UTG (UTGN) 10-Q 12 Nov 21 2021 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2021	Oct. 31, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2021
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Document Transition Report	false
Entity File Number	000-16867
Entity Registrant Name	UTG, INC.
Entity Central Index Key	0000832480
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-2907892
Entity Address, Address Line One	205 North Depot Street
Entity Address, City or Town	Stanford
Entity Address, State or Province	KY
Entity Address, Postal Zip Code	40484
City Area Code	217
Local Phone Number	241-6300
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		3,166,235

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($)	Sep. 30, 2021	Dec. 31, 2020	[1]
Investments available for sale:
Fixed maturities, at fair value (amortized cost $127,050,431 and $146,017,864)	$ 140,988,739	$ 165,779,997
Equity securities, at fair value (cost $62,285,191 and $36,833,795)	112,993,332	78,075,187
Equity securities, at cost	14,543,343	14,389,189
Mortgage loans on real estate at amortized cost	16,362,520	20,802,365
Investment real estate	37,300,355	38,086,391
Notes receivable	24,150,142	17,682,296
Policy loans	7,839,724	8,590,524
Total investments	354,178,155	343,405,949
Cash and cash equivalents	24,113,715	39,025,754
Accrued investment income	1,042,484	1,341,643
Reinsurance receivables:
Future policy benefits	24,832,037	25,267,920
Policy claims and other benefits	4,595,374	3,988,088
Cost of insurance acquired	3,565,243	4,101,471
Property and equipment, net of accumulated depreciation	293,166	348,170
Income tax receivable	1,164,851	0
Other assets	1,366,168	1,577,098
Total assets	415,151,193	419,056,093
Policy liabilities and accruals:
Future policyholder benefits	237,382,672	243,990,881
Policy claims and benefits payable	4,330,434	4,169,569
Other policyholder funds	347,812	365,761
Dividend and endowment accumulations	14,652,254	14,836,158
Income taxes payable	0	268,497
Deferred income taxes	13,302,678	12,995,714
Trading securities, at fair value (proceeds $3,679 and $11,246)	3,679	12,219
Other liabilities	5,789,143	5,275,803
Total liabilities	275,808,672	281,914,602
Shareholders' equity:
Common stock - no par value, stated value $.001 per share. Authorized 7,000,000 shares - 3,167,373 and 3,175,564 shares issued	3,168	3,176
Additional paid-in capital	32,800,852	33,025,018
Retained earnings	95,023,478	88,068,284
Accumulated other comprehensive income	10,983,419	15,584,241
Total UTG shareholders' equity	138,810,917	136,680,719
Noncontrolling interests	531,604	460,772
Total shareholders' equity	139,342,521	137,141,491
Total liabilities and shareholders' equity	$ 415,151,193	$ 419,056,093
[1]	Balance sheet audited at December 31, 2020.

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Investments available for sale:
Fixed maturities, amortized cost	$ 127,050,431	$ 146,017,864
Equity securities, cost	62,285,191	36,833,795
Liabilities:
Trading securities, proceeds	$ 3,679	$ 11,246
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, outstanding (in shares)	3,167,373	3,175,564

