UTG (UTGN) 10-K 20 Mar 20 2019 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2019	Jan. 31, 2020	Jun. 30, 2019
Cover [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 Interactive Data Current	Yes
Entity Shell Company	false
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Public Float			$ 29,354,972
Entity Common Stock, Shares Outstanding		3,271,564
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Entity Address, State or Province	KY

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Investments available for sale:
Fixed maturities, at fair value (amortized cost $159,959,855 and $160,895,869)	$ 171,629,373	$ 160,960,784
Equity securities, at fair value (cost $32,578,862 and $34,885,107)	78,661,793	67,664,482
Equity securities, at cost	10,919,247	12,118,617
Mortgage loans on real estate at amortized cost	8,223,286	9,069,111
Investment real estate, net	44,344,236	52,518,577
Notes receivable	19,487,458	23,717,312
Policy loans	8,803,876	9,204,222
Short-term investments	10,442,173	0
Total investments	352,511,442	335,253,105
Cash and cash equivalents	28,787,629	20,150,162
Accrued investment income	1,679,783	2,119,882
Reinsurance receivables:
Future policy benefits	25,655,161	26,117,936
Policy claims and other benefits	4,142,142	4,053,882
Cost of insurance acquired	4,846,321	5,622,227
Property and equipment, net of accumulated depreciation	427,736	688,567
Income taxes receivable	0	279,333
Other assets	695,517	1,263,242
Total assets	418,745,731	395,548,336
Policy liabilities and accruals:
Future policy benefits	249,264,308	253,852,368
Policy claims and benefits payable	3,631,666	4,267,481
Other policyholder funds	404,177	372,072
Dividend and endowment accumulations	14,626,475	14,608,838
Income taxes payable	313,662	0
Deferred income taxes	13,222,604	9,113,480
Other liabilities	5,785,933	6,257,387
Total liabilities	287,248,825	288,471,626
Shareholders' equity:
Common stock - no par value, stated value $0.001 per share. Authorized 7,000,000 shares - 3,277,830 and 3,295,870 shares issued and outstanding	3,279	3,296
Additional paid-in capital	36,012,401	36,567,865
Retained earnings	85,979,678	69,708,901
Accumulated other comprehensive income	8,977,914	62,495
Total UTG shareholders' equity	130,973,272	106,342,557
Noncontrolling interests	523,634	734,153
Total shareholders' equity	131,496,906	107,076,710
Total liabilities and shareholders' equity	$ 418,745,731	$ 395,548,336

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Investments available for sale:
Fixed maturities, amortized cost	$ 159,959,855	$ 160,895,869
Equity securities, cost	$ 32,578,862	$ 34,885,107
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)	3,277,830	3,295,870
Common stock, outstanding (in shares)	3,277,830	3,295,870

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Revenue:
Premiums and policy fees	$ 9,601,612	$ 10,076,351
Ceded reinsurance premiums and policy fees	(2,535,980)	(2,862,701)
Net investment income	11,315,646	11,202,668
Other income	388,340	400,034
Revenue before net investment gains (losses)	18,769,618	18,816,352
Net investment gains (losses):
Other-than-temporary impairments	(650,956)	(300,000)
Other realized investment gains, net	13,546,463	12,340,077
Change in fair value of equity securities	12,530,315	10,416,758
Total net investment gains (losses)	25,425,822	22,456,835
Total revenues	44,195,440	41,273,187
Benefits, claims and settlement expenses:
Life	16,191,227	16,751,922
Ceded reinsurance benefits and claims	(2,233,585)	(2,610,586)
Annuity	1,039,604	1,044,397
Dividends to policyholders	359,147	390,368
Commissions	(130,828)	(147,922)
Amortization of cost of insurance acquired	775,906	806,065
Operating expenses	8,006,748	8,531,113
Total benefits and other expenses	24,008,219	24,765,357
Income before income taxes	20,187,221	16,507,830
Income tax expense (benefit)	3,591,301	3,907,536
Net income	16,595,920	12,600,294
Net income attributable to noncontrolling interests	(325,143)	(209,177)
Net income attributable to common shareholders	$ 16,270,777	$ 12,391,117
Amounts attributable to common shareholders
Basic income per share (in dollars per share)	$ 4.95	$ 3.75
Diluted income per share (in dollars per share)	$ 4.95	$ 3.75
Basic weighted average shares outstanding (in shares)	3,285,813	3,307,448
Diluted weighted average shares outstanding (in shares)	3,285,813	3,307,448

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Consolidated Statements of Comprehensive Income (Loss) [Abstract]
Net income	$ 16,595,920	$ 12,600,294
Other comprehensive income (loss):
Unrealized holding gains (losses) arising during period, pre-tax	10,822,757	(7,744,899)
Tax (expense) benefit on unrealized holding gains (losses) arising during the period	(2,272,779)	1,626,429
Unrealized holding gains (losses) arising during period, net of tax	8,549,978	(6,118,470)
Less reclassification adjustment for (gains) losses included in net income	462,584	(10,751,955)
Tax expense (benefit) for gains included in net income	(97,143)	2,257,911
Reclassification adjustment for gains included in net income, net of tax	365,441	(8,494,044)
Subtotal: Other comprehensive income (loss), net of tax	8,915,419	(14,612,514)
Comprehensive income (loss)	25,511,339	(2,012,220)
Less comprehensive income attributable to noncontrolling interests	(325,143)	(209,177)
Comprehensive income (loss) attributable to UTG, Inc.	$ 25,186,196	$ (2,221,397)

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
Adoption of Accounting Standards Update No 2016-01 | ASU 2016-01 [Member]	$ 0	$ 0	$ 18,277,328	$ (18,277,328)	$ 0	$ 0
Balance at Dec. 31, 2017	3,333	37,536,164	39,040,456	32,952,338	899,227	110,431,518
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 income 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
Common stock issued during year	11	353,876	0	0	0	353,887
Treasury shares acquired and retired	(28)	(909,340)	0	0	0	(909,368)
Net income attributable to common shareholders	0	0	16,270,777	0	0	16,270,777
Unrealized holding income on securities net of noncontrolling interest and reclassification adjustment and taxes	0	0	0	8,915,419	0	8,915,419
Contributions	0	0	0	0	0	0
Distributions	0	0	0	0	(535,662)	(535,662)
Gain attributable to noncontrolling interest	0	0	0	0	325,143	325,143
Balance at Dec. 31, 2019	$ 3,279	$ 36,012,401	$ 85,979,678	$ 8,977,914	$ 523,634	$ 131,496,906

