UTG (UTGN) 10-K 26 Mar 19 2018 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2018	Jan. 31, 2019	Jun. 30, 2018
Document and Entity Information [Abstract]
Entity Registrant Name	UTG INC
Entity Central Index Key	0000832480
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Ex Transition Period	false
Entity Public Float			$ 27,776,034
Entity Common Stock, Shares Outstanding		3,293,983
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2018
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	FY

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Investments available for sale:
Fixed maturities, at fair value (amortized cost $160,895,869 and $159,912,511)	$ 160,960,784	$ 178,555,225
Equity securities, at fair value (cost $0 and $35,712,633)	0	58,848,491	[1]
Equity securities, at fair value (cost $34,885,107 and $0)	67,664,482	0
Equity securities, at cost	12,118,617	0
Mortgage loans on real estate at amortized cost	9,069,111	17,314,477
Investment real estate, net	52,518,577	50,504,550
Notes receivable	23,717,312	19,004,016
Policy loans	9,204,222	9,559,142
Total investments	335,253,105	333,785,901
Cash and cash equivalents	20,150,162	25,434,199
Accrued investment income	2,119,882	2,990,721
Reinsurance receivables:
Future policy benefits	26,117,936	26,488,346
Policy claims and other benefits	4,053,882	3,882,047
Cost of insurance acquired	5,622,227	6,428,292
Property and equipment, net of accumulated depreciation	688,567	1,118,826
Income taxes receivable	279,333	549,851
Other assets	1,263,242	5,766,901
Total assets	395,548,336	406,445,084
Policy liabilities and accruals:
Future policy benefits	253,852,368	259,469,205
Policy claims and benefits payable	4,267,481	3,777,175
Other policyholder funds	372,072	408,790
Dividend and endowment accumulations	14,608,838	14,601,645
Deferred income taxes	9,113,480	10,996,404
Other liabilities	6,257,387	6,760,347
Total liabilities	288,471,626	296,013,566
Shareholders' equity:
Common stock - no par value, stated value $.001 per share. Authorized 7,000,000 shares - 3,295,270 and 3,333,337 shares outstanding	3,296	3,333
Additional paid-in capital	36,567,865	37,536,164
Retained earnings	69,708,901	39,040,456
Accumulated other comprehensive income	62,495	32,952,338
Total UTG shareholders' equity	106,342,557	109,532,291
Noncontrolling interests	734,153	899,227
Total shareholders' equity	107,076,710	110,431,518
Total liabilities and shareholders' equity	$ 395,548,336	$ 406,445,084
[1]	Effective January 1, 2018, the Company adopted ASU 2016-01 and equity securities are no longer classified as available-for-sale. Prior periods have not been restated to conform to the current presentation. See Note 1 to the Consolidated Financial Statements for additional information.

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Investments available for sale:
Fixed maturities, amortized cost	$ 160,895,869	$ 159,912,511
Equity securities, cost	0	35,712,633	[1]
Equity securities, cost	$ 34,885,107	$ 0
Shareholders' equity:
Common stock, par value (in dollars per share)	$ 0	$ 0
Common stock, stated value (in dollars per share)	$ 0.001	$ 0.001
Common stock, authorized (in shares)	7,000,000	7,000,000
Common stock, issued (in shares)	3,295,870	3,333,377
Common stock, outstanding (in shares)	3,295,870	3,333,377
[1]	Effective January 1, 2018, the Company adopted ASU 2016-01 and equity securities are no longer classified as available-for-sale. Prior periods have not been restated to conform to the current presentation. See Note 1 to the Consolidated Financial Statements for additional information.

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Revenue:
Premiums and policy fees	$ 10,076,351	$ 10,413,346
Ceded reinsurance premiums and policy fees	(2,862,701)	(2,955,989)
Net investment income	11,202,668	11,700,998
Other income	400,034	458,663
Revenue before net investment gains (losses)	18,816,352	19,617,018
Net investment gains (losses):
Other-than-temporary impairments	(300,000)	(762,161)
Other realized investment gains, net	12,340,077	9,879,286
Change in fair value of equity securities	10,416,758	0
Total net investment gains (losses)	22,456,835	9,117,125
Total revenues	41,273,187	28,734,143
Benefits, claims and settlement expenses:
Life	16,751,922	17,428,286
Ceded reinsurance benefits and claims	(2,610,586)	(1,893,986)
Annuity	1,044,397	975,196
Dividends to policyholders	390,368	370,847
Commissions	(147,922)	(145,722)
Amortization of cost of insurance acquired	806,065	839,105
Operating expenses	8,531,113	7,854,301
Total benefits and other expenses	24,765,357	25,428,027
Income before income taxes	16,507,830	3,306,116
Income tax expense (benefit)	3,907,536	(1,507,016)
Net income	12,600,294	4,813,132
Net income attributable to noncontrolling interests	(209,177)	(2,983)
Net income attributable to common shareholders	$ 12,391,117	$ 4,810,149
Amounts attributable to common shareholders
Basic income per share (in dollars per share)	$ 3.75	$ 1.44
Diluted income per share (in dollars per share)	$ 3.75	$ 1.44
Basic weighted average shares outstanding (in shares)	3,307,448	3,346,774
Diluted weighted average shares outstanding (in shares)	3,307,448	3,346,774

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Consolidated Statements of Comprehensive Income (Loss) [Abstract]
Net income	$ 12,600,294	$ 4,813,132
Other comprehensive income (loss):
Unrealized holding gains (losses) arising during period, pre-tax	(7,744,899)	17,174,126
Tax (expense) benefit on unrealized holding gains (losses) arising during the period	1,626,429	(6,010,944)
Deferred tax adjustment from tax rate change	0	5,842,290
Unrealized holding gains (losses) arising during period, net of tax	(6,118,470)	17,005,472
Less reclassification adjustment for gains included in net income	(10,751,955)	(6,779,732)
Tax expense for gains included in net income	2,257,911	2,372,906
Reclassification adjustment for gains included in net income, net of tax	(8,494,044)	(4,406,826)
Subtotal: Other comprehensive income (loss), net of tax	(14,612,514)	12,598,646
Comprehensive income (loss)	(2,012,220)	17,411,778
Less comprehensive income attributable to noncontrolling interests	(209,177)	(2,983)
Comprehensive income (loss) attributable to UTG, Inc.	$ (2,221,397)	$ 17,408,795

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity - USD ($)	Common Stock [Member]	Additional Paid-In Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income [Member]	Noncontrolling Interest [Member]	Total
Balance at Dec. 31, 2016	$ 3,350	$ 37,878,712	$ 34,230,307	$ 20,353,692	$ 1,835,781	$ 94,301,842
Common stock issued during year	13	261,474	0	0	0	261,487
Treasury shares acquired and retired	(30)	(604,022)	0	0	0	(604,052)
Net income attributable to common shareholders	0	0	4,810,149	0	0	4,810,149
Unrealized holding loss on securities net of noncontrolling interest and reclassification adjustment and taxes	0	0	0	12,598,646	0	12,598,646
Contributions	0	0	0	0	0	0
Distributions	0	0	0	0	(939,537)	(939,537)
Gain attributable to noncontrolling interest	0	0	0	0	2,983	2,983
Balance at Dec. 31, 2017	3,333	37,536,164	39,040,456	32,952,338	899,227	110,431,518
Adoption of Accounting Standards Update No 2016-01 (Note 1) | ASU 2016-01 [Member]	0	0	18,277,328	(18,277,328)	0	0
Balance at Dec. 31, 2017	3,333	37,536,164	57,317,784	14,675,010	899,227	110,431,518
Common stock issued during year	13	360,799	0	0	0	360,812
Treasury shares acquired and retired	(50)	(1,329,098)	0	0	0	(1,329,148)
Net income attributable to common shareholders	0	0	12,391,117	0	0	12,391,117
Unrealized holding loss on securities net of noncontrolling interest and reclassification adjustment and taxes	0	0	0	(14,612,515)	0	(14,612,515)
Contributions	0	0	0	0	0	0
Distributions	0	0	0	0	(374,252)	(374,252)
Gain attributable to noncontrolling interest	0	0	0	0	209,178	209,178
Balance at Dec. 31, 2018	$ 3,296	$ 36,567,865	$ 69,708,901	$ 62,495	$ 734,153	$ 107,076,710

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2018		Dec. 31, 2017
Cash flows from operating activities:
Net income attributable to common shareholders	$ 12,391,117		$ 4,810,149
Adjustments to reconcile net income to net cash used in operating activities:
Amortization (accretion) of investments	(142,519)		94,608
Other-than-temporary impairments	300,000		762,161
Realized investment gains, net	(12,340,077)		(9,879,286)
Change in fair value of equity securities	(10,416,758)	[1]	0
Unrealized trading (gains) losses included in income	0		111,531
Realized trading (gains) included in income	0		(110,470)
Amortization of cost of insurance acquired	806,065		839,105
Depreciation	1,067,297		701,809
Net income attributable to noncontrolling interest	209,177		2,983
Charges for mortality and administration of universal life and annuity products	(6,602,846)		(6,636,270)
Interest credited to account balances	4,221,969		4,346,943
Change in accrued investment income	870,839		(117,871)
Change in reinsurance receivables	198,575		556,891
Change in policy liabilities and accruals	(2,237,947)		(2,794,247)
Change in income taxes receivable (payable)	270,518		673,831
Change in other assets and liabilities, net	5,985,699		(6,560,115)
Net cash provided by (used in) operating activities	(5,418,891)		(13,198,248)
Proceeds from investments sold and matured:
Fixed maturities available for sale	66,408,611		29,744,619
Equity securities	2,169,989		7,479,886
Mortgage loans	8,878,073		1,840,610
Real estate	14,341,204		13,014,387
Notes receivable	6,783,702		2,170,322
Policy loans	1,599,896		1,951,222
Short-term investments	7,549,076		0
Total proceeds from investments sold and matured	107,730,551		56,201,046
Cost of investments acquired:
Fixed maturities available for sale	(56,940,883)		(15,615,699)
Equity securities	(12,687,839)		(3,275,532)
Mortgage loans	(91,954)		(360,531)
Real estate	(15,704,151)		(4,226,106)
Notes receivable	(11,496,998)		(4,297,853)
Policy loans	(1,244,976)		(1,440,230)
Short-term investments	(7,549,076)		0
Total cost of investments acquired	(105,715,877)		(29,215,951)
Purchase of property and equipment	0		0
Net cash provided by (used in) investing activities	2,014,674		26,985,095
Cash flows from financing activities:
Policyholder contract deposits	4,696,980		4,812,703
Policyholder contract withdrawals	(5,234,212)		(4,139,797)
Payments of principal on notes payable/line of credit	0		(2,900,000)
Purchase of treasury stock	(1,329,148)		(604,052)
Issuance of stock	360,812		261,487
Noncontrolling contributions/(distributions) of consolidated subsidiary	(374,252)		(939,537)
Net cash provided by (used in) financing activities	(1,879,820)		(3,509,196)
Net increase (decrease) in cash and cash equivalents	(5,284,037)		10,277,651
Cash and cash equivalents at beginning of year	25,434,199		15,156,548
Cash and cash equivalents at end of year	$ 20,150,162		$ 25,434,199
[1]	Effective January 1, 2018, the Company adopted ASU 2016-01 and equity securities are no longer classified as available-for-sale. Prior periods have not been restated to conform to the current presentation. See Note 1 to the Consolidated Financial Statements for additional information.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2018
Summary of Significant Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 1 – Summary of Significant Accounting Policies Business This document at times will refer to the Registrant’s largest shareholder, Mr. Jesse T. Correll and certain companies controlled by Mr. Correll. Mr. Correll holds a majority ownership of First Southern Funding, LLC (“FSF”), a Kentucky corporation, and First Southern Bancorp, Inc. (“FSBI”), a financial services holding company. FSBI operates through its 100% owned subsidiary bank, First Southern National Bank (“FSNB”). Banking activities are conducted through multiple locations within south-central and western Kentucky. Mr. Correll is Chief Executive Officer and Chairman of the Board of Directors of UTG and is currently UTG’s largest shareholder through his ownership control of FSF, FSBI and affiliates. At December 31, 2018, Mr. Correll owns or controls directly and indirectly approximately 65.29% of UTG’s outstanding stock. UTG’s life insurance subsidiary has several wholly-owned and majority-owned subsidiaries. The subsidiaries were formed to hold certain real estate and other investments. The investments were placed into the limited liability companies and partnerships to provide additional protection to the policyholders and to UG. Basis of Presentation Principles of Consolidation Business Segments Investments Fixed Maturity Investments Equity Securities at Fair Value Equity Securities at Cost Mortgage Loans on Real Estate Investment Real Estate Notes Receivable Policy Loans Short-Term Investments Gains and Losses Fair Value Impairment of Investments Current accounting guidance states that if an entity intends to sell or if it is more likely than not that it will be required to sell an impaired security prior to recovery of its cost basis, the security is to be considered other-than-temporarily impaired and the full amount of impairment must be charged to earnings. Otherwise, losses on fixed maturities which are other-than-temporarily impaired are separated into two categories, the portion of the loss which is considered credit loss and the portion of the loss which is due to other factors. The credit loss portion is charged to earnings while the loss due to other factors is charged to other comprehensive income. Cash Equivalents Cash Reinsurance Reinsurance receivables are recognized in a manner consistent with the liabilities relating to the underlying reinsured contracts. The cost of reinsurance related to long-duration contracts is accounted for over the life of the underlying reinsured policies using assumptions consistent with those used to account for the underlying policies. Cost of Insurance Acquired - Property and Equipment Future Policy Benefits and Expenses Benefit reserves for universal life insurance and interest sensitive life insurance products are computed under a retrospective deposit method and represent policy account balances before applicable surrender charges. Policy benefits and claims that are charged to expense include benefit claims in excess of related policy account balances. Interest crediting rates for universal life and interest sensitive products range from 3.0% to 6.0% as of December 31, 2018 and 2017. Policy Claims and Benefits Payable Income Taxes Earnings Per Share Recognition of Revenues and Related Expenses Recently Issued Accounting Standards In August 2018, the FASB issued Accounting Standards Update No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement In August 2018, the FASB issued Accounting Standards Update No. 2018-12, Financial Services-Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts In June 2018, the FASB issued Accounting Standards Update No. 2018-07, Compensation-Stock Compensation (Topic 718): Improvements to Non-Employee Share Based Payment Accounting or ASU 2018-07. In February 2018, the FASB issued Accounting Standards Update No. 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220), Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income or ASU 2018-02. Accounting Standards Update (ASU 2016-13), Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments – The amendments included in ASU 2016-13 require the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Financial institutions and other organizations will now use forward-looking information to better evaluate their credit loss estimates. Many of the loss estimation techniques applied today will still be permitted, although the inputs to those techniques will change to reflect the full amount of expected credit losses. In addition, the ASU amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. ASU 2016-13 is effective for public companies for fiscal years beginning after December 15, 2019. The Company is currently evaluating the impact that the adoption of this guidance will have on its consolidated financial statements. In January 2016, the FASB issued Accounting Standards Update No. 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities