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Revenue:
Premiums and policy fees	$ 2,274,672	$ 2,285,170	$ 6,870,216	$ 7,020,901
Ceded reinsurance premiums and policy fees	(725,156)	(757,649)	(2,013,691)	(2,128,125)
Net investment income	2,134,293	2,231,360	6,176,319	8,083,200
Other income	92,998	111,775	282,203	264,589
Revenue before net investment gains (losses)	3,776,807	3,870,656	11,315,047	13,240,565
Net investment gains (losses):
Other-than-temporary impairments	18,129	0	(393,455)	0
Other realized investment gains, net	127,775	1,591,814	4,560,282	(504,032)
Change in fair value of equity securities	(9,380,710)	(2,115,401)	10,994,305	(2,803,878)
Total net investment gains (losses)	(9,234,806)	(523,587)	15,161,132	(3,307,910)
Total revenue	(5,457,999)	3,347,069	26,476,179	9,932,655
Benefits, claims and settlement expenses:
Life	4,974,295	4,460,762	12,994,904	11,423,300
Ceded reinsurance benefits and claims	(904,913)	(966,260)	(1,891,579)	(1,954,371)
Annuity	246,362	250,486	739,455	742,023
Dividends to policyholders	68,243	70,125	242,527	256,445
Commissions and amortization of deferred policy acquisition costs	(37,464)	(35,865)	(94,372)	(99,541)
Amortization of cost of insurance acquired	178,383	186,214	536,228	558,639
Operating expenses	1,777,102	2,559,653	5,614,635	6,249,951
Total benefits and other expenses	6,302,008	6,525,115	18,141,798	17,176,446
Income (loss) before income taxes	(11,760,007)	(3,178,046)	8,334,381	(7,243,791)
Income tax (benefit) expense	(2,762,312)	(765,421)	1,308,355	(1,629,979)
Net income (loss)	(8,997,695)	(2,412,625)	7,026,026	(5,613,812)
Net income attributable to noncontrolling interests	(14,577)	(34,081)	(70,832)	(99,835)
Net income (loss) attributable to common shareholders	$ (9,012,272)	$ (2,446,706)	$ 6,955,194	$ (5,713,647)
Amounts attributable to common shareholders
Basic income (loss) per share (in dollars per share)	$ (2.84)	$ (0.76)	$ 2.19	$ (1.75)
Diluted income (loss) per share (in dollars per share)	$ (2.84)	$ (0.76)	$ 2.19	$ (1.75)
Basic weighted average shares outstanding (in shares)	3,169,328	3,221,049	3,173,755	3,256,217
Diluted weighted average shares outstanding (in shares)	3,169,328	3,221,049	3,173,755	3,256,217

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) [Abstract]
Net income (loss)	$ (8,997,695)	$ (2,412,625)	$ 7,026,026	$ (5,613,812)
Other comprehensive income (loss):
Unrealized holding gains (losses) arising during period, pre-tax	(1,186,410)	169,058	(6,161,411)	8,237,909
Tax (expense) benefit on unrealized holding gains (losses) arising during the period	249,146	(35,502)	1,293,896	(1,729,961)
Unrealized holding gains (losses) arising during period, net of tax	(937,264)	133,556	(4,867,515)	6,507,948
Less reclassification adjustment for (gains) losses included in net income	(39,762)	0	337,586	(338,223)
Tax expense (benefit) for gains included in net income (loss)	8,350	0	(70,893)	71,027
Reclassification adjustment for (gains) losses included in net income, net of tax	(31,412)	0	266,693	(267,196)
Subtotal: Other comprehensive income (loss), net of tax	(968,676)	133,556	(4,600,822)	6,240,752
Comprehensive income (loss)	(9,966,371)	(2,279,069)	2,425,204	626,940
Less comprehensive income attributable to noncontrolling interests	(14,577)	(34,081)	(70,832)	(99,835)
Comprehensive income (loss) attributable to UTG, Inc.	$ (9,980,948)	$ (2,313,150)	$ 2,354,372	$ 527,105

