000
Amortization and depreciation expense:
Depreciation and amortization	1,538,000	1,987,000
Administrative and Financial Services [Member]
Revenue:
Revenue	1,357,000	1,244,000
Pre-tax income (loss) from operations:
Pre-tax income (loss) from operations	274,000	284,000
Assets:
Assets	9,706,000	9,496,000
Amortization and depreciation expense:
Depreciation and amortization	214,000	278,000
Corporate and Other [Member]
Revenue:
Revenue	1,180,000	983,000
Pre-tax income (loss) from operations:
Pre-tax income (loss) from operations	384,000	160,000
Assets:
Assets	61,716,000	80,121,000
Amortization and depreciation expense:
Depreciation and amortization	$ 310,000	$ 373,000

Note 10 - Reinsurance (Details)

Note 10 - Reinsurance (Details) - USD ($)	5 Months Ended	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2015	Dec. 31, 2014
Note 10 - Reinsurance (Details) [Line Items]
Reinsurance Percent of Risk Ceded			100.00%
Reinsurance Recoverables	$ 56,332,692	$ 56,332,692	$ 55,910,993
Ownership of Direct New Business Produced	100.00%
Assumed Premiums Earned		$ 781,863	3,346,657
Credit Life and Accident Insurance Member]
Note 10 - Reinsurance (Details) [Line Items]
Reinsurance Percent of Risk Ceded		100.00%
Reinsurance Fee Income		$ 223,994	242,327
Ceded [Member]
Note 10 - Reinsurance (Details) [Line Items]
Reinsurance Recoverables	$ 1,396,448	1,396,448	1,544,874
Credit Related Reinsurance Transactions [Member]
Note 10 - Reinsurance (Details) [Line Items]
Reinsurance Recoverables	8,117,461	$ 8,117,461	7,810,299
Life and annuity[Member]
Note 10 - Reinsurance (Details) [Line Items]
Reinsurance Percent of Risk Ceded		85.00%
Reinsurance Recoverables	18,522,000	$ 18,522,000	19,806,000
Puritan Financial Companies Inc [Member]
Note 10 - Reinsurance (Details) [Line Items]
Reinsurance Recoverables	18,261,000	$ 18,261,000	16,931,000
Reinsurance Retention Policy, Reinsured Risk, Percentage		75.00%
Assumed Premiums Earned		$ 753,000	3,310,000
Assumed Benefit Reserves	$ 11,267,000	$ 11,267,000	$ 10,991,000

Note 10 - Reinsurance (Detail64

Note 10 - Reinsurance (Details) - Reinsurance Ceded and Assumed - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Reinsurance Ceded and Assumed [Abstract]
Premiums ceded	$ 12,511,080	$ 13,687,074
Premiums assumed	781,863	3,346,657
Commission and expense allowances	4,457,058	3,443,836
Benefit recoveries	$ 8,414,608	$ 7,703,390

Note 11 - Other Comprehensive65

Note 11 - Other Comprehensive Income (Details) - Other Comprehensive Income - USD ($)		12 Months Ended
		Dec. 31, 2015	Dec. 31, 2014
Change in net unrealized gains on available-for-sale securities:
Unrealized holding gains (losses) arising during period, pretax		$ (17,074,720)	$ 12,863,346
Unrealized holding gains (losses) arising during period, tax		(5,805,405)	4,356,021
Unrealized holding gains (losses) arising during period, net of tax		(11,269,315)	8,507,325
Reclassification adjustment for losses (gains) included in income, pretax	[1]	(735,567)	(710,632)
Reclassification adjustment for losses (gains) included in income, tax	[2]	(250,093)	(224,098)
Reclassification adjustment for losses (gains) included in income, net of tax		(485,474)	(486,534)
Adjustment for effect of deferred acquisition costs, pretax		462,249	(293,231)
Adjustment for effect of deferred acquisition costs, tax		157,165	(99,699)
Adjustment for effect of deferred acquisition costs, net of tax		305,084	(193,532)
Net unrealized gains (losses) on investments, pretax		(17,348,038)	11,859,483
Net unrealized gains (losses) on investments, tax		(5,898,333)	4,032,224
Net unrealized gains (losses) on investments, net of tax		(11,449,705)	7,827,259
Change in defined benefit pension plan:
Acutarial net loss on pension plan, pretax		(1,515,949)	(3,231,218)
Acutarial net loss on pension plan, tax		(515,422)	(1,098,614)
Acutarial net loss on pension plan, net of tax		(1,000,527)	(2,132,604)
Amortization of actuarial net loss in net periodic pension cost, pretax	[3]	762,233	390,413
Amortization of actuarial net loss in net periodic pension cost, tax	[2]	259,159	132,740
Amortization of actuarial net loss in net periodic pension cost, net of tax		503,074	257,673
Net change in defined benefit pension plan, pretax		(753,716)	(2,840,805)
Net change in defined benefit pension plan, tax		(256,263)	(965,874)
Net change in defined benefit pension plan, net of tax		(497,453)	(1,874,931)
Total other comprehensive income (loss), pretax		(18,101,754)	9,018,678
Total other comprehensive income (loss), tax		(6,154,596)	3,066,350
Total other comprehensive income (loss), net of tax		$ (11,947,158)	$ 5,952,328
[1]	These items appear within net realized gains 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 benefit cost (see Note 6).

Note 11 - Other Comprehensive66

Note 11 - Other Comprehensive Income (Details) - Accumulated Other Comprehensive Income - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	$ 12,704,319	$ 6,751,991
Other comprehensive income (loss) before reclassifications	(11,964,758)	6,181,189
Amounts reclassified from accumulated other comprehensive income	17,600	(228,861)
Net current period other comprehensive income (loss)	(11,947,158)	5,952,328
Ending balance	757,161	12,704,319
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	17,743,407	9,916,148
Other comprehensive income (loss) before reclassifications	(10,964,231)	8,313,793
Amounts reclassified from accumulated other comprehensive income	(485,474)	(486,534)
Net current period other comprehensive income (loss)	(11,449,705)	7,827,259
Ending balance	6,293,702	17,743,407
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(5,039,088)	(3,164,157)
Other comprehensive income (loss) before reclassifications	(1,000,527)	(2,132,604)
Amounts reclassified from accumulated other comprehensive income	503,074	257,673
Net current period other comprehensive income (loss)	(497,453)	(1,874,931)
Ending balance	$ (5,536,541)	$ (5,039,088)

Note 11 - Other Comprehensive67

Note 11 - Other Comprehensive Income (Details) - Amounts Reclassified from AOCI to Income - USD ($)		12 Months Ended
		Dec. 31, 2015	Dec. 31, 2014
Unrealized gains on available-for-sale securities:
Realized gains on sale of securities (a)	[1]	$ 735,567	$ 710,632
Income tax expense (c)	[2]	(250,093)	(224,098)
Net of tax		485,474	486,534
Defined benefit pension plans:
Amortization of actuarial net loss (b)	[3]	(762,233)	(390,413)
Income tax benefit (c)	[2]	259,159	132,740
Net of tax		(503,074)	(257,673)
Total reclassifications for the period		$ (17,600)	$ 228,861
[1]	These items appear within net realized gains 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 benefit cost (see Note 6).