Investments

Investments	12 Months Ended
	Dec. 31, 2018
Investments [Abstract]
Investments	Note 2 – Investments Available for Sale Securities – Fixed Maturity and Equity Securities The following tables provide a summary of fixed maturities available for sale by original or amortized cost and estimated fair value: December 31, 2018 Original or Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Investments available for sale: Fixed maturities U.S. Government and govt. agencies and authorities $ 25,649,410 $ 149,006 $ (138,222 ) $ 25,660,194 U.S. special revenue and assessments 16,350,486 334,300 (4,406 ) 16,680,380 All other corporate bonds 118,895,973 2,569,287 (2,845,050 ) 118,620,210 Total $ 160,895,869 $ 3,052,593 $ (2,987,678 ) $ 160,960,784 December 31, 2017 Original or Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Investments available for sale: Fixed maturities U.S. Government and govt. agencies and authorities $ 2,679,325 $ 33,802 $ (73,530 ) $ 2,639,597 U.S. special revenue and assessments 9,012,232 620,789 0 9,633,021 All other corporate bonds 148,220,954 18,359,816 (298,163 ) 166,282,607 159,912,511 19,014,407 (371,693 ) 178,555,225 Equity securities (1) 35,712,633 23,648,201 (512,343 ) 58,848,491 Total $ 195,625,144 $ 42,662,608 $ (884,036 ) $ 237,403,716 (1) Effective January 1, 2018, the Company adopted ASU 2016-01 and equity securities are no longer classified as available-for-sale. Prior periods have not been restated to conform to the current presentation. See Note 1 to the Consolidated Financial Statements for additional information. The following table provides a summary of fixed maturities by contractual maturity as of December 31, 2018. Actual maturities could differ from contractual maturities due to call or prepayment provisions: Fixed Maturities Available for Sale December 31, 2018 Amortized Cost Estimated Fair Value Due in one year or less $ 6,498,249 $ 6,537,005 Due after one year through five years 43,015,419 44,106,710 Due after five years through ten years 60,011,083 60,985,500 Due after ten years 51,371,118 49,331,569 Total $ 160,895,869 $ 160,960,784 By insurance statute, the majority of the Company's investment portfolio is invested in investment grade securities to provide ample protection for policyholders. Below investment grade debt securities generally provide higher yields and involve greater risks than investment grade debt securities because their issuers typically are more highly leveraged and more vulnerable to adverse economic conditions than investment grade issuers. In addition, the trading market for these securities is usually more limited than for investment grade debt securities. Debt securities classified as below-investment grade are those that receive a Standard & Poor's rating of BB+ or below. The Company held below investment grade investments with an estimated market value of $2,618,594 and $21,108,077 as of December 31, 2018 and December 31, 2017, respectively. The investments are all classified as “All other corporate bonds”. The fair value of investments with sustained gross unrealized losses at December 31, 2018 and 2017 are as follows: December 31, 2018 Less than 12 months 12 months or longer Total Fair value Unrealized losses Fair value Unrealized losses Fair value Unrealized losses U.S. Government and govt. agencies and authorities $ 6,429,700 (49,904 ) $ 1,592,679 (88,318 ) $ 8,022,379 (138,222 ) U.S. special revenue and assessments 4,023,920 (4,406 ) 0 0 4,023,920 (4,406 ) All other corporate bonds 49,270,729 (2,033,507 ) 15,337,739 (811,543 ) 64,608,468 (2,845,050 ) Total fixed maturities $ 59,724,349 (2,087,817 ) $ 16,930,418 (899,861 ) $ 76,654,767 (2,987,678 ) December 31, 2017 Less than 12 months 12 months or longer Total Fair value Unrealized losses Fair value Unrealized losses Fair value Unrealized losses U.S. Government and govt. agencies and authorities $ 0 0 $ 1,604,987 (73,530 ) $ 1,604,987 (73,530 ) All other corporate bonds 9,732,635 (91,757 ) 11,164,317 (206,406 ) 20,896,952 (298,163 ) Total fixed maturities $ 9,732,635 (91,757 ) $ 12,769,304 (279,936 ) $ 22,501,939 (371,693 ) Equity securities (1) $ 4,130,260 (270,774 ) $ 1,526,868 (241,569 ) $ 5,657,128 (512,343 ) The following table provides additional information regarding the number of securities that were in an unrealized loss position for greater than or less than twelve months: Less than 12 months 12 months or longer Total As of December 31, 2018 Fixed maturities 30 10 40 As of December 31, 2017 Fixed maturities 6 6 12 Equity securities (1) 2 2 4 (1) Effective January 1, 2018, the Company adopted ASU 2016-01 and equity securities are no longer classified as available-for-sale. Prior periods have not been restated to conform to the current presentation. See Note 1 to the Consolidated Financial Statements for additional information. Substantially all of the unrealized losses on fixed maturities available for sale at December 31, 2018 and 2017 are attributable to changes in market interest rates and general disruptions in the credit market subsequent to purchase. The unrealized losses on equity investments were primarily attributable to normal market fluctuations. The Company does not currently intend to sell nor does it expect to be required to sell any of the securities in an unrealized loss position. Based upon the Company’s expected continuation of receipt of contractually required principal and interest payments and its intent and ability to retain the securities until price recovery, as well as the Company’s evaluation of other relevant factors, the Company deems these securities to be temporarily impaired as of December 31, 2018 and 2017. Cost Method Investments The Company held equity investments with an aggregate cost of $12,118,617 at December 31, 2018. These equity investments were not reported at fair value because it is not practicable to estimate their fair values due to insufficient information being available. Management did not identify any events or changes in circumstances that might have a significant adverse effect on the reported value of those investments. Based on Management's evaluation of the expected cash flow of the investments, and the Company's ability and intent to hold the investments for a reasonable period of time, the Company does not deem an other-than-temporary impairment necessary at December 31, 2018. Trading Securities Securities designated as trading securities are reported at fair value, with gains or losses resulting from changes in fair value recognized in net investment income on the Consolidated Statements of Operations. Trading Securities included exchange-traded equities and exchange-traded options. Trading securities carried as liabilities were securities sold short. A gain, limited to the price at which the security was sold short, or a loss, potentially unlimited in size, was recognized upon the termination of the short sale. Earnings from trading securities were classified in cash flows from operating activities. The Company did not hold any trading securities at December 31, 2018 or 2017. The following table reflects trading securities revenue charged to net investment income for the periods ended December 31: 2018 2017 Net unrealized gains (losses) $ 0 $ (111,531 ) Net realized gains (losses) 0 110,470 Net unrealized and realized gains (losses) $ 0 $ (1,061 ) Mortgage Loans on Real Estate The Company, from time to time, acquires mortgage loans through participation agreements with FSNB. FSNB has been able to provide the Company with additional expertise and experience in underwriting commercial and residential mortgage loans, which provide more attractive yields than the traditional bond market. The Company is able to receive participations from FSNB for three primary reasons: 1) FSNB has already reached its maximum lending limit to a single borrower, but the borrower is still considered a suitable risk; 2) the interest rate on a particular loan may be fixed for a long period that is more suitable for UG given its asset-liability structure; and 3) FSNB’s loan growth might at times outpace its deposit growth, resulting in FSNB participating such excess loan growth rather than turning customers away. For originated loans, the Company’s Management is responsible for the final approval of such loans after evaluation. Before a new loan is issued, the applicant is subject to certain criteria set forth by Company Management to ensure quality control. These criteria include, but are not limited to, a credit report, personal financial information such as outstanding debt, sources of income, and personal equity. Once the loan is approved, the Company directly funds the loan to the borrower. The Company bears all risk of loss associated with the terms of the mortgage with the borrower. During 2018 and 2017, the Company acquired $91,954 and $360,531 in mortgage loans, respectively, of participation mortgage loans. FSNB services the majority of the Company’s mortgage loan portfolio. The Company pays FSNB a .25% servicing fee on these loans and a one-time fee at loan origination of .50% of the original loan cost to cover costs incurred by FSNB relating to the processing and establishment of the loan. During 2018 and 2017, the maximum and minimum lending rates for mortgage loans were: 2018 2017 Maximum rate Minimum rate Maximum rate Minimum rate Farm loans 5.00 % 5.00 % 5.00 % 5.00 % Commercial loans 7.50 % 4.00 % 7.50 % 4.00 % Residential loans 8.00 % 8.00 % 8.00 % 4.00 % Most mortgage loans are first position loans. Loans issued are generally limited to no more than 80% of the appraised value of the property. The Company has in place a monitoring system to provide Management with information regarding potential troubled loans. Letters are sent to each mortgagee when the loan becomes 30 days or more delinquent. Management is provided with a monthly listing of loans that are 60 days or more past due. All loans 90 days or more past due are placed on a non-performing status and classified as delinquent loans. Quarterly, coinciding with external financial reporting, the Company reviews each delinquent loan and determines how each delinquent loan should be classified. Management believes the current internal controls surrounding the mortgage loan selection process provide a quality portfolio with minimal risk of foreclosure and/or negative financial impact. Changes in the current economy could have a negative impact on the loans, including the financial stability of the borrowers, the borrowers’ ability to pay or to refinance, the value of the property held as collateral and the ability to find purchasers at favorable prices. Interest accruals are analyzed based on the likelihood of repayment. In no event will interest continue to accrue when accrued interest along with the outstanding principal exceeds the net realizable value of the property. The Company does not utilize a specified number of days delinquent to cause an automatic non-accrual status. A mortgage loan reserve is established and adjusted based on Management's quarterly analysis of the portfolio and any deterioration in value of the underlying property which would reduce the net realizable value of the property below its current carrying value. The mortgage loan reserve was $0 at December 31, 2018 and December 31, 2017. The following table summarizes the mortgage loan holdings of the Company for the periods ended December 31: 2018 2017 In good standing $ 7,169,272 $ 15,310,941 Overdue interest over 90 days 1,899,839 0 Restructured 0 0 In process of foreclosure 0 2,003,536 Total mortgage loans $ 9,069,111 $ 17,314,477 Total foreclosed loans during the year $ 0 $ 0 Investment Real Estate Investment Real estate acquired through foreclosure, consisting of properties obtained through foreclosure proceedings or acceptance of a deed in lieu of foreclosure, is reported on an individual asset basis at the lower of cost or fair value, less disposal costs. Fair value is determined on the basis of current appraisals, comparable sales, and other estimates of value obtained principally from independent sources. When properties are acquired through foreclosure, any excess of the loan balance at the time of foreclosure over the fair value of the real estate held as collateral is recognized and charged to the Consolidated Statements of Operations. Based upon Management’s evaluation of the real estate acquired through foreclosure, additional expense is recorded when necessary in an amount sufficient to reflect any declines in estimated fair value. Gains and losses recognized on the disposition of the properties are recorded as realized gains and losses in the Consolidated Statements of Operations. Notes Receivable Notes receivable represent collateral loans and promissory notes issued by the Company and are reported at their unpaid principal balances, adjusted for valuation allowances. Valuation allowances are established for impaired loans when it is probable that contractual principal and interest will not be collected. The valuation allowance as of December 31, 2018 and 2017 was $0. Interest accruals are analyzed based on the likelihood of repayment. The Company does not utilize a specified number of days delinquent to cause an automatic non-accrual status. Before a new note is issued, the applicant is subject to certain criteria set forth by Company Management to ensure quality control. Once the note is approved, the Company directly funds the note to the borrower. Several of the notes have participation agreements in place, whereas the Company has reduced its investment in the note receivable by participating a portion of the note to a third party. Similar to the mortgage loans, FSNB services several of the notes receivable. The Company, and the participants in the notes, share in the risk of loss associated with the terms of the note with the borrower, based upon their ownership percentage in the note. The Company has in place a monitoring system to provide Management with information regarding potential troubled loans. Analysis of Investment Operations The following table reflects the Company’s net investment income for the periods ended December 31: 2018 2017 Fixed maturities $ 7,273,157 $ 8,685,698 Equity securities 1,628,649 1,213,922 Trading securities 0 (1,061 ) Mortgage loans 1,234,115 1,191,865 Real estate 2,771,348 1,990,844 Notes receivable 979,742 1,322,675 Policy loans 646,993 664,116 Cash and cash equivalents 355,276 23,445 Short-term 18,159 1,263 Total consolidated investment income 14,907,439 15,092,767 Investment expenses (3,704,771 ) (3,391,769 ) Consolidated net investment income $ 11,202,668 $ 11,700,998 The following table presents the Company’s net realized investments gains (losses) and the change in net unrealized gains on available-for-sale investments for the periods ended December 31: 2018 2017 Realized gains on available-for-sale investments: Sales of fixed maturities $ 11,708,320 $ 3,950,014 Sales of equity securities (1) 0 2,902,278 Sales of real estate 1,588,122 3,622,519 Other 0 0 Total realized gains 13,296,442 10,474,811 Realized losses on available-for-sale investments: Sales of fixed maturities (956,365 ) (72,560 ) Sales of equity securities (1) 0 0 Sales of real estate 0 (522,965 ) Other-than-temporary impairments (300,000 ) (762,161 ) Other 0 0 Total realized losses (1,256,365 ) (1,357,686 ) Net realized investment gains (losses) 12,040,077 9,117,125 Change in fair value of equity securities: (1) Realized gains (losses) on equity securities sold during the period (1) 0 0 Change in fair value of equity securities held at the end of the period 10,416,758 0 Change in fair value of equity securities (1) 10,416,758 0 Net investment gains (losses) $ 22,456,835 $ 9,117,125 Change in net unrealized gains (losses) on available-for-sale investments included in other comprehensive income: Fixed maturities $ (7,744,899 ) $ 3,470,929 Equity securities (1) 0 13,703,197 Net increase (decrease) $ (7,744,899 ) $ 17,174,126 (1) Effective January 1, 2018, the Company adopted ASU No. 2016-01. As a result, equity securities are no longer classified as available-for-sale with unrealized gains and losses recognized in other comprehensive income; rather, all changes in the fair value of equity securities are now recognized in net income. Prior periods have not been restated to conform to the current presentation. See Note 1. Other-Than-Temporary Impairments The Company regularly reviews its investment securities for factors that may indicate that a decline in fair value of an investment is other than temporary. The factors considered by Management in its regular review to identify and recognize other-than-temporary impairment losses on fixed maturities include, but are not limited to: the length of time and extent to which the fair value has been less than cost; the Company’s intent to sell, or be required to sell, the debt security before the anticipated recovery of its remaining amortized cost basis; the financial condition and near-term prospects of the issuer; adverse changes in ratings announced by one or more rating agencies; subordinated credit support, whether the issuer of a debt security has remained current on principal and interest payments; current expected cash flows; whether the decline in fair value appears to be issuer specific or, alternatively, a reflection of general market or industry conditions, including the effect of changes in market interest rates. If the Company intends to sell a debt security, or it is more likely than not that it would be required to sell a debt security before the recovery of its amortized cost basis, the entire difference between the security’s amortized cost basis and its fair value at the balance sheet date would be recognized by a charge to other-than-temporary losses in the Condensed Consolidated Statements of Operations. Management regularly reviews its real estate portfolio in comparison to appraisal valuations and current market conditions for indications of other-than-temporary impairments. If a decline in value is judged by Management to be other-than-temporary, a loss is recognized by a charge to other-than-temporary impairment losses in the Consolidated Statements of Operations. The other-than-temporary impairments recognized during 2017 and 2018 were taken as a result of Management's assessment and determination of value of the investments. The investments were written down to better reflect their current expected value. Based on Management’s review of the investment portfolio, the Company recorded the following losses for other-than-temporary impairments in the Consolidated Statements of Operations for the periods ended December 31: 2018 2017 Other than temporary impairments: Real estate $ 300,000 $ 690,000 Mortgage loans 0 72,161 Total other than temporary impairments $ 300,000 $ 762,161 Investments on Deposit The Company had investments with a fair value of $8,317,514 and $8,642,633 on deposit with various state insurance departments as of December 31, 2018 and 2017, respectively.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2018
Fair Value Measurements [Abstract]
Fair Value Measurements	Note 3 – Fair Value Measurements The Company measures its assets and liabilities recorded at fair value in the Consolidated Balance Sheets based on the framework set forth in the GAAP fair value accounting guidance. The framework establishes a fair value hierarchy of three levels based upon the transparency of information used in measuring the fair value of assets or liabilities as of the measurement date. The fair value hierarchy prioritizes the inputs in the valuation techniques used to measure fair value into three categories. Level 1 – Valuation is based upon quoted prices for identical assets or liabilities in active markets that the Company is able to access. Level 1 fair value is not subject to valuation adjustments. Level 2 – Valuation is based upon quoted prices for similar assets and liabilities in active markets or quoted prices for identical or similar instruments in markets that are not active. In addition, the Company may use various valuation techniques or pricing models that use observable inputs to measure fair value. Level 3 – Valuation is based upon unobservable inputs that are supported by little or no market activity and are significant to the fair value of the assets or liabilities. Unobservable inputs reflect the Company’s own assumptions about the inputs that market participants would use in pricing the asset or liability. The Company determines the existence of an active market for an asset or liability based on its judgment as to whether transactions for the asset or liability occur in such market with sufficient frequency and volume to provide reliable pricing information. If the Company concludes that there has been a significant decrease in the volume and level of activity for an investment in relation to normal market activity for such investment, adjustments to transactions and quoted prices are made to estimate fair value. The inputs used in the valuation techniques employed by the Company are provided by nationally recognized pricing services, external investment managers and internal resources. To assess these inputs, the Company’s review process includes, but is not limited to, quantitative analysis including benchmarking, initial and ongoing evaluations of methodologies used by external parties to calculate fair value, and ongoing evaluations of fair value estimates based on the Company’s knowledge and monitoring of market conditions. The Company periodically reviews the pricing service provider’s policies and procedures for valuing securities. The assumptions underlying the valuations from external service providers, including unobservable inputs, are generally not readily available as this information is often deemed proprietary. Accordingly, the Company is unable to obtain comprehensive information regarding these assumptions and methodologies. The Company’s investments in fixed maturity securities available for sale, equity securities and trading securities assets and liabilities are carried at fair value. The following are the Company’s methodologies and valuation techniques for assets and liabilities measured at fair value. Fixed maturities available for sale mainly consist of U.S. treasury securities and corporate debt securities. The Company employs a market approach to the valuation of securities where there are sufficient market transactions involving identical or comparable assets. If sufficient market data is not available for identical or comparable assets, the Company uses an income approach to valuation. The majority of the financial instruments included in fixed maturity securities available for sale are evaluated utilizing observable inputs; accordingly, they are categorized in either Level 1 or Level 2 of the fair value hierarchy. However, in instances where significant inputs utilized in valuation of the securities are unobservable, the securities are categorized in Level 3 of the fair value hierarchy. Corporate securities primarily include fixed rate corporate bonds. Inputs utilized in connection with the Company’s valuation techniques relating to this class of securities include recently executed transactions, market price quotations, benchmark yields and issuer spreads. Corporate securities are categorized in Level 2 of the fair value hierarchy. U.S. treasury securities are based on quoted prices in active markets and are generally categorized in Level 1 of the fair value hierarchy. Equity securities consist of common and preferred stocks mainly in private equity investments, financial institutions and publicly traded corporations. Equity securities for which there is sufficient market data are categorized as Level 1 or 2 in the fair value hierarchy. For the equity securities in which quoted market prices are not available, the Company uses industry standard pricing methodologies, including discounted cash flow models that may incorporate various inputs such as payment expectations, risk of the investment, market data, and health of the underlying company. The inputs are based upon Management's assumptions and available market information. When evidence is believed to support a change to the carrying value from the transaction price, adjustments are made to reflect the expected cash flows, material events and market data. These investments are included in Level 3 of the fair value hierarchy. The following table presents the Company’s assets and liabilities measured at fair value in the consolidated balance sheet on a recurring basis as of December 31, 2018. Level 1 Level 2 Level 3 Total Assets Fixed Maturities, available for sale $ 25,660,194 $ 134,865,746 $ 434,844 $ 160,960,784 Equity Securities 27,634,283 10,557,031 29,473,168 67,664,482 Total $ 53,294,477 $ 145,422,777 $ 29,908,012 $ 228,625,266 The following table presents the Company’s assets and liabilities measured at fair value in the consolidated balance sheet on a recurring basis as of December 31, 2017. Level 1 Level 2 Level 3 Total Assets Fixed Maturities, available for sale $ 2,639,597 $ 175,437,239 $ 478,389 $ 178,555,225 Equity Securities, available for sale (1) 20,436,225 7,756,435 30,655,831 58,848,491 Total $ 23,075,822 $ 183,193,674 $ 31,134,220 $ 237,403,716 The following table provides reconciliations for Level 3 assets measured at fair value on a recurring basis. Transfers into and out of Level 3 are recognized as of the end of the quarter in which they occur. Fixed Maturities, Available for Sale Equity Securities (1) Total Balance at December 31, 2017 $ 478,389 $ 30,655,831 $ 31,134,220 Transfers in to Level 3 0 0 0 Transfer out of Level 3 0 (5,118,600 ) (5,118,600 ) Total unrealized gain (losses): Included in net income (loss) 0 4,633,751 4,633,751 Included in other comprehensive income 0 0 0 Purchases 0 1,505,250 1,505,250 Sales (43,545 ) (2,203,064 ) (2,246,609 ) Balance at December 31, 2018 $ 434,844 $ 29,473,168 $ 29,908,012 (1) Effective January 1, 2018, the Company Adopted ASU No. 2016-01 and equity securities are no longer classified as available-for-sale. Prior periods have not been restated to conform to the current presentation. See Note 1 to the Consolidated Financial Statements for additional information. December 31, 2018 December 31, 2017 Change in fair value of equity securities included in net income (loss) relating to assets held $ 4,633,751 $ 0 The Level 3 securities include one fixed maturity and certain equity securities with unobservable inputs. The Company computed fair value of Level 3 equity investments based on a review of current financial information, earnings trends and similar companies in the same industries. The Company transferred certain cost method investments out of Level 3 during 2018. Transfers occur when there is a lack of observable market information. Certain assets are not carried at fair value on a recurring basis, including investments such as mortgage loans and policy loans. Accordingly, such investments are only included in the fair value hierarchy disclosure when the investment is subject to re-measurement at fair value after initial recognition and the resulting re-measurement is reflected in the Consolidated Financial Statements. The carrying values and estimated fair values of certain of the Company’s financial instruments not recorded at fair value in the Consolidated Balance Sheets are shown below. Because the fair value for all Consolidated Balance Sheet items are not required to be disclosed, the aggregate fair value amounts presented below are not reflective of the underlying value of the Company. December 31, 2018 December 31, 2017 Assets Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Equity securities $ 12,118,617 $ 12,118,617 $ 0 $ 0 Mortgage loans on real estate 9,069,111 9,069,111 17,314,477 17,314,477 Investment real estate 52,518,577 52,518,577 50,504,550 50,504,550 Notes receivable 23,717,312 23,717,312 19,004,016 19,004,016 Policy loans 9,204,222 9,204,222 9,559,142 9,559,142 Cash and cash equivalents 20,150,162 20,150,162 25,434,199 25,434,199 The above estimated fair value amounts have been determined based upon the following valuation methodologies. Considerable judgment was required to interpret market data in order 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. The fair values of mortgage loans on real estate are estimated using discounted cash flow analyses and interest rates being offered for similar loans to borrowers with similar credit ratings. The inputs used to measure the fair value of our mortgage loans on real estate are classified as Level 3 within the fair value hierarchy. A portion of the mortgage loans balance consists of discounted mortgage loans. The Company has historically purchased non-performing discounted mortgage loans at a deep discount through an auction process led by the Federal Government. In general, the discounted loans are non-performing and there is a significant amount of uncertainty surrounding the timing and amount of cash flows to be received by the Company. Accordingly, the Company records its investment in the discounted loans at its original purchase price, which Management believes approximates fair value. The inputs used to measure the fair value of our discounted mortgage loans are classified as Level 3 within the fair value hierarchy. Investment real estate is recorded at the lower of the net investment in the real estate or the fair value of the real estate less costs to sell. The determination of fair value assessments are performed on a periodic, non-recurring basis by external appraisal and assessment of property values by Management. The inputs used to measure the fair value of our investment real estate are classified as Level 3 within the fair value hierarchy. Notes receivable are carried at their unpaid principal balances, which approximates fair value. The inputs used to measure the fair value of the loans are classified as Level 3 within the fair value hierarchy. Policy loans are carried at the aggregate unpaid principal balances in the Consolidated Balance Sheets which approximate fair value, and earn interest at rates ranging from 4% to 8%. Individual policy liabilities in all cases equal or exceed outstanding policy loan balances. The inputs used to measure the fair value of our policy loans are classified as Level 3 within the fair value hierarchy. The carrying amount of cash and cash equivalents in the Consolidated Balance Sheets approximates fair value given the highly liquid nature of the instruments. The inputs used to measure the fair value of our cash and cash equivalents are classified as Level 1 within the fair value hierarchy.