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($)	Common Stock [Member]	Additional Paid-In Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income [Member]	Noncontrolling Interest [Member]	Total
Balance at Dec. 31, 2019	$ 3,279	$ 36,012,401	$ 85,979,678	$ 8,977,914	$ 523,634	$ 131,496,906
Common stock issued during year	7	218,282	0	0	0	218,289
Treasury shares acquired	(109)	(3,174,121)	0	0	0	(3,174,230)
Net income (loss) attributable to common shareholders	0	0	(5,713,647)	0	0	(5,713,647)
Unrealized holding income on securities net of noncontrolling interest and reclassification adjustment and taxes	0	0	0	6,240,752	0	6,240,752
Contributions	0	0	0	0	0	0
Distributions	0	0	0	0	0	0
Gain attributable to noncontrolling interest	0	0	0	0	99,835	99,835
Balance at Sep. 30, 2020	3,177	33,056,562	80,266,031	15,218,666	623,469	129,167,905
Balance at Jun. 30, 2020	3,272	35,780,640	82,712,737	15,085,110	589,388	134,171,147
Common stock issued during year	0	0	0	0	0	0
Treasury shares acquired	(95)	(2,724,078)	0	0	0	(2,724,173)
Net income (loss) attributable to common shareholders	0	0	(2,446,706)	0	0	(2,446,706)
Unrealized holding income on securities net of noncontrolling interest and reclassification adjustment and taxes	0	0	0	133,556	0	133,556
Contributions	0	0	0	0	0	0
Distributions	0	0	0	0	0	0
Gain attributable to noncontrolling interest	0	0	0	0	34,081	34,081
Balance at Sep. 30, 2020	3,177	33,056,562	80,266,031	15,218,666	623,469	129,167,905
Balance at Dec. 31, 2020	3,176	33,025,018	88,068,284	15,584,241	460,772	137,141,491	[1]
Common stock issued during year	7	170,531	0	0	0	170,538
Treasury shares acquired	(15)	(394,697)	0	0	0	(394,712)
Net income (loss) attributable to common shareholders	0	0	6,955,194	0	0	6,955,194
Unrealized holding income on securities net of noncontrolling interest and reclassification adjustment and taxes	0	0	0	(4,600,822)	0	(4,600,822)
Contributions	0	0	0	0	0	0
Distributions	0	0	0	0	0	0
Gain attributable to noncontrolling interest	0	0	0	0	70,832	70,832
Balance at Sep. 30, 2021	3,168	32,800,852	95,023,478	10,983,419	531,604	139,342,521
Balance at Jun. 30, 2021	3,174	32,956,587	104,035,750	11,952,095	517,027	149,464,633
Common stock issued during year	0	0	0	0	0	0
Treasury shares acquired	(6)	(155,735)	0	0	0	(155,741)
Net income (loss) attributable to common shareholders	0	0	(9,012,272)	0	0	(9,012,272)
Unrealized holding income on securities net of noncontrolling interest and reclassification adjustment and taxes	0	0	0	(968,676)	0	(968,676)
Contributions	0	0	0	0	0	0
Distributions	0	0	0	0	0	0
Gain attributable to noncontrolling interest	0	0	0	0	14,577	14,577
Balance at Sep. 30, 2021	$ 3,168	$ 32,800,852	$ 95,023,478	$ 10,983,419	$ 531,604	$ 139,342,521
[1]	Balance sheet audited at December 31, 2020.

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash flows from operating activities:
Net income (loss)	$ 7,026,026	$ (5,613,812)
Adjustments to reconcile net income to net cash used in operating activities:
Amortization (accretion) of investments	55,737	(87,559)
Other-than-temporary impairments	393,455	0
Realized investment gains (losses), net	(4,560,282)	504,032
Change in fair value of equity securities	(10,994,305)	2,803,878
Unrealized trading (gains) losses included in income	(1,329)	(1,581)
Realized trading (gains) losses included in income	(20,360)	0
Amortization of cost of insurance acquired	536,228	558,639
Depreciation and depletion	1,862,637	338,550
Stock-based compensation	170,538	218,289
Charges for mortality and administration of universal life and annuity products	(4,791,098)	(4,759,240)
Interest credited to account balances	2,940,521	3,014,030
Change in accrued investment income	299,159	431,837
Change in reinsurance receivables	(171,403)	122,415
Change in policy liabilities and accruals	(3,774,549)	(2,463,865)
Change in income taxes receivable (payable)	(1,433,348)	(458,729)
Change in other assets and liabilities, net	2,240,191	(3,373,186)
Net cash used in operating activities	(10,222,182)	(8,766,302)
Proceeds from investments sold and matured:
Fixed maturities available for sale	18,581,107	12,253,350
Equity securities	5,306,206	17,071,364
Trading securities	29,283	0
Mortgage loans	7,758,199	554,787
Real estate	5,973,637	8,513,461
Notes receivable	1,372,154	3,689,060
Policy loans	1,588,854	914,651
Short-term investments	0	10,500,000
Total proceeds from investments sold and matured	40,609,440	53,496,673
Cost of investments acquired:
Fixed maturities available for sale	(20,000)	(9,038,928)
Equity securities	(26,353,197)	(12,011,489)
Trading securities	(16,133)	5,584
Mortgage loans	(3,305,354)	(12,692,488)
Real estate	(5,507,777)	0
Notes receivable	(7,840,000)	(3,500,000)
Policy loans	(838,053)	(838,766)
Short-term investments	0	(7,890,228)
Total cost of investments acquired	(43,880,514)	(45,966,315)
Net cash provided by (used in) investing activities	(3,271,074)	7,530,358
Cash flows from financing activities:
Policyholder contract deposits	3,303,536	3,386,396
Policyholder contract withdrawals	(4,327,607)	(3,040,660)
Purchase of treasury stock	(394,712)	(3,174,230)
Net cash used in financing activities	(1,418,783)	(2,828,494)
Net increase (decrease) in cash and cash equivalents	(14,912,039)	(4,064,438)
Cash and cash equivalents at beginning of period	39,025,754	28,787,629
Cash and cash equivalents at end of period	$ 24,113,715	$ 24,723,191