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Cash flows from operating activities:
Net income	$ 16,595,920	$ 12,600,294
Adjustments to reconcile net income to net cash used in operating activities:
Amortization (accretion) of investments	136,991	(142,519)
Other-than-temporary impairments	650,956	300,000
Realized investment gains, net	(13,678,981)	(12,340,077)
Change in fair value of equity securities	(12,530,315)	(10,416,758)
Realized trading (gains) losses included in income	132,518	0
Amortization of cost of insurance acquired	775,906	806,065
Depreciation	1,039,453	1,067,297
Stock-based compensation	353,887	360,812
Charges for mortality and administration of universal life and annuity products	(5,211,485)	(6,602,846)
Interest credited to account balances	4,088,309	4,221,969
Change in accrued investment income	440,099	870,839
Change in reinsurance receivables	374,515	198,575
Change in policy liabilities and accruals	(4,331,160)	(2,237,947)
Change in income taxes receivable (payable)	592,995	270,518
Change in other assets and liabilities, net	1,988,577	5,985,699
Net cash used in operating activities	(8,581,815)	(5,058,079)
Proceeds from investments sold and matured:
Fixed maturities available for sale	14,390,181	66,408,611
Equity securities	14,385,393	2,169,989
Mortgage loans	5,283,749	8,878,073
Real estate	13,283,895	14,341,204
Notes receivable	20,261,459	6,783,702
Policy loans	1,635,686	1,599,896
Short-term investments	0	7,549,076
Total proceeds from investments sold and matured	69,240,363	107,730,551
Cost of investments acquired:
Fixed maturities available for sale	(14,634,233)	(56,940,883)
Equity securities	(2,092,304)	(12,687,839)
Trading securities	(132,518)	0
Mortgage loans	(4,367,644)	(91,954)
Real estate	(1,958,982)	(15,704,151)
Notes receivable	(16,031,605)	(11,496,998)
Policy loans	(1,235,340)	(1,244,976)
Short-term investments	(10,403,628)	(7,549,076)
Total cost of investments acquired	(50,856,254)	(105,715,877)
Net cash provided by investing activities	18,384,109	2,014,674
Cash flows from financing activities:
Policyholder contract deposits	4,669,825	4,696,980
Policyholder contract withdrawals	(4,389,622)	(5,234,212)
Purchase of treasury stock	(909,368)	(1,329,148)
Non controlling contributions/(distributions) of consolidated subsidiary	(535,662)	(374,252)
Net cash used in financing activities	(1,164,827)	(2,240,632)
Net increase (decrease) in cash and cash equivalents	8,637,467	(5,284,037)
Cash and cash equivalents at beginning of year	20,150,162	25,434,199
Cash and cash equivalents at end of year	$ 28,787,629	$ 20,150,162

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2019
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, 2019, Mr. Correll owns or controls directly and indirectly approximately 66% 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, 2019 and 2018. Policy Claims and Benefits Payable Income Taxes Earnings Per Share Recognition of Revenues and Related Expenses Recently Issued Accounting Standards In January of 2020, the FASB issued Accounting Standards Update No. 2020-01, Investments - Equity Securities (Topic 321), Investments - Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815) - Clarifying the Interactions between Topic 321, Topic 323, and Topic 815 In December of 2019, the FASB issued Accounting Standards Update No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes 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 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 was originally effective for public companies for fiscal years beginning after December 15, 2019. In November of 2019, the FASB issued Accounting Standards Update No. 2019-10, which delayed the implementation of ASU 2016-13 to fiscal years beginning after December 15, 2022 for smaller reporting companies. The Company is currently evaluating the impact that the adoption of this guidance will have on its consolidated financial statements.