Reinsurance

Reinsurance	12 Months Ended
	Dec. 31, 2018
Reinsurance [Abstract]
Reinsurance	Note 4 - Reinsurance As is customary in the insurance industry, the insurance subsidiary cedes insurance to, and assumes insurance from, other insurance companies under reinsurance agreements. Reinsurance agreements are intended to limit a life insurer's maximum loss on a large or unusually hazardous risk or to obtain a greater diversification of risk. The ceding insurance company remains primarily liable with respect to ceded insurance should any reinsurer be unable to meet the obligations assumed by it. However, it is the practice of insurers to reduce their exposure to loss to the extent that they have been reinsured with other insurance companies. The Company sets a limit on the amount of insurance retained on the life of any one person. The Company will not retain more than $125,000, including accidental death benefits, on any one life. At December 31, 2018, the Company had gross insurance in-force of $1.1 billion of which approximately $228 million was ceded to reinsurers. At December 31, 2017, the Company had gross insurance in-force of $1.2 billion of which approximately $242 million was ceded to reinsurers. The Company's reinsured business is ceded to numerous reinsurers. The Company monitors the solvency of its reinsurers in seeking to minimize the risk of loss in the event of a failure by one of the parties. The Company is primarily liable to the insureds even if the reinsurers are unable to meet their obligations. The primary reinsurers of the Company are large, well-capitalized entities. Most recently, UG utilized reinsurance agreements with Optimum Re Insurance Company (“Optimum”), and Swiss Re Life and Health America Incorporated (“SWISS RE”). Optimum and SWISS RE currently hold an “A-” (Excellent) and "A+" (Superior) rating, respectively, from A.M. Best, an industry rating company. The reinsurance agreements were effective December 1, 1993, and covered most new business of UG. Under the terms of the agreements, UG cedes risk amounts above its retention limit of $100,000 with a minimum cession of $25,000. Ceded amounts are shared equally between the two reinsurers on a yearly renewable term (“YRT”) basis, a common industry method. The treaty is self-administered; meaning the Company records the reinsurance results and reports them to the reinsurers. Also, Optimum is the reinsurer of 100% of the accidental death benefits (“ADB”) in force of UG. This coverage is renewable annually at the Company’s option. Optimum specializes in reinsurance agreements with small to mid-size carriers such as UG. UG entered into a coinsurance agreement with Park Avenue Life Insurance Company (“PALIC”) effective September 30, 1996. Under the terms of the agreement, UG ceded to PALIC substantially all of its then in-force paid-up life insurance policies. Paid-up life insurance generally refers to non-premium paying life insurance policies. Under the terms of the agreement, UG sold 100% of the future results of this block of business to PALIC through a coinsurance agreement. UG continues to administer the business for PALIC and receives a servicing fee through a commission allowance based on the remaining in-force policies each month. PALIC has the right to assumption reinsure the business, at its option, and transfer the administration. The Company is not aware of any such plans. PALIC’s ultimate parent, The Guardian Life Insurance Company of America (“Guardian”), currently holds an "A++" (Superior) rating from A.M. Best. The PALIC agreement accounts for approximately 63% of UG’s reinsurance reserve credit, as of December 31, 2018 and 2017. On September 30, 1998, UG entered into a coinsurance agreement with The Independent Order of Vikings, (IOV) an Illinois fraternal benefit society. Under the terms of the agreement, UG agreed to assume, on a coinsurance basis, 25% of the reserves and liabilities arising from all in-force insurance contracts issued by the IOV to its members. Effective October 1, 2017, the IOV recaptured its coinsurance agreement with UG. The recapture was completed as a step in the IOV's decision to exit its insurance business. The Company does not have any short-duration reinsurance contracts. The effect of the Company's long-duration reinsurance contracts on premiums earned in 2018 and 2017 were as follows: 2018 2017 Premiums Earned Premiums Earned Direct $ 10,074,892 $ 10,407,434 Assumed 1,459 5,912 Ceded (2,862,701 ) (2,955,989 ) Net Premiums $ 7,213,650 $ 7,457,357

Cost of Insurance Acquired

Cost of Insurance Acquired	12 Months Ended
	Dec. 31, 2018
Cost of Insurance Acquired [Abstract]
Cost of Insurance Acquired	Note 5 – Cost of Insurance Acquired When an insurance company is acquired, the Company assigns a portion of its cost to the right to receive future cash flows from insurance contracts existing at the date of the acquisition. The cost of policies purchased represents the actuarially determined present value of the projected future profits from the acquired policies. Cost of insurance acquired is amortized with interest in relation to expected future profits, including direct charge-offs for any excess of the unamortized asset over the projected future profits. The interest rates utilized may vary due to differences in the blocks of business. The interest rate utilized in the amortization calculation of the remaining cost of insurance acquired is 12%. The amortization is adjusted retrospectively when estimates of current or future gross profits to be realized from a group of products are revised. 2018 2017 Cost of insurance acquired, beginning of year $ 6,428,292 $ 7,267,397 Interest accretion 866,339 967,032 Amortization (1,672,404 ) (1,806,137 ) Net amortization (806,065 ) (839,105 ) Cost of insurance acquired, end of year $ 5,622,227 $ 6,428,292 Estimated net amortization expense of cost of insurance acquired for the next five years is as follows: Interest Accretion Amortization Net Amortization 2019 769,612 1,545,518 775,906 2020 676,503 1,421,353 744,850 2021 587,120 1,302,090 714,970 2022 501,324 1,189,672 688,348 2023 418,722 1,079,979 661,257

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2018
Income Taxes [Abstract]
Income Taxes	Note 6 – Income Taxes UTG and UG file separate federal income tax returns. Income tax expense (benefit) consists of the following components: 2018 2017 Current tax $ 1,922,542 $ 751,377 Deferred tax 1,984,994 (2,258,393 ) Income tax expense (benefit) $ 3,907,536 $ (1,507,016 ) The expense for income taxes differed from the amounts computed by applying the applicable United States statutory rate of 21% and 35% as of December 31, 2018 and 2017, respectively, before income taxes as a result of the following differences: 2018 2017 Tax computed at statutory rate $ 3,466,644 $ 1,157,141 Changes in taxes due to: Non-controlling interest (43,927 ) (1,044 ) Small company deduction 0 (591,074 ) Dividend received deduction (170,690 ) (90,698 ) Tax rate change 0 (1,488,646 ) Other 655,509 (492,695 ) Income tax expense (benefit) $ 3,907,536 $ (1,507,016 ) As a result of the TCJA described above in Note 1 - Summary of Significant Accounting Policies, the Company has recognized a decrease to their net deferred tax liability as of December 31, 2017 in the amount of $7,330,936. The Company has determined that no other changes are required to the deferred tax liability, and the current income tax expense is unaffected by this change in the law. The following table summarizes the major components that comprise the deferred tax liability as reflected in the balance sheets: 2018 2017 Investments $ 6,939,758 $ 8,166,343 Cost of insurance acquired 1,180,668 1,349,941 Management/consulting fees (15,724 ) (27,202 ) Future policy benefits (1,670,814 ) 281,576 Deferred gain on sale of subsidiary 1,387,490 1,387,490 Other assets (liabilities) 65,573 59,095 Reserves adjustment 1,426,205 0 Federal tax DAC (199,676 ) (220,839 ) Deferred tax liability $ 9,113,480 $ 10,996,404 At December 31, 2018 and 2017, the Company had gross deferred tax assets of $2,723,053 and $1,027,203, respectively, and gross deferred tax liabilities of $11,836,533 and $12,023,607, respectively, resulting from temporary differences primarily related to the life insurance subsidiary. A valuation allowance is to be provided when it is more likely than not that deferred tax assets will not be realized by the Company. No valuation allowance has been recorded (except as noted below) relating to the Company’s deferred tax assets since, in Management’s judgment, the Company will more likely than not have sufficient taxable income in future periods to fully realize its existing deferred tax assets. The Company also has a deferred tax asset of $43,717 and $118,693 relating to an AMT tax carryforward as of December 31, 2018 and 2017, respectively. As a result of the changes to the Alternative Minimum Tax and corresponding credits resulting from the TCJA, Management has determined that an allowance against this asset is no longer required. The Company’s Federal income tax returns are periodically audited by the Internal Revenue Service (“IRS”). There are currently no examinations in process, nor is Management aware of any pending examination by the IRS. The Company follows the accounting guidance for uncertainty in income taxes using the provisions of Financial Accounting Standards Board (“FASB”) ASC 740, Income Taxes. The Company classifies interest and penalties on underpayment of income taxes as income tax expense. No interest or penalties were included in the reported income taxes for the years presented. The Company is not aware of any potential or proposed changes to any of its tax filings.

Credit Arrangements

Credit Arrangements	12 Months Ended
	Dec. 31, 2018
Credit Arrangements [Abstract]
Credit Arrangements	Note 7 – Credit Arrangements At December 31, 2018 and 2017, the Company had the following lines of credit available: Instrument Issue Date Maturity Date Revolving Credit Limit December 31, 2017 Borrowings Repayments December 31, 2018 Lines of Credit: UTG 11/20/2013 11/20/2019 $ 8,000,000 $ 0 0 0 $ 0 UG 6/2/2015 5/10/2019 10,000,000 0 0 0 0 The UTG line of credit carries interest at a fixed rate of 5.125% and is payable monthly. As collateral, UTG has pledged 100% of the common voting stock of its wholly owned subsidiary, Universal Guaranty Life Insurance Company ("UG"). During May of 2018, the Federal Home Loan Bank approved UG’s Cash Management Advance Application (“CMA”). The CMA gives the Company the option of selecting a variable rate of interest for up to 90 days or a fixed rate for a maximum of 30 days. The variable rate CMA is prepayable at any time without a fee, while the fixed CMA is not prepayable prior to maturity.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2018
Commitments and Contingencies [Abstract]
Commitments and Contingencies	Note 8 – Commitments and Contingencies The insurance industry has experienced a number of civil jury verdicts which have been returned against life and health insurers in the jurisdictions in which the Company does business involving the insurers' sales practices, alleged agent misconduct, failure to properly supervise agents, and other matters. Some of the lawsuits have resulted in the award of substantial judgments against the insurer, including material amounts of punitive damages. In some states, juries have substantial discretion in awarding punitive damages in these circumstances. In the normal course of business, the Company is involved from time to time in various legal actions and other state and federal proceedings. Management is of the opinion that the ultimate disposition of the matters will not have a materially adverse effect on the Company’s results of operations or financial position. Under the insurance guaranty fund laws in most states, insurance companies doing business in a participating state can be assessed up to prescribed limits for policyholder losses incurred by insolvent or failed insurance companies. Although the Company cannot predict the amount of any future assessments, most insurance guaranty fund laws currently provide that an assessment may be excused or deferred if it would threaten an insurer's financial strength. Mandatory assessments may be partially recovered through a reduction in future premium tax in some states. The Company does not believe such assessments will be materially different from amounts already provided for in the condensed consolidated financial statements, though the Company has no control over such assessments. Within the Company’s trading accounts, certain trading securities carried as liabilities represent securities sold short. A gain, limited to the price at which the security was sold short, or a loss, potentially unlimited in size, will be recognized upon the termination of the short sale. The following table represents the total funding commitments and the unfunded commitment as of December 31, 2018 related to certain investments: Total Funding Commitment Unfunded Commitment RLF III, LLC $ 4,000,000 $ 398,120 Sovereign’s Capital, LP Fund I 500,000 24,493 Sovereign's Capital, LP Fund II 1,000,000 240,566 Sovereign's Capital, LP Fund III 1,000,000 900,000 Master Mineral Holdings III, LP 4,000,000 1,700,000 Barton Springs Music, LLC 2,000,000 1,158,500 During 2006, the Company committed to invest in RLF III, LLC (“RLF”), which makes land-based investments in undervalued assets. RLF makes capital calls as funds are needed for continued land purchases. During 2012, the Company committed to invest in Sovereign’s Capital, LP Fund I (“Sovereign’s”), which invests in companies in emerging markets. Sovereign’s makes capital calls to investors as funds are needed. During 2015, the Company committed to invest in Sovereign’s Capital, LP Fund II (“Sovereign’s II”), which invests in companies in emerging markets. Sovereign’s II makes capital calls to investors as funds are needed. During 2018, the Company committed to invest in Sovereign’s Capital, LP Fund III (“Sovereign’s III”), which invests in companies in emerging markets. Sovereign’s III makes capital calls to investors as funds are needed. During 2018, the Company committed to invest in Master Mineral Holdings III, LP (“MMH”), which purchases land for leasing opportunities to those looking to harvest natural resources. MMH makes capital calls to its investors as funds are needed for continued land purchases. During 2018, the Company committed to invest in Barton Springs Music, LLC (“Barton”), which invests in music royalties. Barton makes capital calls to its investors as funds are needed to acquire the royalty rights.

Shareholders' Equity

Shareholders' Equity	12 Months Ended
	Dec. 31, 2018
Shareholders' Equity [Abstract]
Shareholders' Equity	Note 9 – Shareholders’ Equity Stock Repurchase Program Director Compensation th In December of 2018, the Company issued 2,994 shares of its common stock as compensation to the Directors. The shares were valued at $32.50 per share, the market value at the date of issue. During 2018, the Company recorded $97,305 in operating expense related to the stock issuance. In December of 2017, the Company issued 2,560 shares of its common stock as compensation to the Directors. The shares were valued at $25.00 per share, the market value at the date of issue. During 2017, the Company recorded $64,000 in operating expense related to the stock issuance. Other Compensation Earnings Per Share - 2018 2017 Basic weighted average shares outstanding 3,307,448 3,346,774 Weighted average dilutive options outstanding 0 0 Diluted weighted average shares outstanding 3,307,448 3,346,774 The computation of diluted earnings per share is the same as basic earnings per share for the years ending December 31, 2018 and 2017, as there were no outstanding securities, options or other offers that give the right to receive or acquire common shares of UTG. Statutory Restrictions UG is domiciled in the state of Ohio. Ohio requires notification within five business days to the insurance commissioner following the declaration of any ordinary dividend and at least ten calendar days prior to payment of such dividend. Ordinary dividends are defined as the greater of: a) prior year statutory net income or b) 10% of statutory capital and surplus. Extraordinary dividends (amounts in excess of ordinary dividend limitations) require prior approval of the insurance commissioner and are not restricted to a specific calculation. UG paid ordinary dividends of $5 million and $2 million to UTG in 2018 and 2017, respectively. No extraordinary dividends were paid during the two year period. UTG used the dividends received during 2018 and 2017 to purchase outstanding shares of UTG stock and for general operations of the Company.