Investments

Investments	12 Months Ended
	Dec. 31, 2019
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, 2019 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 $ 35,761,440 $ 402,832 $ (35,529) $ 36,128,743 U.S. special revenue and assessments 14,371,263 832,100 - 15,203,363 All other corporate bonds 109,827,152 10,470,115 - 120,297,267 Total $ 159,959,855 $ 11,705,047 $ (35,529) $ 171,629,373 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 The following table provides a summary of fixed maturities by contractual maturity as of December 31, 2019. Actual maturities could differ from contractual maturities due to call or prepayment provisions: Fixed Maturities Available for Sale December 31, 2019 Amortized Cost Estimated Fair Value Due in one year or less $ 11,286,769 $ 11,461,374 Due after one year through five years 50,028,712 51,609,109 Due after five years through ten years 50,866,597 56,224,286 Due after ten years 47,777,777 52,334,604 Total $ 159,959,855 $ 171,629,373 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 $1,031,570 and $2,618,594 as of December 31, 2019 and December 31, 2018, respectively. The investments are all classified as “All other corporate bonds”. The fair value of investments with sustained gross unrealized losses at December 31, 2019 and 2018 are as follows: December 31, 2019 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 $ 6,059,380 (35,529) $ - - $ 6,059,380 (35,529) Total fixed maturities $ 6,059,380 (35,529) $ - - $ 6,059,380 (35,529) 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) - - 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) 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, 2019 Fixed maturities 3 - 3 As of December 31, 2018 Fixed maturities 30 10 40 Substantially all of the unrealized losses on fixed maturities available for sale at December 31, 2019 and 2018 are attributable to changes in market interest rates and general disruptions in the credit market subsequent to purchase. 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, 2019 and 2018. Cost Method Investments The Company held equity investments with an aggregate cost of $10,919,247 and $12,118,617 at December 31, 2019 and 2018, respectively. 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, 2019. 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, 2019 or 2018. The following table reflects trading securities revenue charged to net investment income for the periods ended December 31: 2019 2018 Net unrealized gains (losses) $ - $ - Net realized gains (losses) (132,518) - Net unrealized and realized gains (losses) $ (132,518) $ - 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 2019 and 2018, the Company acquired $4,367,644 and $91,954 in mortgage loans, respectively. 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 2019 and 2018, the maximum and minimum lending rates for mortgage loans were: 2019 2018 Maximum rate Minimum rate Maximum rate Minimum rate Farm loans 5.00 % 5.00 % 5.00 % 5.00 % Commercial loans 7.50 % 4.82 % 7.50 % 4.00 % Residential loans 5.50 % 5.50 % 8.00 % 8.00 % 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, 2019 and December 31, 2018. The following table summarizes the mortgage loan holdings of the Company for the periods ended December 31: 2019 2018 In good standing $ 8,223,286 $ 7,169,272 Overdue interest over 90 days - 1,899,839 Total mortgage loans $ 8,223,286 $ 9,069,111 Total foreclosed loans during the year $ 234,044 $ - Investment Real Estate Investment real estate held for sale is reported at the lower of cost or fair value less cost to sell. 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. The Company's investment real estate portfolio includes ownerships in oil and gas royalties. As of December 31, 2019 and 2018, investments in oil and gas royalties represented 44% and 43%, respectively, of the total investment real estate portfolio. Gains and losses recognized on the disposition of the properties are recorded as realized gains and losses in the Consolidated Statements of Operations. During 2019 and 2018, the Company acquired $1,958,982 and $15,704,151 of investment real estate, respectively. 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, 2019 and 2018 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. During 2019 and 2018, the Company acquired $16,031,605 and $11,496,998 of notes receivable, respectively. 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: 2019 2018 Fixed maturities $ 5,854,031 $ 7,273,157 Equity securities 1,543,904 1,628,649 Mortgage loans 479,841 1,234,115 Real estate 2,934,666 2,771,348 Notes receivable 1,848,314 979,742 Policy loans 607,537 646,993 Cash and cash equivalents 175,917 355,276 Short-term - 18,159 Total consolidated investment income 13,444,210 14,907,439 Investment expenses (2,128,564) (3,704,771) Consolidated net investment income $ 11,315,646 $ 11,202,668 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: 2019 2018 Realized gains on available-for-sale investments: Sales of fixed maturities $ 331,322 $ 11,708,320 Sales of equity securities 9,560,716 - Sales of real estate 3,929,195 1,588,122 Other - - Total realized gains 13,821,233 13,296,442 Realized losses on available-for-sale investments: Sales of fixed maturities (142,252) (956,365) Sales of equity securities - - Sales of real estate - - Other-than-temporary impairments (650,956) (300,000) Other (132,518) - Total realized losses (925,726) (1,256,365) Net realized investment gains (losses) 12,895,507 12,040,077 Change in fair value of equity securities: Change in fair value of equity securities held at the end of the period 12,530,315 10,416,758 Change in fair value of equity securities 12,530,315 10,416,758 Net investment gains (losses) $ 25,425,822 $ 22,456,835 Change in net unrealized gains (losses) on available-for-sale investments included in other comprehensive income: Fixed maturities $ 10,822,757 $ (7,744,899) Net increase (decrease) $ 10,822,757 $ (7,744,899) 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 2018 and 2019 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: 2019 2018 Other than temporary impairments: Fixed maturities $ 650,956 $ - Real estate - 300,000 Total other than temporary impairments $ 650,956 $ 300,000 Investments on Deposit The Company had investments with a fair value of $8,371,827 and $8,317,514 on deposit with various state insurance departments as of December 31, 2019 and 2018, respectively.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2019
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. During 2019, the Company received an offer to purchase its investments in certain music royalties held in the form of Level 3 equity investments. As a result of this event, the Company elected to change its valuation methodology from using discounted cash flow models to estimate fair value to marking the investment do the offer price to estimate the fair value. The change in methodology resulted in recording an unrealized gain on investment of approximately $2.1 million during the year ended December 31, 2019. The investments were sold during the first quarter of 2020. The Company recognized a gain of approximately $4.2 million on the sale. The 2020 net income is unaffected by the sale as the realized gain is offset by the unrealized gain reversal at the time of sale. 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, 2019. Level 1 Level 2 Level 3 Total Assets Fixed Maturities, available for sale $ 36,128,743 $ 135,500,630 $ - $ 171,629,373 Equity Securities 29,888,281 14,258,750 34,514,762 78,661,793 Total $ 66,017,024 $ 149,759,380 $ 34,514,762 $ 250,291,166 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 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 Total Balance at December 31, 2018 $ 434,844 $ 29,473,168 $ 29,908,012 Transfers in to Level 3 - - - Transfer out of Level 3 - - - Total unrealized gain (losses): Included in net income (loss) - 6,461,670 6,461,670 Included in other comprehensive income (422,927) - (422,927) Purchases - 1,038,220 1,038,220 Sales (11,917) (2,458,296) (2,470,213) Balance at December 31, 2019 $ - $ 34,514,762 $ 34,514,762 December 31, 2019 December 31, 2018 Change in fair value of equity securities included in net income (loss) relating to assets held $ 6,461,670 $ 4,633,751 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 did not transfer any assets in or out of Level 3 during 2019. 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, 2019 December 31, 2018 Assets Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Equity securities $ 10,919,247 $ 10,919,247 $ 12,118,617 $ 12,118,617 Mortgage loans on real estate 8,223,286 8,223,286 9,069,111 9,069,111 Investment real estate 44,344,236 44,344,236 52,518,577 52,518,577 Notes receivable 19,487,458 19,487,458 23,717,312 23,717,312 Policy loans 8,803,876 8,803,876 9,204,222 9,204,222 Short-term investments 10,442,173 10,442,173 - - Cash and cash equivalents 28,787,629 28,787,629 20,150,162 20,150,162 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, including the Company's investment in oil and gas royalties, 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. Short-term investments are stated at amortized costs, which approximates fair value. 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, 2019
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, 2019, the Company had gross insurance in-force of $1.1 billion of which approximately $214 million was ceded to reinsurers. At December 31, 2018, the Company had gross insurance in-force of $1.1 billion of which approximately $228 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 64% and 63% of UG’s reinsurance reserve credit, as of December 31, 2019 and 2018, respectively. The Company does not have any short-duration reinsurance contracts. The effect of the Company's long-duration reinsurance contracts on premiums earned in 2019 and 2018 were as follows: 2019 2018 Premiums Earned Premiums Earned Direct $ 9,601,259 $ 10,074,892 Assumed 353 1,459 Ceded (2,535,980) (2,862,701) Net Premiums $ 7,065,632 $ 7,213,650

Cost of Insurance Acquired

Cost of Insurance Acquired	12 Months Ended
	Dec. 31, 2019
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. 2019 2018 Cost of insurance acquired, beginning of year $ 5,622,227 $ 6,428,292 Interest accretion 769,612 866,339 Amortization (1,545,518) (1,672,404) Net amortization (775,906) (806,065) Cost of insurance acquired, end of year $ 4,846,321 $ 5,622,227 Estimated net amortization expense of cost of insurance acquired for the next five years is as follows: Interest Accretion Amortization Net Amortization 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 2024 339,372 975,187 635,815

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2019
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: 2019 2018 Current tax $ 1,698,995 $ 1,922,542 Deferred tax 1,892,306 1,984,994 Income tax expense $ 3,591,301 $ 3,907,536 The expense for income taxes differed from the amounts computed by applying the applicable United States statutory rate of 21% and 21% as of December 31, 2019 and 2018, respectively, before income taxes as a result of the following differences: 2019 2018 Tax computed at statutory rate $ 4,239,316 $ 3,466,644 Changes in taxes due to: Non-controlling interest (68,280) (43,927) Dividend received deduction (175,866) (170,690) Other (403,869) 655,509 Income tax expense $ 3,591,301 $ 3,907,536 The following table summarizes the major components that comprise the net deferred tax liability as reflected in the balance sheets: 2019 2018 Investments $ 10,983,955 $ 6,939,758 Cost of insurance acquired 1,017,727 1,180,668 Management/consulting fees (9,147) (15,724) Future policy benefits (460,923) (1,670,814) Deferred gain on sale of subsidiary 1,387,490 1,387,490 Other assets (liabilities) 197,876 65,573 Reserves adjustment 288,320 1,426,205 Federal tax DAC (182,694) (199,676) Deferred tax liability $ 13,222,604 $ 9,113,480 At December 31, 2019 and 2018, the Company had gross deferred tax assets of $1,359,230 and $2,723,053, respectively, and gross deferred tax liabilities of $14,581,834 and $11,836,533, 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 $0 and $43,717 relating to an AMT tax carryforward as of December 31, 2019 and 2018, respectively. As a result of the changes to the Alternative Minimum Tax and corresponding credits resulting from the Tax Cuts and Jobs Act ("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, 2019
Credit Arrangements [Abstract]
Credit Arrangements	Note 7 – Credit Arrangements At December 31, 2019 and 2018, the Company had the following lines of credit available: Instrument Issue Date Maturity Date Revolving Credit Limit December 31, 2018 Borrowings Repayments December 31, 2019 Lines of Credit: UTG 11/20/2013 11/20/2020 $ 8,000,000 $ - - - $ - UG 6/2/2015 5/8/2020 10,000,000 - - - - The UTG line of credit carries interest at a fixed rate of 4.040% 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 2019, 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, 2019
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, 2019 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 20,000 Sovereign's Capital, LP Fund II 1,000,000 158,596 Sovereign's Capital, LP Fund III 1,000,000 800,000 Barton Springs Music, LLC 1,750,000 302,250 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 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, 2019
Shareholders' Equity [Abstract]
Shareholders' Equity	Note 9 – Shareholders’ Equity Stock Repurchase Program Director Compensation th In December of 2019, the Company issued 3,024 shares of its common stock as compensation to the Directors. The shares were valued at $35.50 per share, the market value at the date of issue. During 2019, the Company recorded $107,352 in operating expense related to the stock issuance. 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. Other Compensation Earnings Per Share - 2019 2018 Basic weighted average shares outstanding 3,285,813 3,307,448 Weighted average dilutive options outstanding 0 0 Diluted weighted average shares outstanding 3,285,813 3,307,448 The computation of diluted earnings per share is the same as basic earnings per share for the years ending December 31, 2019 and 2018, 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 5 business days to the insurance commissioner following the declaration of any ordinary dividend and at least ten days 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 $6 million and $5 million to UTG in 2019 and 2018, respectively. No extraordinary dividends were paid during the two years year period. UTG used the dividends received during 2019 and 2018 to purchase outstanding shares of UTG stock and for general operations of the Company.