Statutory Accounting

Statutory Accounting	12 Months Ended
	Dec. 31, 2018
Statutory Accounting [Abstract]
Statutory Accounting	Note 10 - Statutory Accounting The insurance subsidiary prepares its statutory-based financial statements in accordance with accounting practices prescribed or permitted by the Ohio Department of Insurance. These principles differ significantly from accounting principles generally accepted in the United States of America. "Prescribed" statutory accounting practices include state laws, regulations, and general administrative rules, as well as a variety of publications of the National Association of Insurance Commissioners (NAIC). "Permitted" statutory accounting practices encompass all accounting practices that are not prescribed; such practices may differ from state to state, from company to company within a state, and may change in the future. The following table reflects UG’s statutory basis net income and capital and surplus (shareholders’ equity) as of December 31: 2018 2017 Net income (loss) $ 6,166,411 $ 5,356,483 Capital and surplus 60,024,931 54,717,987

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2018
Related Party Transactions [Abstract]
Related Party Transactions	Note 11 – Related Party Transactions The articles of incorporation of UG contain the following language under item 12 relative to related party transactions: A director shall not be disqualified from-dealing with or contracting with the corporation as vendor, purchaser; employee, agent or otherwise; nor, in the absence of fraud, shall any transaction or contract or act of this corporation be void or in any way affected or invalidated by the fact that any director or any firm of which any director is a member or any corporation of which any director is a shareholder, director or officer is in any way interested in such transaction or contract or act, provided the fact that such director or such firm or such corporation so interested shall be disclosed or shall be known to the Board of Directors or such members thereof as shall be present at any meeting of the Board of Directors at which action upon any such contract or transaction or act shall be taken: nor shall any such director be accountable .or responsible to the company for or in respect to such transaction or contract or act of. this corporation or for any gains or profits realized by him by reason of the fact that he or any firm of which he is a member or any corporation of which he is a shareholder, director or officer is interested in such action or contract; and any such director may be counted in determining the existence of a quorum of any meeting of the Board of Directors of the On February 20, 2003, UG purchased $4 million of a trust preferred security offering issued by First Southern Bancorp, Inc. (“FSBI”). The security has a mandatory redemption after 30 years with a call provision after 5 years. The security pays a quarterly dividend at a fixed rate of 6.515%. The Company received dividends of $283,151 and $259,138 during 2018 and 2017, respectively. On March 30, 2009, UG purchased $1 million of FSBI common stock. The sale and transfer of this security is restricted by the provisions of a stock restriction and buy-sell agreement. During 2018, the Company received a preferred pay down of $440,000 leaving a cost basis of $3,560,000. UTG has a 30.10% ownership interest in an aircraft that is jointly owned with First Southern National Bank and Bandyco, LLC. Bandyco, LLC is affiliated with the Estate of Ward F. Correll. Mr. Correll is the father of Jesse Correll and a former director of the Company. The aircraft is used for business related travel by various officers and employees of the Company. For years 2018 and 2017, UTG paid $391,851 and $328,933 for costs associated with the aircraft, respectively. Effective January 1, 2007, UTG entered into administrative services and cost sharing agreements with its subsidiary. Under this arrangement, the subsidiary pays its proportionate share of expenses, based on an allocation formula. During 2018 and 2017, UG paid $7,093,227 and $7,213,590, respectively, in expenses. The Ohio Department of Insurance has approved the cost sharing agreement and it is Management’s opinion that where applicable, costs have been allocated fairly and such allocations are based upon accounting principles generally accepted in the United States of America. The Company from time to time acquires mortgage loans through participation agreements with FSNB. FSNB services the Company's mortgage loans including those covered by the participation agreements. The Company pays a .25% servicing fee on these loans and a one-time fee at loan origination of .50% of the original loan cost to cover costs incurred by FSNB relating to the processing and establishment of the loan. The Company paid $8,393 and $11,108 in servicing fees and $0 and $0 in origination fees to FSNB during 2018 and 2017, respectively. Effective January 1, 2017, UTG entered into a shared services contract with FSNB. Pursuant to the terms of the agreement, UTG and FSNB will utilize the services of the other’s staff in certain instances for the betterment of both entities. Personnel within departments, such as accounting, human resources, and information technology, are shared between the entities. Costs of these resources are then reimbursed between the companies. The shared services arrangement provides benefits to both parties such as access to a greater pool of knowledgeable staff, efficiencies from elimination of redundancies and more streamlined operations. The Company reimbursed expenses incurred by employees of FSNB relating to salaries, travel and other costs incurred on behalf of or relating to the Company and received reimbursements from FSNB. The Company paid $571,648 and $186,251 in 2018 and 2017, respectively to FSNB in net reimbursement of such costs. In addition, the Company reimburses FSNB a portion of salaries and pension costs for Mr. Correll and Mr. Ditto. The reimbursement was approved by the UTG Board of Directors and totaled $307,645 and $346,486 in 2018 and 2017, respectively, which included salaries and other benefits. The Company rents approximately 8,000 square feet of office space, located in Stanford, Kentucky, from FSNB and pays $2,000 per month in rent. The Company paid rent of $24,000 to FSNB during 2018 and 2017. As previously disclosed in the Notes Receivable section of Note 2 - Investments, several of the Company’s notes have participation agreements in place with third parties. Certain participation agreements are with FSF, a related party. The participation agreements are sold without recourse and assigned to the participant based on their pro-rata share of the principal, interest and collateral as specified in the participation agreements. The undivided participations in the notes receivable range from 20% - 50% . T he total amount of loans participated to FSF was $250,000 as of December 31, 2018 and 2017. During 2016, UG and FSF established a partnership agreement and formed a limited liability company to purchase real estate. FSF contributed $140,000 to the partnership, which gave them a 10% ownership in the LLC. The property held by this LLC was sold in January of 2019 and the funds from the sale were subsequently distributed to the members. The LLC is expected to be dissolved during 2019.

Other Cash Flow Disclosures

Other Cash Flow Disclosures	12 Months Ended
	Dec. 31, 2018
Other Cash Flow Disclosures [Abstract]
Other Cash Flow Disclosures	Note 12 – Other Cash Flow Disclosures On a cash basis, the Company paid the following expenses for the periods ended December 31: 2018 2017 Interest $ 0 $ 0 Federal income tax 1,592,000 165,000

Concentrations

Concentrations	12 Months Ended
	Dec. 31, 2018
Concentrations [Abstract]
Concentrations	Note 13 - Concentrations The Company maintains cash balances in financial institutions that at times may exceed federally insured limits. The Company maintains its primary operating cash accounts with First Southern National Bank, an affiliate of the largest shareholder of UTG, Mr. Jesse T. Correll, the Company’s CEO and Chairman. The Company has not experienced any losses in such accounts and believes it is not exposed to any significant credit risk on cash and cash equivalents. Because UTG serves primarily individuals located in four states, the ability of our customers to pay their insurance premiums is impacted by the economic conditions in these areas. As of December 31, 2018 and 2017, approximately 56% and 55%, respectively, of the Company’s total direct premium was collected from Illinois, Ohio, Texas and West Virginia. Thus, results of operations are heavily dependent upon the strength of these economies. The Company reinsures that portion of insurance risk which is in excess of its retention limits. Retention limits range up to $125,000 per life. Life insurance ceded represented 20% of total life insurance in force at December 31, 2018 and 2017, respectively. Insurance ceded represented 35% and 36% of premium income for 2018 and 2017, respectively. The Company would be liable for the reinsured risks ceded to other companies to the extent that such reinsuring companies are unable to meet their obligations. The Company owns a variety of investments associated with the oil and gas industry. These investments represented approximately 25% and 27% of the Company’s total invested assets at December 31, 2018 and 2017, respectively.

Selected Quarterly Financial Da

Selected Quarterly Financial Data	12 Months Ended
	Dec. 31, 2018
Selected Quarterly Financial Data [Abstract]
Selected Quarterly Financial Data	Note 14 – Selected Quarterly Financial Data As a smaller reporting company, as defined by Rule 12b-2 of the Exchange Act and Item 10(f)(1) of Regulation S-K, the Company has elected to comply with certain scaled disclosure reporting obligations, and therefore does not have to provide the information required by this item.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2018
Summary of Significant Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation
Principles of Consolidation	Principles of Consolidation
Business Segments	Business Segments
Investments	Investments Fixed Maturity Investments Equity Securities at Fair Value Equity Securities at Cost Mortgage Loans on Real Estate Investment Real Estate Notes Receivable Policy Loans Short-Term Investments Gains and Losses
Fair Value	Fair Value
Impairment of Investments	Impairment of Investments Current accounting guidance states that if an entity intends to sell or if it is more likely than not that it will be required to sell an impaired security prior to recovery of its cost basis, the security is to be considered other-than-temporarily impaired and the full amount of impairment must be charged to earnings. Otherwise, losses on fixed maturities which are other-than-temporarily impaired are separated into two categories, the portion of the loss which is considered credit loss and the portion of the loss which is due to other factors. The credit loss portion is charged to earnings while the loss due to other factors is charged to other comprehensive income.
Cash Equivalents and Cash	Cash Equivalents Cash
Reinsurance	Reinsurance Reinsurance receivables are recognized in a manner consistent with the liabilities relating to the underlying reinsured contracts. The cost of reinsurance related to long-duration contracts is accounted for over the life of the underlying reinsured policies using assumptions consistent with those used to account for the underlying policies.
Cost of Insurance Acquired	Cost of Insurance Acquired -
Property and Equipment	Property and Equipment
Future Policy Benefits and Expenses	Future Policy Benefits and Expenses Benefit reserves for universal life insurance and interest sensitive life insurance products are computed under a retrospective deposit method and represent policy account balances before applicable surrender charges. Policy benefits and claims that are charged to expense include benefit claims in excess of related policy account balances. Interest crediting rates for universal life and interest sensitive products range from 3.0% to 6.0% as of December 31, 2018 and 2017.
Policy Claims and Benefits Payable	Policy Claims and Benefits Payable
Income Taxes	Income Taxes
Earnings Per Share	Earnings Per Share
Recognition of Revenues and Related Expenses	Recognition of Revenues and Related Expenses
Recently Issued Accounting Standards	Recently Issued Accounting Standards In August 2018, the FASB issued Accounting Standards Update No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement In August 2018, the FASB issued Accounting Standards Update No. 2018-12, Financial Services-Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts In June 2018, the FASB issued Accounting Standards Update No. 2018-07, Compensation-Stock Compensation (Topic 718): Improvements to Non-Employee Share Based Payment Accounting or ASU 2018-07. In February 2018, the FASB issued Accounting Standards Update No. 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220), Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income or ASU 2018-02. Accounting Standards Update (ASU 2016-13), Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments – The amendments included in ASU 2016-13 require the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Financial institutions and other organizations will now use forward-looking information to better evaluate their credit loss estimates. Many of the loss estimation techniques applied today will still be permitted, although the inputs to those techniques will change to reflect the full amount of expected credit losses. In addition, the ASU amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. ASU 2016-13 is effective for public companies for fiscal years beginning after December 15, 2019. The Company is currently evaluating the impact that the adoption of this guidance will have on its consolidated financial statements. In January 2016, the FASB issued Accounting Standards Update No. 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities

Investments (Tables)

Investments (Tables)	12 Months Ended
	Dec. 31, 2018
Investments [Abstract]
Available for Sale Securities	The following tables provide a summary of fixed maturities available for sale by original or amortized cost and estimated fair value: December 31, 2018 Original or Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Investments available for sale: Fixed maturities U.S. Government and govt. agencies and authorities $ 25,649,410 $ 149,006 $ (138,222 ) $ 25,660,194 U.S. special revenue and assessments 16,350,486 334,300 (4,406 ) 16,680,380 All other corporate bonds 118,895,973 2,569,287 (2,845,050 ) 118,620,210 Total $ 160,895,869 $ 3,052,593 $ (2,987,678 ) $ 160,960,784 December 31, 2017 Original or Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Investments available for sale: Fixed maturities U.S. Government and govt. agencies and authorities $ 2,679,325 $ 33,802 $ (73,530 ) $ 2,639,597 U.S. special revenue and assessments 9,012,232 620,789 0 9,633,021 All other corporate bonds 148,220,954 18,359,816 (298,163 ) 166,282,607 159,912,511 19,014,407 (371,693 ) 178,555,225 Equity securities (1) 35,712,633 23,648,201 (512,343 ) 58,848,491 Total $ 195,625,144 $ 42,662,608 $ (884,036 ) $ 237,403,716 (1) Effective January 1, 2018, the Company adopted ASU 2016-01 and equity securities are no longer classified as available-for-sale. Prior periods have not been restated to conform to the current presentation. See Note 1 to the Consolidated Financial Statements for additional information.
Debt Securities by Contractual Maturity	The following table provides a summary of fixed maturities by contractual maturity as of December 31, 2018. Actual maturities could differ from contractual maturities due to call or prepayment provisions: Fixed Maturities Available for Sale December 31, 2018 Amortized Cost Estimated Fair Value Due in one year or less $ 6,498,249 $ 6,537,005 Due after one year through five years 43,015,419 44,106,710 Due after five years through ten years 60,011,083 60,985,500 Due after ten years 51,371,118 49,331,569 Total $ 160,895,869 $ 160,960,784
Fair Value of Investments with Sustained Gross Unrealized Losses	The fair value of investments with sustained gross unrealized losses at December 31, 2018 and 2017 are as follows: December 31, 2018 Less than 12 months 12 months or longer Total Fair value Unrealized losses Fair value Unrealized losses Fair value Unrealized losses U.S. Government and govt. agencies and authorities $ 6,429,700 (49,904 ) $ 1,592,679 (88,318 ) $ 8,022,379 (138,222 ) U.S. special revenue and assessments 4,023,920 (4,406 ) 0 0 4,023,920 (4,406 ) All other corporate bonds 49,270,729 (2,033,507 ) 15,337,739 (811,543 ) 64,608,468 (2,845,050 ) Total fixed maturities $ 59,724,349 (2,087,817 ) $ 16,930,418 (899,861 ) $ 76,654,767 (2,987,678 ) December 31, 2017 Less than 12 months 12 months or longer Total Fair value Unrealized losses Fair value Unrealized losses Fair value Unrealized losses U.S. Government and govt. agencies and authorities $ 0 0 $ 1,604,987 (73,530 ) $ 1,604,987 (73,530 ) All other corporate bonds 9,732,635 (91,757 ) 11,164,317 (206,406 ) 20,896,952 (298,163 ) Total fixed maturities $ 9,732,635 (91,757 ) $ 12,769,304 (279,936 ) $ 22,501,939 (371,693 ) Equity securities (1) $ 4,130,260 (270,774 ) $ 1,526,868 (241,569 ) $ 5,657,128 (512,343 )
Securities in Continuous Unrealized Loss Position	The following table provides additional information regarding the number of securities that were in an unrealized loss position for greater than or less than twelve months: Less than 12 months 12 months or longer Total As of December 31, 2018 Fixed maturities 30 10 40 As of December 31, 2017 Fixed maturities 6 6 12 Equity securities (1) 2 2 4
Trading Revenue Charged to Investment Income from Trading Securities	Trading Securities Securities designated as trading securities are reported at fair value, with gains or losses resulting from changes in fair value recognized in net investment income on the Consolidated Statements of Operations. Trading Securities included exchange-traded equities and exchange-traded options. Trading securities carried as liabilities were securities sold short. A gain, limited to the price at which the security was sold short, or a loss, potentially unlimited in size, was recognized upon the termination of the short sale. Earnings from trading securities were classified in cash flows from operating activities. The Company did not hold any trading securities at December 31, 2018 or 2017. The following table reflects trading securities revenue charged to net investment income for the periods ended December 31: 2018 2017 Net unrealized gains (losses) $ 0 $ (111,531 ) Net realized gains (losses) 0 110,470 Net unrealized and realized gains (losses) $ 0 $ (1,061 )
Loan Payment Performance Since Inception	During 2018 and 2017, the maximum and minimum lending rates for mortgage loans were: 2018 2017 Maximum rate Minimum rate Maximum rate Minimum rate Farm loans 5.00 % 5.00 % 5.00 % 5.00 % Commercial loans 7.50 % 4.00 % 7.50 % 4.00 % Residential loans 8.00 % 8.00 % 8.00 % 4.00 %
Discounted Mortgage Holdings	The following table summarizes the mortgage loan holdings of the Company for the periods ended December 31: 2018 2017 In good standing $ 7,169,272 $ 15,310,941 Overdue interest over 90 days 1,899,839 0 Restructured 0 0 In process of foreclosure 0 2,003,536 Total mortgage loans $ 9,069,111 $ 17,314,477 Total foreclosed loans during the year $ 0 $ 0
Schedule of Net Investment Income	Analysis of Investment Operations The following table reflects the Company’s net investment income for the periods ended December 31: 2018 2017 Fixed maturities $ 7,273,157 $ 8,685,698 Equity securities 1,628,649 1,213,922 Trading securities 0 (1,061 ) Mortgage loans 1,234,115 1,191,865 Real estate 2,771,348 1,990,844 Notes receivable 979,742 1,322,675 Policy loans 646,993 664,116 Cash and cash equivalents 355,276 23,445 Short-term 18,159 1,263 Total consolidated investment income 14,907,439 15,092,767 Investment expenses (3,704,771 ) (3,391,769 ) Consolidated net investment income $ 11,202,668 $ 11,700,998
Net Realized Investment Gains and Losses	The following table presents the Company’s net realized investments gains (losses) and the change in net unrealized gains on available-for-sale investments for the periods ended December 31: 2018 2017 Realized gains on available-for-sale investments: Sales of fixed maturities $ 11,708,320 $ 3,950,014 Sales of equity securities (1) 0 2,902,278 Sales of real estate 1,588,122 3,622,519 Other 0 0 Total realized gains 13,296,442 10,474,811 Realized losses on available-for-sale investments: Sales of fixed maturities (956,365 ) (72,560 ) Sales of equity securities (1) 0 0 Sales of real estate 0 (522,965 ) Other-than-temporary impairments (300,000 ) (762,161 ) Other 0 0 Total realized losses (1,256,365 ) (1,357,686 ) Net realized investment gains (losses) 12,040,077 9,117,125 Change in fair value of equity securities: (1) Realized gains (losses) on equity securities sold during the period (1) 0 0 Change in fair value of equity securities held at the end of the period 10,416,758 0 Change in fair value of equity securities (1) 10,416,758 0 Net investment gains (losses) $ 22,456,835 $ 9,117,125 Change in net unrealized gains (losses) on available-for-sale investments included in other comprehensive income: Fixed maturities $ (7,744,899 ) $ 3,470,929 Equity securities (1) 0 13,703,197 Net increase (decrease) $ (7,744,899 ) $ 17,174,126 (1) Effective January 1, 2018, the Company adopted ASU No. 2016-01. As a result, equity securities are no longer classified as available-for-sale with unrealized gains and losses recognized in other comprehensive income; rather, all changes in the fair value of equity securities are now recognized in net income. Prior periods have not been restated to conform to the current presentation. See Note 1.
Other than Temporary Impairment	Based on Management’s review of the investment portfolio, the Company recorded the following losses for other-than-temporary impairments in the Consolidated Statements of Operations for the periods ended December 31: 2018 2017 Other than temporary impairments: Real estate $ 300,000 $ 690,000 Mortgage loans 0 72,161 Total other than temporary impairments $ 300,000 $ 762,161