Statutory Accounting

Statutory Accounting	12 Months Ended
	Dec. 31, 2019
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: 2019 2018 Net income (loss) $ 8,268,187 $ 6,166,411 Capital and surplus 65,951,037 60,024,931

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2019
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 $198,297 and $283,151 during 2019 and 2018, 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 2019, the Company received a preferred pay down of $558,000 leaving a cost basis of $3,002,000. 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 2019 and 2018, UTG paid $354,404 and $391,851 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 2019 and 2018, UG paid $7,397,953 and $7,093,227, 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 $15,138 and $8,393 in servicing fees and $0 and $0 in origination fees to FSNB during 2019 and 2018, 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 $519,857 and $571,648 in 2019 and 2018, 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 $322,188 and $307,645 in 2019 and 2018, respectively, which included salaries and other benefits. Effective July 1, 2018, the Company assumed the employees of several smaller entities associated with UTG. The purpose of this was to support the continued efforts to further streamline operations amongst associated entities. The salaries, benefits, and payroll related processing fees are 100% reimbursed by the associated entities on a monthly basis. During 2019 and 2018, the Company received reimbursements of $922,357 and $372,849, respectively. 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 2019 and 2018. 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, 2019 and 2018. 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.

Other Cash Flow Disclosures

Other Cash Flow Disclosures	12 Months Ended
	Dec. 31, 2019
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: 2019 2018 Interest $ - $ - Federal income tax 1,106,000 1,652,000

Concentrations

Concentrations	12 Months Ended
	Dec. 31, 2019
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, 2019 and 2018, approximately 56% 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, 2019 and 2018, respectively. Insurance ceded represented 33% and 35% of premium income for 2019 and 2018, 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% of the Company’s total invested assets at December 31, 2019 and 2018.

Selected Quarterly Financial Da

Selected Quarterly Financial Data	12 Months Ended
	Dec. 31, 2019
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, 2019
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, 2019 and 2018.
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 January of 2020, the FASB issued Accounting Standards Update No. 2020-01, Investments - Equity Securities (Topic 321), Investments - Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815) - Clarifying the Interactions between Topic 321, Topic 323, and Topic 815 In December of 2019, the FASB issued Accounting Standards Update No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes 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 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 was originally effective for public companies for fiscal years beginning after December 15, 2019. In November of 2019, the FASB issued Accounting Standards Update No. 2019-10, which delayed the implementation of ASU 2016-13 to fiscal years beginning after December 15, 2022 for smaller reporting companies. The Company is currently evaluating the impact that the adoption of this guidance will have on its consolidated financial statements.

Investments (Tables)

Investments (Tables)	12 Months Ended
	Dec. 31, 2019
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, 2019 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 $ 35,761,440 $ 402,832 $ (35,529) $ 36,128,743 U.S. special revenue and assessments 14,371,263 832,100 - 15,203,363 All other corporate bonds 109,827,152 10,470,115 - 120,297,267 Total $ 159,959,855 $ 11,705,047 $ (35,529) $ 171,629,373 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
Debt Securities by Contractual Maturity	The following table provides a summary of fixed maturities by contractual maturity as of December 31, 2019. Actual maturities could differ from contractual maturities due to call or prepayment provisions: Fixed Maturities Available for Sale December 31, 2019 Amortized Cost Estimated Fair Value Due in one year or less $ 11,286,769 $ 11,461,374 Due after one year through five years 50,028,712 51,609,109 Due after five years through ten years 50,866,597 56,224,286 Due after ten years 47,777,777 52,334,604 Total $ 159,959,855 $ 171,629,373
Fair Value of Investments with Sustained Gross Unrealized Losses	The fair value of investments with sustained gross unrealized losses at December 31, 2019 and 2018 are as follows: December 31, 2019 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 $ 6,059,380 (35,529) $ - - $ 6,059,380 (35,529) Total fixed maturities $ 6,059,380 (35,529) $ - - $ 6,059,380 (35,529) 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) - - 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)
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, 2019 Fixed maturities 3 - 3 As of December 31, 2018 Fixed maturities 30 10 40
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, 2019 or 2018. The following table reflects trading securities revenue charged to net investment income for the periods ended December 31: 2019 2018 Net unrealized gains (losses) $ - $ - Net realized gains (losses) (132,518) - Net unrealized and realized gains (losses) $ (132,518) $ -
Maximum and Minimum Lending Rates for Mortgage Loan	During 2019 and 2018, the maximum and minimum lending rates for mortgage loans were: 2019 2018 Maximum rate Minimum rate Maximum rate Minimum rate Farm loans 5.00 % 5.00 % 5.00 % 5.00 % Commercial loans 7.50 % 4.82 % 7.50 % 4.00 % Residential loans 5.50 % 5.50 % 8.00 % 8.00 %
Discounted Mortgage Holdings	The following table summarizes the mortgage loan holdings of the Company for the periods ended December 31: 2019 2018 In good standing $ 8,223,286 $ 7,169,272 Overdue interest over 90 days - 1,899,839 Total mortgage loans $ 8,223,286 $ 9,069,111 Total foreclosed loans during the year $ 234,044 $ -
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: 2019 2018 Fixed maturities $ 5,854,031 $ 7,273,157 Equity securities 1,543,904 1,628,649 Mortgage loans 479,841 1,234,115 Real estate 2,934,666 2,771,348 Notes receivable 1,848,314 979,742 Policy loans 607,537 646,993 Cash and cash equivalents 175,917 355,276 Short-term - 18,159 Total consolidated investment income 13,444,210 14,907,439 Investment expenses (2,128,564) (3,704,771) Consolidated net investment income $ 11,315,646 $ 11,202,668
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: 2019 2018 Realized gains on available-for-sale investments: Sales of fixed maturities $ 331,322 $ 11,708,320 Sales of equity securities 9,560,716 - Sales of real estate 3,929,195 1,588,122 Other - - Total realized gains 13,821,233 13,296,442 Realized losses on available-for-sale investments: Sales of fixed maturities (142,252) (956,365) Sales of equity securities - - Sales of real estate - - Other-than-temporary impairments (650,956) (300,000) Other (132,518) - Total realized losses (925,726) (1,256,365) Net realized investment gains (losses) 12,895,507 12,040,077 Change in fair value of equity securities: Change in fair value of equity securities held at the end of the period 12,530,315 10,416,758 Change in fair value of equity securities 12,530,315 10,416,758 Net investment gains (losses) $ 25,425,822 $ 22,456,835 Change in net unrealized gains (losses) on available-for-sale investments included in other comprehensive income: Fixed maturities $ 10,822,757 $ (7,744,899) Net increase (decrease) $ 10,822,757 $ (7,744,899)
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: 2019 2018 Other than temporary impairments: Fixed maturities $ 650,956 $ - Real estate - 300,000 Total other than temporary impairments $ 650,956 $ 300,000