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2018
Fair Value Measurements [Abstract]
Assets and Liabilities Measured at Fair Value on a Recurring Basis	The following table presents the Company’s assets and liabilities measured at fair value in the consolidated balance sheet on a recurring basis as of December 31, 2018. Level 1 Level 2 Level 3 Total Assets Fixed Maturities, available for sale $ 25,660,194 $ 134,865,746 $ 434,844 $ 160,960,784 Equity Securities 27,634,283 10,557,031 29,473,168 67,664,482 Total $ 53,294,477 $ 145,422,777 $ 29,908,012 $ 228,625,266 The following table presents the Company’s assets and liabilities measured at fair value in the consolidated balance sheet on a recurring basis as of December 31, 2017. Level 1 Level 2 Level 3 Total Assets Fixed Maturities, available for sale $ 2,639,597 $ 175,437,239 $ 478,389 $ 178,555,225 Equity Securities, available for sale (1) 20,436,225 7,756,435 30,655,831 58,848,491 Total $ 23,075,822 $ 183,193,674 $ 31,134,220 $ 237,403,716
Reconciliation for Level 3 Assets Measured at Fair Value on a Recurring Basis	The following table provides reconciliations for Level 3 assets measured at fair value on a recurring basis. Transfers into and out of Level 3 are recognized as of the end of the quarter in which they occur. Fixed Maturities, Available for Sale Equity Securities (1) Total Balance at December 31, 2017 $ 478,389 $ 30,655,831 $ 31,134,220 Transfers in to Level 3 0 0 0 Transfer out of Level 3 0 (5,118,600 ) (5,118,600 ) Total unrealized gain (losses): Included in net income (loss) 0 4,633,751 4,633,751 Included in other comprehensive income 0 0 0 Purchases 0 1,505,250 1,505,250 Sales (43,545 ) (2,203,064 ) (2,246,609 ) Balance at December 31, 2018 $ 434,844 $ 29,473,168 $ 29,908,012 (1) Effective January 1, 2018, the Company Adopted ASU No. 2016-01 and equity securities are no longer classified as available-for-sale. Prior periods have not been restated to conform to the current presentation. See Note 1 to the Consolidated Financial Statements for additional information. December 31, 2018 December 31, 2017 Change in fair value of equity securities included in net income (loss) relating to assets held $ 4,633,751 $ 0
Carrying Values and Estimated Fair Values of Financial Instruments not Recorded at Fair Value	The carrying values and estimated fair values of certain of the Company’s financial instruments not recorded at fair value in the Consolidated Balance Sheets are shown below. Because the fair value for all Consolidated Balance Sheet items are not required to be disclosed, the aggregate fair value amounts presented below are not reflective of the underlying value of the Company. December 31, 2018 December 31, 2017 Assets Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Equity securities $ 12,118,617 $ 12,118,617 $ 0 $ 0 Mortgage loans on real estate 9,069,111 9,069,111 17,314,477 17,314,477 Investment real estate 52,518,577 52,518,577 50,504,550 50,504,550 Notes receivable 23,717,312 23,717,312 19,004,016 19,004,016 Policy loans 9,204,222 9,204,222 9,559,142 9,559,142 Cash and cash equivalents 20,150,162 20,150,162 25,434,199 25,434,199

Reinsurance (Tables)

Reinsurance (Tables)	12 Months Ended
	Dec. 31, 2018
Reinsurance [Abstract]
Effect of long duration reinsurance contracts on premiums earned	The Company does not have any short-duration reinsurance contracts. The effect of the Company's long-duration reinsurance contracts on premiums earned in 2018 and 2017 were as follows: 2018 2017 Premiums Earned Premiums Earned Direct $ 10,074,892 $ 10,407,434 Assumed 1,459 5,912 Ceded (2,862,701 ) (2,955,989 ) Net Premiums $ 7,213,650 $ 7,457,357

Cost of Insurance Acquired (Tab

Cost of Insurance Acquired (Tables)	12 Months Ended
	Dec. 31, 2018
Cost of Insurance Acquired [Abstract]
Cost of Insurance Acquired	2018 2017 Cost of insurance acquired, beginning of year $ 6,428,292 $ 7,267,397 Interest accretion 866,339 967,032 Amortization (1,672,404 ) (1,806,137 ) Net amortization (806,065 ) (839,105 ) Cost of insurance acquired, end of year $ 5,622,227 $ 6,428,292
Estimated Net Amortization Expense of Cost of Insurance Acquired for Next Five Years	Estimated net amortization expense of cost of insurance acquired for the next five years is as follows: Interest Accretion Amortization Net Amortization 2019 769,612 1,545,518 775,906 2020 676,503 1,421,353 744,850 2021 587,120 1,302,090 714,970 2022 501,324 1,189,672 688,348 2023 418,722 1,079,979 661,257

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2018
Income Taxes [Abstract]
Income tax expense (benefits)	Income tax expense (benefit) consists of the following components: 2018 2017 Current tax $ 1,922,542 $ 751,377 Deferred tax 1,984,994 (2,258,393 ) Income tax expense (benefit) $ 3,907,536 $ (1,507,016 )
Income tax expense (benefit) reconciliation	The expense for income taxes differed from the amounts computed by applying the applicable United States statutory rate of 21% and 35% as of December 31, 2018 and 2017, respectively, before income taxes as a result of the following differences: 2018 2017 Tax computed at statutory rate $ 3,466,644 $ 1,157,141 Changes in taxes due to: Non-controlling interest (43,927 ) (1,044 ) Small company deduction 0 (591,074 ) Dividend received deduction (170,690 ) (90,698 ) Tax rate change 0 (1,488,646 ) Other 655,509 (492,695 ) Income tax expense (benefit) $ 3,907,536 $ (1,507,016 )
Major components that comprise the deferred tax liability	As a result of the TCJA described above in Note 1 - Summary of Significant Accounting Policies, the Company has recognized a decrease to their net deferred tax liability as of December 31, 2017 in the amount of $7,330,936. The Company has determined that no other changes are required to the deferred tax liability, and the current income tax expense is unaffected by this change in the law. The following table summarizes the major components that comprise the deferred tax liability as reflected in the balance sheets: 2018 2017 Investments $ 6,939,758 $ 8,166,343 Cost of insurance acquired 1,180,668 1,349,941 Management/consulting fees (15,724 ) (27,202 ) Future policy benefits (1,670,814 ) 281,576 Deferred gain on sale of subsidiary 1,387,490 1,387,490 Other assets (liabilities) 65,573 59,095 Reserves adjustment 1,426,205 0 Federal tax DAC (199,676 ) (220,839 ) Deferred tax liability $ 9,113,480 $ 10,996,404

Credit Arrangements (Tables)

Credit Arrangements (Tables)	12 Months Ended
	Dec. 31, 2018
Credit Arrangements [Abstract]
Lines of Credit	At December 31, 2018 and 2017, the Company had the following lines of credit available: Instrument Issue Date Maturity Date Revolving Credit Limit December 31, 2017 Borrowings Repayments December 31, 2018 Lines of Credit: UTG 11/20/2013 11/20/2019 $ 8,000,000 $ 0 0 0 $ 0 UG 6/2/2015 5/10/2019 10,000,000 0 0 0 0

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2018
Commitments and Contingencies [Abstract]
Total Funding Commitments and Unfunded Commitment	The following table represents the total funding commitments and the unfunded commitment as of December 31, 2018 related to certain investments: Total Funding Commitment Unfunded Commitment RLF III, LLC $ 4,000,000 $ 398,120 Sovereign’s Capital, LP Fund I 500,000 24,493 Sovereign's Capital, LP Fund II 1,000,000 240,566 Sovereign's Capital, LP Fund III 1,000,000 900,000 Master Mineral Holdings III, LP 4,000,000 1,700,000 Barton Springs Music, LLC 2,000,000 1,158,500

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2018
Shareholders' Equity [Abstract]
Reconciliation of the numerators and denominators of the basic and diluted EPS	Earnings Per Share - 2018 2017 Basic weighted average shares outstanding 3,307,448 3,346,774 Weighted average dilutive options outstanding 0 0 Diluted weighted average shares outstanding 3,307,448 3,346,774

Statutory Accounting (Tables)

Statutory Accounting (Tables)	12 Months Ended
	Dec. 31, 2018
Statutory Accounting [Abstract]
Statutory Basis Net Income and Capital Surplus	The following table reflects UG’s statutory basis net income and capital and surplus (shareholders’ equity) as of December 31: 2018 2017 Net income (loss) $ 6,166,411 $ 5,356,483 Capital and surplus 60,024,931 54,717,987

Other Cash Flow Disclosures (Ta

Other Cash Flow Disclosures (Tables)	12 Months Ended
	Dec. 31, 2018
Other Cash Flow Disclosures [Abstract]
Expenses Paid on a Cash Basis	On a cash basis, the Company paid the following expenses for the periods ended December 31: 2018 2017 Interest $ 0 $ 0 Federal income tax 1,592,000 165,000

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details)	12 Months Ended
	Dec. 31, 2018USD ($)Segment	Dec. 31, 2017USD ($)
Business Segments [Abstract]
Number of business segments | Segment	1
Investments [Abstract]
Equity securities, at cost	$ 12,118,617	$ 0
Reinsurance [Abstract]
Maximum retention limits per life	125,000
Property and Equipment [Abstract]
Accumulated depreciation	5,655,593	5,225,333
Depreciation expense	$ 430,260	$ 446,117
Income Taxes [Abstract]
Corporate Federal income tax rate	21.00%	35.00%
Chief Executive Officer and Chairman of the Board [Member]
Ownership Interest [Abstract]
Ownership interest percentage	65.29%
Accumulated Other Comprehensive Income [Member]
Recently Issued Accounting Standards [Abstract]
Reclassification of unrealized gains on equity investments, net of tax as a cumulative net effect adjustment	$ (18,277,328)
Retained Earnings [Member]
Recently Issued Accounting Standards [Abstract]
Reclassification of unrealized gains on equity investments, net of tax as a cumulative net effect adjustment	$ 18,277,328
Minimum [Member]
Property and Equipment [Abstract]
Estimated useful lives	3 years
Maximum [Member]
Property and Equipment [Abstract]
Estimated useful lives	30 years
Income Taxes [Abstract]
Corporate Federal income tax rate		35.00%
Life Insurance [Member] | Minimum [Member]
Future Policy Benefits and Expenses [Abstract]
Liability for future policy benefits, interest rate	2.00%
Life Insurance [Member] | Maximum [Member]
Future Policy Benefits and Expenses [Abstract]
Liability for future policy benefits, interest rate	6.00%
Universal Life [Member] | Minimum [Member]
Future Policy Benefits and Expenses [Abstract]
Interest crediting rates	3.00%	3.00%
Universal Life [Member] | Maximum [Member]
Future Policy Benefits and Expenses [Abstract]
Interest crediting rates	6.00%	6.00%
Interest Sensitive Life [Member] | Minimum [Member]
Future Policy Benefits and Expenses [Abstract]
Interest crediting rates	3.00%	3.00%
Interest Sensitive Life [Member] | Maximum [Member]
Future Policy Benefits and Expenses [Abstract]
Interest crediting rates	6.00%	6.00%
Annuities [Member] | Minimum [Member]
Future Policy Benefits and Expenses [Abstract]
Liability for future policy benefits, interest rate	2.50%
Annuities [Member] | Maximum [Member]
Future Policy Benefits and Expenses [Abstract]
Liability for future policy benefits, interest rate	7.50%
FSBI [Member] | FSNB [Member]
Ownership Interest [Abstract]
Ownership in subsidiary bank	100.00%