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2019
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, 2019. Level 1 Level 2 Level 3 Total Assets Fixed Maturities, available for sale $ 36,128,743 $ 135,500,630 $ - $ 171,629,373 Equity Securities 29,888,281 14,258,750 34,514,762 78,661,793 Total $ 66,017,024 $ 149,759,380 $ 34,514,762 $ 250,291,166 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
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 Total Balance at December 31, 2018 $ 434,844 $ 29,473,168 $ 29,908,012 Transfers in to Level 3 - - - Transfer out of Level 3 - - - Total unrealized gain (losses): Included in net income (loss) - 6,461,670 6,461,670 Included in other comprehensive income (422,927) - (422,927) Purchases - 1,038,220 1,038,220 Sales (11,917) (2,458,296) (2,470,213) Balance at December 31, 2019 $ - $ 34,514,762 $ 34,514,762 December 31, 2019 December 31, 2018 Change in fair value of equity securities included in net income (loss) relating to assets held $ 6,461,670 $ 4,633,751
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, 2019 December 31, 2018 Assets Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Equity securities $ 10,919,247 $ 10,919,247 $ 12,118,617 $ 12,118,617 Mortgage loans on real estate 8,223,286 8,223,286 9,069,111 9,069,111 Investment real estate 44,344,236 44,344,236 52,518,577 52,518,577 Notes receivable 19,487,458 19,487,458 23,717,312 23,717,312 Policy loans 8,803,876 8,803,876 9,204,222 9,204,222 Short-term investments 10,442,173 10,442,173 - - Cash and cash equivalents 28,787,629 28,787,629 20,150,162 20,150,162

Reinsurance (Tables)

Reinsurance (Tables)	12 Months Ended
	Dec. 31, 2019
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 2019 and 2018 were as follows: 2019 2018 Premiums Earned Premiums Earned Direct $ 9,601,259 $ 10,074,892 Assumed 353 1,459 Ceded (2,535,980) (2,862,701) Net Premiums $ 7,065,632 $ 7,213,650

Cost of Insurance Acquired (Tab

Cost of Insurance Acquired (Tables)	12 Months Ended
	Dec. 31, 2019
Cost of Insurance Acquired [Abstract]
Cost of Insurance Acquired	2019 2018 Cost of insurance acquired, beginning of year $ 5,622,227 $ 6,428,292 Interest accretion 769,612 866,339 Amortization (1,545,518) (1,672,404) Net amortization (775,906) (806,065) Cost of insurance acquired, end of year $ 4,846,321 $ 5,622,227
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 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 2024 339,372 975,187 635,815

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2019
Income Taxes [Abstract]
Income tax expense (benefits)	Income tax expense (benefit) consists of the following components: 2019 2018 Current tax $ 1,698,995 $ 1,922,542 Deferred tax 1,892,306 1,984,994 Income tax expense $ 3,591,301 $ 3,907,536
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 21% as of December 31, 2019 and 2018, respectively, before income taxes as a result of the following differences: 2019 2018 Tax computed at statutory rate $ 4,239,316 $ 3,466,644 Changes in taxes due to: Non-controlling interest (68,280) (43,927) Dividend received deduction (175,866) (170,690) Other (403,869) 655,509 Income tax expense $ 3,591,301 $ 3,907,536
Major components that comprise the deferred tax liability	The following table summarizes the major components that comprise the net deferred tax liability as reflected in the balance sheets: 2019 2018 Investments $ 10,983,955 $ 6,939,758 Cost of insurance acquired 1,017,727 1,180,668 Management/consulting fees (9,147) (15,724) Future policy benefits (460,923) (1,670,814) Deferred gain on sale of subsidiary 1,387,490 1,387,490 Other assets (liabilities) 197,876 65,573 Reserves adjustment 288,320 1,426,205 Federal tax DAC (182,694) (199,676) Deferred tax liability $ 13,222,604 $ 9,113,480

Credit Arrangements (Tables)

Credit Arrangements (Tables)	12 Months Ended
	Dec. 31, 2019
Credit Arrangements [Abstract]
Credit Arrangements	At December 31, 2019 and 2018, the Company had the following lines of credit available: Instrument Issue Date Maturity Date Revolving Credit Limit December 31, 2018 Borrowings Repayments December 31, 2019 Lines of Credit: UTG 11/20/2013 11/20/2020 $ 8,000,000 $ - - - $ - UG 6/2/2015 5/8/2020 10,000,000 - - - -

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2019
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, 2019 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 20,000 Sovereign's Capital, LP Fund II 1,000,000 158,596 Sovereign's Capital, LP Fund III 1,000,000 800,000 Barton Springs Music, LLC 1,750,000 302,250

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2019
Shareholders' Equity [Abstract]
Reconciliation of the numerators and denominators of the basic and diluted EPS	Earnings Per Share - 2019 2018 Basic weighted average shares outstanding 3,285,813 3,307,448 Weighted average dilutive options outstanding 0 0 Diluted weighted average shares outstanding 3,285,813 3,307,448

Statutory Accounting (Tables)

Statutory Accounting (Tables)	12 Months Ended
	Dec. 31, 2019
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: 2019 2018 Net income (loss) $ 8,268,187 $ 6,166,411 Capital and surplus 65,951,037 60,024,931

Other Cash Flow Disclosures (Ta

Other Cash Flow Disclosures (Tables)	12 Months Ended
	Dec. 31, 2019
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: 2019 2018 Interest $ - $ - Federal income tax 1,106,000 1,652,000

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details)	12 Months Ended
	Dec. 31, 2019USD ($)Segment	Dec. 31, 2018USD ($)
Business Segments [Abstract]
Number of business segments | Segment	1
Investments [Abstract]
Equity securities, at cost	$ 10,919,247	$ 12,118,617
Reinsurance [Abstract]
Maximum retention limits per life	125,000
Property and Equipment [Abstract]
Accumulated depreciation	5,916,424	5,655,593
Depreciation expense	$ 260,831	$ 430,260
Income Taxes [Abstract]
Corporate Federal income tax rate	21.00%	21.00%
Chief Executive Officer and Chairman of the Board [Member]
Ownership Interest [Abstract]
Ownership interest percentage		66.00%
Minimum [Member]
Property and Equipment [Abstract]
Estimated useful lives	3 years
Maximum [Member]
Property and Equipment [Abstract]
Estimated useful lives	30 years
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%
ASU 2016-01 [Member]
Investments [Abstract]
Equity securities, at cost		$ 12,118,617

Investments, Available for Sale

Investments, Available for Sale Securities - Fixed Maturity and Equity Securities (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Fixed maturities [Abstract]
Original or amortized cost	$ 159,959,855	$ 160,895,869
Gross unrealized gains	11,705,047	3,052,593
Gross unrealized losses	(35,529)	(2,987,678)
Estimated fair value	171,629,373	160,960,784
Equity securities [Abstract]
Estimated fair value	78,661,793	67,664,482
U.S. Government and Govt. Agencies and Authorities [Member]
Fixed maturities [Abstract]
Original or amortized cost	35,761,440	25,649,410
Gross unrealized gains	402,832	149,006
Gross unrealized losses	(35,529)	(138,222)
Estimated fair value	36,128,743	25,660,194
US Special Revenue and Assessments [Member]
Fixed maturities [Abstract]
Original or amortized cost	14,371,263	16,350,486
Gross unrealized gains	832,100	334,300
Gross unrealized losses	0	(4,406)
Estimated fair value	15,203,363	16,680,380
All Other Corporate Bonds [Member]
Fixed maturities [Abstract]
Original or amortized cost	109,827,152	118,895,973
Gross unrealized gains	10,470,115	2,569,287
Gross unrealized losses	0	(2,845,050)
Estimated fair value	$ 120,297,267	$ 118,620,210

Investments, Fixed Maturities b

Investments, Fixed Maturities by Contractual Maturity (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Amortized cost [Abstract]
Due in one year or less	$ 11,286,769
Due after one year through five years	50,028,712
Due after five years through ten years	50,866,597
Due after ten years	47,777,777
Original or amortized cost	159,959,855	$ 160,895,869
Estimated fair value [Abstract]
Due in one year or less	11,461,374
Due after one year through five years	51,609,109
Due after five years through ten years	56,224,286
Due after ten years	52,334,604
Estimated fair value	171,629,373	160,960,784
Amortized cost of investment in fixed maturities rated below investment grade	$ 1,031,570	$ 2,618,594

Investments, Investments with S

Investments, Investments with Sustained Gross Unrealized Losses (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract]
Less than 12 months, fair value	$ 6,059,380	$ 59,724,349
12 months or longer, fair value	0	16,930,418
Total fair value	6,059,380	76,654,767
Less than 12 months, unrealized losses	(35,529)	(2,087,817)
12 months or longer, unrealized losses	0	(899,861)
Total unrealized losses	(35,529)	(2,987,678)
U.S. Government and Govt. Agencies and Authorities [Member]
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract]
Less than 12 months, fair value	6,059,380	6,429,700
12 months or longer, fair value	0	1,592,679
Total fair value	6,059,380	8,022,379
Less than 12 months, unrealized losses	(35,529)	(49,904)
12 months or longer, unrealized losses	0	(88,318)
Total unrealized losses	$ (35,529)	(138,222)
U.S. Special Revenue and Assessments [Member]
Available-for-sale Securities, 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]
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract]
Less than 12 months, fair value		49,270,729
12 months or longer, fair value		15,337,739
Total fair value		64,608,468
Less than 12 months, unrealized losses		(2,033,507)
12 months or longer, unrealized losses		(811,543)
Total unrealized losses		$ (2,845,050)

Investments, Number of Securiti

Investments, Number of Securities in Unrealized Loss Position (Details) - Security	Dec. 31, 2019	Dec. 31, 2018
Fixed Maturities [Abstract]
Less than 12 months, number of securities	3	30
12 months or longer, number of securities	0	10
Total number of securities	3	40

Investments, Cost Method Invest

Investments, Cost Method Investments (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Investments [Abstract]
Equity investments, at cost	$ 10,919,247	$ 12,118,617

Investments, Trading Securities

Investments, Trading Securities (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Increase (Decrease) in Trading Securities [Abstract]
Net unrealized gains (losses)	$ 0	$ 0
Net realized gains (losses)	(132,518)	0
Net unrealized and realized gains (losses)	$ (132,518)	$ 0

Investments, Mortgage Loans on

Investments, Mortgage Loans on Real Estate, Investment Real Estate, and Notes Receivables (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Mortgage Loans [Abstract]
Mortgage loans acquired, including discounted mortgage loans	$ 4,367,644	$ 91,954
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
Mortgage loan holdings [Abstract]
In good standing	8,223,286	7,169,272
Overdue interest over 90 days	0	1,899,839
Total mortgage loans	8,223,286	9,069,111
Total foreclosed loans during the year	$ 234,044	$ 0
Notes receivable [Abstract]
Investments in oil/gas royalties as a % of total investment real estate portfolio	44.00%	43.00%
Investment real estate acquired	$ 1,958,982	$ 15,704,151
Valuation allowance	0	0
Notes Receivable acquired	$ 16,031,605	$ 11,496,998
Farm Loans [Member] | Maximum [Member]
Mortgage Loans [Abstract]
Interest rate on mortgage loans	5.00%	5.00%
Farm Loans [Member] | Minimum [Member]
Mortgage Loans [Abstract]
Interest rate on mortgage loans	5.00%	5.00%
Commercial Loans [Member] | Maximum [Member]
Mortgage Loans [Abstract]
Interest rate on mortgage loans	7.50%	7.50%
Commercial Loans [Member] | Minimum [Member]
Mortgage Loans [Abstract]
Interest rate on mortgage loans	4.82%	4.00%
Residential Loans [Member] | Maximum [Member]
Mortgage Loans [Abstract]
Interest rate on mortgage loans	5.50%	8.00%
Residential Loans [Member] | Minimum [Member]
Mortgage Loans [Abstract]
Interest rate on mortgage loans	5.50%	8.00%

Investments, Net Investment Inc

Investments, Net Investment Income (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Net Investment Income [Abstract]
Total consolidated investment income	$ 13,444,210	$ 14,907,439
Investment expenses	(2,128,564)	(3,704,771)
Consolidated net investment income	11,315,646	11,202,668
Fixed Maturities [Member]
Net Investment Income [Abstract]
Total consolidated investment income	5,854,031	7,273,157
Equity Securities [Member]
Net Investment Income [Abstract]
Total consolidated investment income	1,543,904	1,628,649
Mortgage Loans [Member]
Net Investment Income [Abstract]
Total consolidated investment income	479,841	1,234,115
Real Estate [Member]
Net Investment Income [Abstract]
Total consolidated investment income	2,934,666	2,771,348
Notes Receivable [Member]
Net Investment Income [Abstract]
Total consolidated investment income	1,848,314	979,742
Policy Loans [Member]
Net Investment Income [Abstract]
Total consolidated investment income	607,537	646,993
Cash and Cash Equivalents [Member]
Net Investment Income [Abstract]
Total consolidated investment income	175,917	355,276
Short-term [Member]
Net Investment Income [Abstract]
Total consolidated investment income	$ 0	$ 18,159