Investments, Available for Sale

Investments, Available for Sale Securities - Fixed Maturity and Equity Securities (Details) - USD ($)		Dec. 31, 2018	Dec. 31, 2017
Fixed maturities [Abstract]
Original or amortized cost		$ 160,895,869	$ 159,912,511
Gross unrealized gains		3,052,593	19,014,407
Gross unrealized losses		(2,987,678)	(371,693)
Estimated fair value		160,960,784	178,555,225
Equity securities [Abstract]
Original or amortized cost		0	35,712,633	[1]
Gross unrealized gains	[1]		23,648,201
Gross unrealized losses	[1]		(512,343)
Estimated fair value		0	58,848,491	[1]
Total [Abstract]
Original or amortized cost			195,625,144
Gross unrealized gains			42,662,608
Gross unrealized losses			(884,036)
Estimated fair value			237,403,716
U.S. Government and Govt. Agencies and Authorities [Member]
Fixed maturities [Abstract]
Original or amortized cost		25,649,410	2,679,325
Gross unrealized gains		149,006	33,802
Gross unrealized losses		(138,222)	(73,530)
Estimated fair value		25,660,194	2,639,597
US Special Revenue and Assessments [Member]
Fixed maturities [Abstract]
Original or amortized cost		16,350,486	9,012,232
Gross unrealized gains		334,300	620,789
Gross unrealized losses		(4,406)	0
Estimated fair value		16,680,380	9,633,021
All Other Corporate Bonds [Member]
Fixed maturities [Abstract]
Original or amortized cost		118,895,973	148,220,954
Gross unrealized gains		2,569,287	18,359,816
Gross unrealized losses		(2,845,050)	(298,163)
Estimated fair value		$ 118,620,210	$ 166,282,607
[1]	Effective January 1, 2018, the Company adopted ASU 2016-01 and equity securities are no longer classified as available-for-sale. Prior periods have not been restated to conform to the current presentation. See Note 1 to the Consolidated Financial Statements for additional information.

Investments, Fixed Maturities b

Investments, Fixed Maturities by Contractual Maturity (Details) - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Amortized cost [Abstract]
Due in one year or less	$ 6,498,249
Due after one year through five years	43,015,419
Due after five years through ten years	60,011,083
Due after ten years	51,371,118
Original or amortized cost	160,895,869	$ 159,912,511
Estimated fair value [Abstract]
Due in one year or less	6,537,005
Due after one year through five years	44,106,710
Due after five years through ten years	60,985,500
Due after ten years	49,331,569
Estimated fair value	160,960,784	178,555,225
Amortized cost of investment in fixed maturities rated below investment grade	$ 2,618,594	$ 21,108,077

Investments, Investments with S

Investments, Investments with Sustained Gross Unrealized Losses (Details) - USD ($)		Dec. 31, 2018	Dec. 31, 2017
Fixed Maturities in Continuous Unrealized Loss Position [Abstract]
Less than 12 months, fair value		$ 59,724,349	$ 9,732,635
12 months or longer, fair value		16,930,418	12,769,304
Total fair value		76,654,767	22,501,939
Less than 12 months, unrealized losses		(2,087,817)	(91,757)
12 months or longer, unrealized losses		(899,861)	(279,936)
Total unrealized losses		(2,987,678)	(371,693)
Equity Securities in Continuous Unrealized Loss Position [Abstract]
Less than 12 months, fair value	[1]		4,130,260
12 months or longer, fair value	[1]		1,526,868
Total fair value	[1]		5,657,128
Less than 12 months, unrealized losses	[1]		(270,774)
12 months or longer, unrealized losses	[1]		(241,569)
Total unrealized losses	[1]		(512,343)
U.S. Government and Government Agencies and Authorities [Member]
Fixed Maturities in Continuous Unrealized Loss Position [Abstract]
Less than 12 months, fair value		6,429,700	0
12 months or longer, fair value		1,592,679	1,604,987
Total fair value		8,022,379	1,604,987
Less than 12 months, unrealized losses		(49,904)	0
12 months or longer, unrealized losses		(88,318)	(73,530)
Total unrealized losses		(138,222)	(73,530)
U.S. Special Revenue and Assessments [Member]
Fixed Maturities in Continuous Unrealized Loss Position [Abstract]
Less than 12 months, fair value		4,023,920
12 months or longer, fair value		0
Total fair value		4,023,920
Less than 12 months, unrealized losses		(4,406)
12 months or longer, unrealized losses		0
Total unrealized losses		(4,406)
All Other Corporate Bonds [Member]
Fixed Maturities in Continuous Unrealized Loss Position [Abstract]
Less than 12 months, fair value		49,270,729	9,732,635
12 months or longer, fair value		15,337,739	11,164,317
Total fair value		64,608,468	20,896,952
Less than 12 months, unrealized losses		(2,033,507)	(91,757)
12 months or longer, unrealized losses		(811,543)	(206,406)
Total unrealized losses		$ (2,845,050)	$ (298,163)
[1]	Effective January 1, 2018, the Company adopted ASU 2016-01 and equity securities are no longer classified as available-for-sale. Prior periods have not been restated to conform to the current presentation. See Note 1 to the Consolidated Financial Statements for additional information.

Investments, Number of Securiti

Investments, Number of Securities in Unrealized Loss Position (Details) - Security	Dec. 31, 2018	Dec. 31, 2017
Fixed Maturities [Abstract]
Less than 12 months, number of securities	30	6
12 months or longer, number of securities	10	6
Total number of securities	40	12
Equity Securities [Abstract]
Less than 12 months, number of securities		2
12 months or longer, number of securities		2
Total number of securities		4

Investments, Cost Method Invest

Investments, Cost Method Investments (Details) - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Investments [Abstract]
Equity investments, at cost	$ 12,118,617	$ 0

Investments, Trading Securities

Investments, Trading Securities (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Increase (Decrease) in Trading Securities [Abstract]
Net unrealized gains (losses)	$ 0	$ (111,531)
Net realized gains (losses)	0	110,470
Net unrealized and realized gains (losses)	$ 0	$ (1,061)

Investments, Mortgage Loans on

Investments, Mortgage Loans on Real Estate, Investment Real Estate, and Notes Receivables (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Mortgage Loans [Abstract]
Mortgage loans acquired, including discounted mortgage loans	$ 91,954	$ 360,531
Servicing fee on loan	0.25%
Loan origination	0.50%	0.50%
Loan limit threshold for appraised property value	80.00%
Mortgage loans reserve	$ 0	$ 0
Discounted mortgage loan holdings [Abstract]
In good standing	7,169,272	15,310,941
Overdue interest over 90 days	1,899,839	0
Restructured	0	0
In process of foreclosure	0	2,003,536
Total mortgage loans	9,069,111	17,314,477
Total foreclosed loans during the year	0	0
Notes receivable [Abstract]
Valuation allowance	$ 0	$ 0
Farm Loans [Member] | Maximum [Member]
Mortgage Loans [Abstract]
Residential loans	5.00%	5.00%
Farm Loans [Member] | Minimum [Member]
Mortgage Loans [Abstract]
Residential loans	5.00%	5.00%
Commercial Loans [Member] | Maximum [Member]
Mortgage Loans [Abstract]
Residential loans	7.50%	7.50%
Commercial Loans [Member] | Minimum [Member]
Mortgage Loans [Abstract]
Residential loans	4.00%	4.00%
Residential Loans [Member] | Maximum [Member]
Mortgage Loans [Abstract]
Residential loans	8.00%	8.00%
Residential Loans [Member] | Minimum [Member]
Mortgage Loans [Abstract]
Residential loans	8.00%	4.00%

Investments, Net Investment Inc

Investments, Net Investment Income (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Net Investment Income [Abstract]
Investment income	$ 14,907,439	$ 15,092,767
Investment expenses	(3,704,771)	(3,391,769)
Consolidated net investment income	11,202,668	11,700,998
Fixed Maturities [Member]
Net Investment Income [Abstract]
Investment income	7,273,157	8,685,698
Equity Securities [Member]
Net Investment Income [Abstract]
Investment income	1,628,649	1,213,922
Trading Securities [Member]
Net Investment Income [Abstract]
Investment income	0	(1,061)
Mortgage Loans [Member]
Net Investment Income [Abstract]
Investment income	1,234,115	1,191,865
Real Estate [Member]
Net Investment Income [Abstract]
Investment income	2,771,348	1,990,844
Notes Receivable [Member]
Net Investment Income [Abstract]
Investment income	979,742	1,322,675
Policy Loans [Member]
Net Investment Income [Abstract]
Investment income	646,993	664,116
Cash and Cash Equivalents [Member]
Net Investment Income [Abstract]
Investment income	355,276	23,445
Short-term [Member]
Net Investment Income [Abstract]
Investment income	$ 18,159	$ 1,263

Investments, Net Realized Inves

Investments, Net Realized Investment Gains and Losses (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018		Dec. 31, 2017
Realized gains on available-for-sale investments [Abstract]
Gross realized gains	$ 13,296,442		$ 10,474,811
Realized losses on available-for-sale investments [Abstract]
Other-than-temporary impairments	(300,000)		(762,161)
Total realized losses	(1,256,365)		(1,357,686)
Net realized investment gains (losses)	12,040,077		9,117,125
Change in fair value of equity securities [Abstract]
Realized gains (losses) on equity securities sold during the period	0	[1]	0
Change in fair value of equity securities held at the end of the period	10,416,758	[1]	0
Change in fair value of equity securities	10,416,758	[1]	0
Total net investment gains (losses)	22,456,835		9,117,125
Unrealized gains (losses) on available-for-sale investments included in other comprehensive income [Abstract]
Change in net unrealized gains (losses) on available-for-sale investments included in other comprehensive income	(7,744,899)		17,174,126
Fixed Maturities [Member]
Realized gains on available-for-sale investments [Abstract]
Gross realized gains	11,708,320		3,950,014
Realized losses on available-for-sale investments [Abstract]
Total realized losses	(956,365)		(72,560)
Unrealized gains (losses) on available-for-sale investments included in other comprehensive income [Abstract]
Change in net unrealized gains (losses) on available-for-sale investments included in other comprehensive income	(7,744,899)		3,470,929
Equity Securities [Member]
Realized gains on available-for-sale investments [Abstract]
Gross realized gains	0	[1]	2,902,278
Realized losses on available-for-sale investments [Abstract]
Total realized losses	0	[1]	0
Unrealized gains (losses) on available-for-sale investments included in other comprehensive income [Abstract]
Change in net unrealized gains (losses) on available-for-sale investments included in other comprehensive income	0	[1]	13,703,197
Real Estate [Member]
Realized gains on available-for-sale investments [Abstract]
Gross realized gains	1,588,122		3,622,519
Realized losses on available-for-sale investments [Abstract]
Other-than-temporary impairments	(300,000)		(690,000)
Total realized losses	0		(522,965)
Other [Member]
Realized gains on available-for-sale investments [Abstract]
Gross realized gains	0		0
Realized losses on available-for-sale investments [Abstract]
Total realized losses	0		0
Mortgage Loans [Member]
Realized losses on available-for-sale investments [Abstract]
Other-than-temporary impairments	$ 0		$ (72,161)
[1]	Effective January 1, 2018, the Company adopted ASU 2016-01 and equity securities are no longer classified as available-for-sale. Prior periods have not been restated to conform to the current presentation. See Note 1 to the Consolidated Financial Statements for additional information.

Investments, Other-Than-Tempora

Investments, Other-Than-Temporary Impairments (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Other than Temporary Impairment Losses [Abstract]
Other-than-temporary impairments	$ 300,000	$ 762,161
Real Estate [Member]
Other than Temporary Impairment Losses [Abstract]
Other-than-temporary impairments	300,000	690,000
Mortgage loans [Member]
Other than Temporary Impairment Losses [Abstract]
Other-than-temporary impairments	$ 0	$ 72,161

Investments, Investment on Depo

Investments, Investment on Deposits (Details) - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Investments [Abstract]
Fair value of investments on deposit with state insurance departments	$ 8,317,514	$ 8,642,633

Fair Value Measurements, Financ

Fair Value Measurements, Financial Assets and Liabilities Measured on Recurring Basis (Details) - USD ($)		Dec. 31, 2018	Dec. 31, 2017
Assets [Abstract]
Fixed Maturities, available for sale		$ 160,960,784	$ 178,555,225
Equity Securities, available for sale		67,664,482	0
Equity Securities, available for sale		0	58,848,491	[1]
Measured on a Recurring Basis [Member]
Assets [Abstract]
Fixed Maturities, available for sale		160,960,784	178,555,225
Equity Securities, available for sale		67,664,482
Equity Securities, available for sale	[2]		58,848,491
Total		228,625,266	237,403,716
Measured on a Recurring Basis [Member] | Level 1 [Member]
Assets [Abstract]
Fixed Maturities, available for sale		25,660,194	2,639,597
Equity Securities, available for sale		27,634,283
Equity Securities, available for sale	[2]		20,436,225
Total		53,294,477	23,075,822
Measured on a Recurring Basis [Member] | Level 2 [Member]
Assets [Abstract]
Fixed Maturities, available for sale		134,865,746	175,437,239
Equity Securities, available for sale		10,557,031
Equity Securities, available for sale	[2]		7,756,435
Total		145,422,777	183,193,674
Measured on a Recurring Basis [Member] | Level 3 [Member]
Assets [Abstract]
Fixed Maturities, available for sale		434,844	478,389
Equity Securities, available for sale		29,473,168
Equity Securities, available for sale	[2]		30,655,831
Total		$ 29,908,012	$ 31,134,220
[1]	Effective January 1, 2018, the Company adopted ASU 2016-01 and equity securities are no longer classified as available-for-sale. Prior periods have not been restated to conform to the current presentation. See Note 1 to the Consolidated Financial Statements for additional information.
[2]	Effective January 1, 2018, the Company Adopted ASU No. 2016-01 and equity securities are no longer classified as available-for-sale. Prior periods have not been restated to conform to the current presentation. See Note 1 to the Consolidated Financial Statements for additional information.