Investments, Net Realized Inves

Investments, Net Realized Investment Gains and Losses (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Realized gains on available-for-sale investments [Abstract]
Total realized gains	$ 13,821,233	$ 13,296,442
Realized losses on available-for-sale investments [Abstract]
Other-than-temporary impairments	(650,956)	(300,000)
Total realized losses	(925,726)	(1,256,365)
Net realized investment gains (losses)	12,895,507	12,040,077
Change in fair value of equity securities [Abstract]
Change in fair value of equity securities held at the end of the period	12,530,315	10,416,758
Change in fair value of equity securities	12,530,315	10,416,758
Total net investment gains (losses)	25,425,822	22,456,835
Change in net 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	10,822,757	(7,744,899)
Fixed Maturities [Member]
Realized gains on available-for-sale investments [Abstract]
Total realized gains	331,322	11,708,320
Realized losses on available-for-sale investments [Abstract]
Other-than-temporary impairments	(650,956)	0
Total realized losses	(142,252)	(956,365)
Change in net 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	10,822,757	(7,744,899)
Equity Securities [Member]
Realized gains on available-for-sale investments [Abstract]
Total realized gains	9,560,716	0
Realized losses on available-for-sale investments [Abstract]
Total realized losses	0	0
Real Estate [Member]
Realized gains on available-for-sale investments [Abstract]
Total realized gains	3,929,195	1,588,122
Realized losses on available-for-sale investments [Abstract]
Other-than-temporary impairments	0	(300,000)
Total realized losses	0	0
Other [Member]
Realized gains on available-for-sale investments [Abstract]
Total realized gains	0	0
Realized losses on available-for-sale investments [Abstract]
Total realized losses	$ (132,518)	$ 0

Investments, Other-Than-Tempora

Investments, Other-Than-Temporary Impairments (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Other than Temporary Impairment Losses [Abstract]
Other-than-temporary impairments	$ 650,956	$ 300,000
Fixed Maturities [Member]
Other than Temporary Impairment Losses [Abstract]
Other-than-temporary impairments	650,956	0
Real Estate [Member]
Other than Temporary Impairment Losses [Abstract]
Other-than-temporary impairments	$ 0	$ 300,000

Investments, Investment on Depo

Investments, Investment on Deposits (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Investments [Abstract]
Fair value of investments on deposit with state insurance departments	$ 8,371,827	$ 8,317,514

Fair Value Measurements, Financ

Fair Value Measurements, Financial Assets and Liabilities Measured on Recurring Basis (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Equity Securities, Gain (Loss) [Abstract]
Realized gain on sale of investment	$ 4,200,000
Assets [Abstract]
Fixed Maturities, available for sale	171,629,373	$ 160,960,784
Level 3 [Member]
Equity Securities, Gain (Loss) [Abstract]
Unrealized gain on investment	2,100,000
Measured on a Recurring Basis [Member]
Assets [Abstract]
Fixed Maturities, available for sale	171,629,373	160,960,784
Equity Securities	78,661,793	67,664,482
Total	250,291,166	228,625,266
Measured on a Recurring Basis [Member] | Level 1 [Member]
Assets [Abstract]
Fixed Maturities, available for sale	36,128,743	25,660,194
Equity Securities	29,888,281	27,634,283
Total	66,017,024	53,294,477
Measured on a Recurring Basis [Member] | Level 2 [Member]
Assets [Abstract]
Fixed Maturities, available for sale	135,500,630	134,865,746
Equity Securities	14,258,750	10,557,031
Total	149,759,380	145,422,777
Measured on a Recurring Basis [Member] | Level 3 [Member]
Assets [Abstract]
Fixed Maturities, available for sale	0	434,844
Equity Securities	34,514,762	29,473,168
Total	$ 34,514,762	$ 29,908,012

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, 2019	Dec. 31, 2018
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	$ 29,908,012
Transfers in to Level 3	0
Transfer out of Level 3	0
Total unrealized gain or (losses) [Abstract]
Included in net income (loss)	6,461,670
Included in other comprehensive income	(422,927)
Purchases	1,038,220
Sales	(2,470,213)
Ending Balance	34,514,762	$ 29,908,012
Change in fair value of equity securities included in net income (loss) relating to assets held	6,461,670	4,633,751
Fixed Maturities, Available for Sale [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	434,844
Transfers in to Level 3	0
Transfer out of Level 3	0
Total unrealized gain or (losses) [Abstract]
Included in net income (loss)	0
Included in other comprehensive income	(422,927)
Purchases	0
Sales	(11,917)
Ending Balance	0	434,844
Equity Securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	29,473,168
Transfers in to Level 3	0
Transfer out of Level 3	0
Total unrealized gain or (losses) [Abstract]
Included in net income (loss)	6,461,670
Included in other comprehensive income	0
Purchases	1,038,220
Sales	(2,458,296)
Ending Balance	$ 34,514,762	$ 29,473,168

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, 2019	Dec. 31, 2018
Carrying Amount [Member]
Assets [Abstract]
Equity securities	$ 10,919,247	$ 12,118,617
Mortgage loans on real estate	8,223,286	9,069,111
Investment real estate	44,344,236	52,518,577
Notes receivable	19,487,458	23,717,312
Policy loans	8,803,876	9,204,222
Short term investments	10,442,173	0
Cash and cash equivalents	28,787,629	20,150,162
Estimated Fair Value [Member]
Assets [Abstract]
Equity securities	10,919,247	12,118,617
Mortgage loans on real estate	8,223,286	9,069,111
Investment real estate	44,344,236	52,518,577
Notes receivable	19,487,458	23,717,312
Policy loans	8,803,876	9,204,222
Short term investments	10,442,173	0
Cash and cash equivalents	28,787,629	20,150,162
Equity securities	$ 10,919,247	$ 12,118,617
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, 2019	Dec. 31, 2018
Reinsurance [Abstract]
Retention amount limit	$ 125,000
Gross insurance in force	1,100,000,000	$ 1,100,000,000
Gross insurance ceded to reinsurers	214,000,000	$ 228,000,000
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	64.00%	63.00%
Effect of long duration reinsurance contracts on premiums earned [Abstract]
Direct	$ 9,601,259	$ 10,074,892
Assumed	353	1,459
Ceded	(2,535,980)	(2,862,701)
Net Premiums	$ 7,065,632	$ 7,213,650

Cost of Insurance Acquired (Det

Cost of Insurance Acquired (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Cost of insurance acquired [Roll Forward]
Interest rate used in amortization calculation	12.00%
Cost of insurance acquired, beginning of year	$ 5,622,227	$ 6,428,292
Interest accretion	769,612	866,339
Amortization	(1,545,518)	(1,672,404)
Net amortization	(775,906)	(806,065)
Cost of insurance acquired, end of year	4,846,321	$ 5,622,227
Interest Accretion [Abstract]
2020	676,503
2021	587,120
2022	501,324
2023	418,722
2024	339,372
Amortization [Abstract]
2020	1,421,353
2021	1,302,090
2022	1,189,672
2023	1,079,979
2024	975,187
Net Amortization [Abstract]
2020	744,850
2021	714,970
2022	688,348
2023	661,257
2024	$ 635,815

Income Taxes (Details)

Income Taxes (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Income tax expense (benefit) [Abstract]
Current tax	$ 1,698,995	$ 1,922,542
Deferred tax	1,892,306	1,984,994
Income tax expense	$ 3,591,301	$ 3,907,536
Income tax expense (benefit) reconciliation [Abstract]
United States statutory rate	21.00%	21.00%
Tax computed at statutory rate	$ 4,239,316	$ 3,466,644
Changes in taxes due to: [Abstract]
Non-controlling interest	(68,280)	(43,927)
Dividend received deduction	(175,866)	(170,690)
Other	(403,869)	655,509
Income tax expense	3,591,301	3,907,536
Deferred tax liability [Abstract]
Investments	10,983,955	6,939,758
Cost of insurance acquired	1,017,727	1,180,668
Management/consulting fees	(9,147)	(15,724)
Future policy benefits	(460,923)	(1,670,814)
Deferred gain on sale of subsidiary	1,387,490	1,387,490
Other assets (liabilities)	197,876	65,573
Reserves adjustment	288,320	1,426,205
Federal tax DAC	(182,694)	(199,676)
Deferred tax liability	13,222,604	9,113,480
Gross deferred tax assets	1,359,230	2,723,053
Gross deferred tax liabilities	14,581,834	11,836,533
Valuation allowance	0	0
DTA - AMT tax carryforward	0	$ 43,717
Income Tax Uncertainties [Abstract]
Interest or penalties	$ 0
Tax Year 2016 [Member]
Income Tax Uncertainties [Abstract]
Tax years remaining subject to examination	2016
Tax Year 2017 [Member]
Income Tax Uncertainties [Abstract]
Tax years remaining subject to examination	2017
Tax Year 2018 [Member]
Income Tax Uncertainties [Abstract]
Tax years remaining subject to examination	2018
Tax Year 2019 [Member]
Income Tax Uncertainties [Abstract]
Tax years remaining subject to examination	2019

Credit Arrangements (Details)

Credit Arrangements (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
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]
Interest Rate	4.04%
Frequency of payments	monthly
Assets Pledged	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]
Issue Date	Nov. 20, 2013
Maturity Date	Nov. 20, 2020
Revolving Credit Limit	$ 8,000,000
Outstanding Balance	0	$ 0
Borrowings	0
Repayments	$ 0
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 8, 2020
Revolving Credit Limit	$ 10,000,000
Outstanding Balance	0	$ 0
Borrowings	0
Repayments	$ 0

Commitments and Contingencies_2

Commitments and Contingencies (Details)	Dec. 31, 2019USD ($)
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	20,000
Sovereigns Capital LP Fund II [Member]
Total Funding Commitments and Unfunded Commitment [Abstract]
Total Funding Commitment	1,000,000
Unfunded Commitment	158,596
Sovereigns Capital LP Fund III [Member]
Total Funding Commitments and Unfunded Commitment [Abstract]
Total Funding Commitment	1,000,000
Unfunded Commitment	800,000
Barton Springs Music, LLC [Member]
Total Funding Commitments and Unfunded Commitment [Abstract]
Total Funding Commitment	1,750,000
Unfunded Commitment	$ 302,250

Shareholders' Equity (Details)

Shareholders' Equity (Details) - USD ($)	1 Months Ended	12 Months Ended
	Sep. 30, 2018	Dec. 31, 2019	Dec. 31, 2018
Stock Repurchase Program [Abstract]
Stock repurchase program, additional amount authorized	$ 2,500,000
Stock repurchase program authorized amount	$ 18,500,000
Stock repurchased during period (in shares)		29,252
Amount paid to repurchase shares during the year		$ 909,368	$ 1,329,148
Amount of common stock repurchased		$ 14,773,097
Number of common stock acquired (in shares)		1,169,358
Earnings Per Share [Abstract]
Basic weighted average shares outstanding (in shares)		3,285,813	3,307,448
Weighted average dilutive options outstanding (in shares)		0	0
Diluted weighted average shares outstanding (in shares)		3,285,813	3,307,448
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		$ 6,000,000	$ 5,000,000
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)		3,024	2,994
Stock issued during period (in dollars per share)		$ 35.50	$ 32.50
Cost of shares issued		$ 107,352	$ 97,305
Management and Employees [Member]
Share-based Compensation [Abstract]
Number of shares issued (in shares)		8,188	10,421
Cost of shares issued		$ 246,535	$ 263,507

Statutory Accounting (Details)

Statutory Accounting (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Statutory Basis Net Income and Capital and Surplus [Abstract]
Net income (loss)	$ 8,268,187	$ 6,166,411
Capital and surplus	$ 65,951,037	$ 60,024,931

Related Party Transactions (Det

Related Party Transactions (Details)	Feb. 20, 2003USD ($)	Dec. 31, 2019USD ($)ft²	Dec. 31, 2018USD ($)	Mar. 30, 2009USD ($)
Related Party Transactions [Abstract]
Purchased trust preferred security offering	$ 4,000,000
Ownership interest in aircraft		30.10%
Costs associated with aircraft		$ 354,404	$ 391,851
Administrative Services and Cost		$ 7,397,953	$ 7,093,227
Servicing fee on loan		0.25%
Loan origination		0.50%	0.50%
Servicing fees		$ 15,138	$ 8,393
Origination fees		0	0
Reimbursement cost		519,857	571,648
Total reimbursement payment		$ 322,188	307,645
Percentage of processing fee reimbursed		100.00%
Reimbursement from associated entities		$ 922,357	372,849
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%
Minimum [Member]
Related Party Transactions [Abstract]
Percentage of undivided participation in notes receivable		20.00%
Maximum [Member]
Related Party Transactions [Abstract]
Percentage of undivided participation in notes receivable		50.00%
FSBI [Member]
Related Party Transactions [Abstract]
Term for mandatory redemption		P30Y
Term for call provision		P5Y
Dividend rate		6.515%
Dividend income		$ 198,297	$ 283,151
Preferred pay down		558,000
Cost basis left after pay down		$ 3,002,000
Equity Method Investments				$ 1,000,000

Other Cash Flow Disclosures (De

Other Cash Flow Disclosures (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Other Cash Flow Disclosures [Abstract]
Interest	$ 0	$ 0
Federal income tax	$ 1,106,000	$ 1,652,000

Concentrations (Details)

Concentrations (Details)	12 Months Ended
	Dec. 31, 2019USD ($)State	Dec. 31, 2018
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	33.00%	35.00%
Direct Premium Collected [Member] | Geographic Concentration Risk [Member] | Illinois, Ohio, Texas and West Virginia [Member]
Concentrations [Abstract]
Concentration risk, percentage	56.00%
Invested Assets [Member] | Customer Concentration Risk [Member] | Oil and Gas Industry [Member]
Concentrations [Abstract]
Concentration risk, percentage	25.00%