Fair Value Measurements, Reconc

Fair Value Measurements, Reconciliation for Level 3 Assets Measured at Fair Value on a Recurring Basis (Details) - USD ($)		12 Months Ended
		Dec. 31, 2018	Dec. 31, 2017
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance		$ 31,134,220
Transfers in to Level 3		0
Transfer out of Level 3		(5,118,600)
Total unrealized gain (losses) [Abstract]
Included in net income (loss)		4,633,751
Included in other comprehensive income		0
Purchases		1,505,250
Sales		(2,246,609)
Ending Balance		29,908,012	$ 31,134,220
Change in fair value of equity securities included in net income (loss) relating to assets held		4,633,751	0
Fixed Maturities, Available for Sale [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance		478,389
Transfers in to Level 3		0
Transfer out of Level 3		0
Total unrealized gain (losses) [Abstract]
Included in net income (loss)		0
Included in other comprehensive income		0
Purchases		0
Sales		(43,545)
Ending Balance		434,844	478,389
Equity Securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	[1]	30,655,831
Transfers in to Level 3	[1]	0
Transfer out of Level 3	[1]	(5,118,600)
Total unrealized gain (losses) [Abstract]
Included in net income (loss)	[1]	4,633,751
Included in other comprehensive income	[1]	0
Purchases	[1]	1,505,250
Sales	[1]	(2,203,064)
Ending Balance	[1]	$ 29,473,168	$ 30,655,831
[1]	Effective January 1, 2018, the Company Adopted ASU No. 2016-01 and equity securities are no longer classified as available-for-sale. Prior periods have not been restated to conform to the current presentation. See Note 1 to the Consolidated Financial Statements for additional information.

Fair Value Measurements, Carryi

Fair Value Measurements, Carrying Values and Estimated Fair Values of Financial Instruments not Recorded at Fair Value (Details) - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Carrying Amount [Member]
Assets [Abstract]
Equity securities	$ 12,118,617	$ 0
Mortgage loans on real estate	9,069,111	17,314,477
Investment real estate	52,518,577	50,504,550
Notes receivable	23,717,312	19,004,016
Policy loans	9,204,222	9,559,142
Cash and cash equivalents	20,150,162	25,434,199
Estimated Fair Value [Member]
Assets [Abstract]
Equity securities	12,118,617	0
Mortgage loans on real estate	9,069,111	17,314,477
Investment real estate	52,518,577	50,504,550
Notes receivable	23,717,312	19,004,016
Policy loans	9,204,222	9,559,142
Cash and cash equivalents	20,150,162	25,434,199
Equity securities	$ 67,664,482	$ 0
Minimum [Member]
Liabilities [Abstract]
Policy loan interest rate	4.00%
Maximum [Member]
Liabilities [Abstract]
Policy loan interest rate	8.00%

Reinsurance (Details)

Reinsurance (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Reinsurance [Abstract]
Retention amount limit	$ 125,000
Gross insurance in force	1,100,000,000	$ 1,200,000,000
Gross insurance ceded to reinsurers	228,000,000	$ 242,000,000
Retention limit amount of reinsurers	100,000
Cession on retention limit	$ 25,000
Percentage of reinsurers in force on accidental death benefits	100.00%
Percentage of future results sold	100.00%
Percentage in terms of reinsurance reserve credit	63.00%	63.00%
Percentage of reserves and liabilities	25.00%
Effect of long duration reinsurance contracts on premiums earned [Abstract]
Direct	$ 10,074,892	$ 10,407,434
Assumed	1,459	5,912
Ceded	(2,862,701)	(2,955,989)
Net Premiums	$ 7,213,650	$ 7,457,357

Cost of Insurance Acquired (Det

Cost of Insurance Acquired (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Cost of insurance acquired [Roll Forward]
Interest rate used in amortization calculation	12.00%
Cost of insurance acquired, beginning of year	$ 6,428,292	$ 7,267,397
Interest accretion	866,339	967,032
Amortization	(1,672,404)	(1,806,137)
Net amortization	(806,065)	(839,105)
Cost of insurance acquired, end of year	5,622,227	$ 6,428,292
Interest Accretion [Abstract]
2019	769,612
2020	676,503
2021	587,120
2022	501,324
2023	418,722
Amortization [Abstract]
2019	1,545,518
2020	1,421,353
2021	1,302,090
2022	1,189,672
2023	1,079,979
Net Amortization [Abstract]
2019	775,906
2020	744,850
2021	714,970
2022	688,348
2023	$ 661,257

Income Taxes (Details)

Income Taxes (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Income tax expense (benefit) [Abstract]
Current tax	$ 1,922,542	$ 751,377
Deferred tax	1,984,994	(2,258,393)
Income tax expense (benefit)	$ 3,907,536	$ (1,507,016)
Income tax expense (benefit) reconciliation [Abstract]
United States statutory rate	21.00%	35.00%
Tax computed at statutory rate	$ 3,466,644	$ 1,157,141
Changes in taxes due to: [Abstract]
Non-controlling interest	(43,927)	(1,044)
Small company deduction	0	(591,074)
Dividend received deduction	(170,690)	(90,698)
Tax rate changes	0	(1,488,646)
Other	655,509	(492,695)
Income tax expense (benefit)	3,907,536	(1,507,016)
Decrease in tax liability from TCJA	7,330,936
Deferred tax liability [Abstract]
Investments	6,939,758	8,166,343
Cost of insurance acquired	1,180,668	1,349,941
Management/consulting fees	(15,724)	(27,202)
Future policy benefits	(1,670,814)	281,576
Deferred gain on sale of subsidiary	1,387,490	1,387,490
Other liabilities	65,573	59,095
Reserves adjustment	1,426,205	0
Federal tax DAC	(199,676)	(220,839)
Deferred tax liability	9,113,480	10,996,404
Gross deferred tax assets	2,723,053	1,027,203
Gross deferred tax liabilities	11,836,533	12,023,607
Allowance	0	0
DTA - Net operating loss carryforward	0
DTA - AMT tax carryforward	$ 43,717	$ 118,693

Credit Arrangements (Details)

Credit Arrangements (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Variable Rate [Member] | Maximum [Member]
Line of Credit Facility [Abstract]
Period of interest under CMA	90 days
Fixed Rate [Member] | Maximum [Member]
Line of Credit Facility [Abstract]
Period of interest under CMA	30 days
UTG 2013-11-20 [Member]
Line of Credit Facility [Abstract]
Issue Date	Nov. 20, 2013
Maturity Date	Nov. 20, 2019
Revolving Credit Limit	$ 8,000,000
Outstanding Balance	0	$ 0
Borrowings	0
Repayments	$ 0
Interest Rate	5.125%
Frequency of payments	monthly
Assets Pledged	100% of the common voting stock of its wholly owned subsidiary, Universal Guaranty Life Insurance Company ("UG").
UTG 2013-11-20 [Member] | UG [Member]
Line of Credit Facility [Abstract]
Percentage of common voting stock pledged	100.00%
UG Avalon 2015-06-02 [Member] | UG [Member]
Line of Credit Facility [Abstract]
Issue Date	Jun. 2, 2015
Maturity Date	May 10, 2019
Revolving Credit Limit	$ 10,000,000
Outstanding Balance	0	$ 0
Borrowings	0
Repayments	$ 0

Commitments and Contingencies_2

Commitments and Contingencies (Details)	Dec. 31, 2018USD ($)
RLF III, LLC [Member]
Total Funding Commitments and Unfunded Commitment [Abstract]
Total Funding Commitment	$ 4,000,000
Unfunded Commitment	398,120
Sovereign's Capital, LP Fund I [Member]
Total Funding Commitments and Unfunded Commitment [Abstract]
Total Funding Commitment	500,000
Unfunded Commitment	24,493
Sovereigns Capital LP Fund II [Member]
Total Funding Commitments and Unfunded Commitment [Abstract]
Total Funding Commitment	1,000,000
Unfunded Commitment	240,566
Sovereigns Capital LP Fund III [Member]
Total Funding Commitments and Unfunded Commitment [Abstract]
Total Funding Commitment	1,000,000
Unfunded Commitment	900,000
Master Mineral Holdings III, LP [Member]
Total Funding Commitments and Unfunded Commitment [Abstract]
Total Funding Commitment	4,000,000
Unfunded Commitment	1,700,000
Barton Springs Music, LLC [Member]
Total Funding Commitments and Unfunded Commitment [Abstract]
Total Funding Commitment	2,000,000
Unfunded Commitment	$ 1,158,500

Shareholders' Equity (Details)

Shareholders' Equity (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Sep. 30, 2018
Stock Repurchase Program [Abstract]
Stock repurchase program, additional amount authorized	$ 1.5
Stock repurchase program authorized amount			$ 16,000,000
Amount of common stock repurchased	50,922
Amount paid to repurchase shares during the year	$ 1,329,148
Treasury stock shares acquired (in shares)	1,140,106
Amount paid to repurchase shares from program inception	$ 13,863,728
Share-based Compensation [Abstract]
Annual retainer fee paid to Director		$ 8,000
Per meeting fee paid to Director		$ 1,000
Earnings Per Share [Abstract]
Basic weighted average shares outstanding (in shares)	3,307,448	3,346,774
Weighted average dilutive options outstanding (in shares)	0	0
Diluted weighted average shares outstanding (in shares)	3,307,448	3,346,774
Statutory Restrictions [Abstract]
Minimum statutory surplus required to maintain	$ 2,500,000
Period from declaration of ordinary dividend requires notification to insurance commissioner	5 days
Minimum period prior to payment of dividend requires notification to insurance commissioner	10 days
Percentage of statutory capital and surplus	10.00%
Ordinary dividends paid	$ 5,000,000	$ 2,000,000
Period for which no extraordinary dividends paid	2 years
Outside Directors [Member]
Share-based Compensation [Abstract]
Annual retainer fee paid to Director	$ 5,000
Per meeting fee paid to Director	$ 2,500
Number of shares issued (in shares)	2,994	2,560
Stock issued during period (in dollars per share)	$ 32.50	$ 25
Cost of shares issued	$ 97,305	$ 64,000
Management and Employees [Member]
Share-based Compensation [Abstract]
Number of shares issued (in shares)	10,421	11,285
Cost of shares issued	$ 263,507	$ 197,487

Statutory Accounting (Details)

Statutory Accounting (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Statutory Basis Net Income and Capital and Surplus [Abstract]
Net income (loss)	$ 6,166,411	$ 5,356,483
Capital and surplus	$ 60,024,931	$ 54,717,987

Related Party Transactions (Det

Related Party Transactions (Details)	Feb. 20, 2003USD ($)	Dec. 31, 2018USD ($)ft²	Dec. 31, 2017USD ($)	Mar. 30, 2009USD ($)
Related Party Transactions [Abstract]
Purchased trust preferred security offering	$ 4,000,000
Ownership interest in aircraft		30.10%
Costs associated with aircraft		$ 391,851	$ 328,933
Administrative Services and Cost		$ 7,093,227	$ 7,213,590
Servicing fee on loan		0.25%
Loan origination		0.50%	0.50%
Servicing fees		$ 8,393	$ 11,108
Origination fees		0	0
Reimbursement cost		571,648	186,251
Total reimbursement payment		307,645	346,486
Loans participated to FSF		$ 250,000	250,000
Area of office space | ft²		8,000
Rent Paid Per Month		$ 2,000
Rental cost Paid to FSNB		24,000	24,000
UTG/FSF Partnership Amt Contributed		$ 140,000
FSF Ownership in Partnership		10.00%
FSBI [Member]
Related Party Transactions [Abstract]
Term for mandatory redemption		P30Y
Term for call provision		P5Y
Dividend rate		6.515%
Dividend income		$ 283,151	$ 259,138
Preferred pay down		440,000
Cost basis left after pay down		$ 3,560,000
Equity Method Investments				$ 1,000,000

Other Cash Flow Disclosures (De

Other Cash Flow Disclosures (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Other Cash Flow Disclosures [Abstract]
Interest	$ 0	$ 0
Federal income tax	$ 1,592,000	$ 165,000

Concentrations (Details)

Concentrations (Details)	12 Months Ended
	Dec. 31, 2018USD ($)State	Dec. 31, 2017
Concentrations [Abstract]
Number of states by which entity primarily serves | State	4
Maximum retention limits per life | $	$ 125,000
Reinsurer Concentration Risk [Member] | Life Insurance Ceded [Member]
Concentrations [Abstract]
Percentage of gross insurance in force	20.00%	20.00%
Percentage of premium income	35.00%	36.00%
Direct Premium Collected [Member] | Geographic Concentration Risk [Member] | Illinois, Ohio, Texas and West Virginia [Member]
Concentrations [Abstract]
Concentration risk, percentage	56.00%	55.00%
Invested Assets [Member] | Customer Concentration Risk [Member] | Oil and Gas Industry [Member]
Concentrations [Abstract]
Concentration risk, percentage	25.00%	27.00%