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 2021
Basis of Presentation [Abstract]
Basis of Presentation	Note 1 – Basis of Presentation The accompanying Condensed Consolidated Balance Sheet as of September 30, 2021, which has been derived from audited consolidated financial statements, and the unaudited interim Condensed Consolidated Financial Statements include the accounts of UTG, Inc. (the “Parent”) and its subsidiaries (collectively with the Parent, the “Company”). All significant intercompany accounts and transactions have been eliminated in consolidation. The accompanying Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 8 of regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for audited annual financial statements. The information furnished includes all adjustments and accruals of a normal recurring nature, which in the opinion of Management, are necessary for a fair presentation of the results for the interim periods. The unaudited Condensed Consolidated Financial Statements included herein and these related notes should be read in conjunction with the Company’s consolidated financial statements, and the notes thereto, included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 . December 31, 2021 During March 2020, a global pandemic was declared by the World Health Organization related to the rapidly growing outbreak of a novel strain of coronavirus (COVID-19). The pandemic has significantly impacted the economic conditions in the U.S. and globally, accelerating during the first half of March, as federal, state, and local governments reacted to the public health crisis, creating significant uncertainties in the U.S. economy. The Company has not experienced a slow-down in activities, however government restrictions and client-imposed delays are evaluated regularly and this could change. While the disruption is currently expected to be temporary, there is uncertainty around the duration. The Company cannot at this time predict the ultimate impact the pandemic will have on its results of operations, financial position, liquidity, or capital resources but such impact could be material. 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 September 30, 2021, Mr. Correll owns or controls directly and indirectly approximately 65.14% of UTG’s outstanding stock. UTG’s life insurance subsidiary, Universal Guaranty Life Insurance Company (“UG”), has several wholly-owned and majority-owned subsidiaries. The subsidiaries were formed to hold certain real estate investments. The real estate investments were placed into the limited liability companies and partnerships to provide additional protection to the policyholders and to UG. Certain amounts in prior periods have been reclassified to conform with the current period presentation.

Recently Issued Accounting Stan

Recently Issued Accounting Standards	9 Months Ended
	Sep. 30, 2021
Recently Issued Accounting Standards [Abstract]
Recently Issued Accounting Standards	Note 2 – Recently Issued Accounting Standards During the nine months ended September 30, 2021, there were no additions to or changes in the critical accounting policies disclosed in the 2020 Form 10-K.

Investments

Investments	9 Months Ended
	Sep. 30, 2021
Investments [Abstract]
Investments	Note 3 – Investments Available for Sale Securities – Fixed Maturity Securities The Company’s insurance subsidiary is regulated by insurance statutes and regulations as to the type of investments they are permitted to make, and the amount of funds that may be used for any one type of investment. Investments in available for sale securities are summarized as follows: September 30, 2021 Original or Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Investments available for sale: Fixed maturities U.S. Government and govt. agencies and authorities $ 23,263,171 $ 577,619 $ 0 $ 23,840,790 U.S. special revenue and assessments 8,542,535 995,872 0 9,538,407 All other corporate bonds 95,244,725 12,364,817 0 107,609,542 $ 127,050,431 $ 13,938,308 $ 0 $ 140,988,739 December 31, 2020 Original or Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Investments available for sale: Fixed maturities U.S. Government and govt. agencies and authorities $ 36,285,535 $ 1,186,999 $ 0 $ 37,472,534 U.S. special revenue and assessments 11,556,980 1,382,164 0 12,939,144 All other corporate bonds 98,175,349 17,604,617 (411,647 ) 115,368,319 $ 146,017,864 $ 20,173,780 $ (411,647 ) $ 165,779,997 The amortized cost and estimated market value of debt securities at September 30, 2021, by contractual maturity, is shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Fixed Maturities Available for Sale September 30, 2021 Amortized Cost Fair Value Due in one year or less $ 10,520,492 $ 10,617,273 Due after one year through five years 41,749,213 44,469,660 Due after five years through ten years 25,660,569 28,871,759 Due after ten years 22,208,169 25,380,790 Fixed maturities with no single maturity date 26,911,988 31,649,257 Total $ 127,050,431 $ 140,988,739 The fair value of investments with sustained gross unrealized losses are as follows: September 30, 2021 Less than 12 months 12 months or longer Total Fair value Unrealized losses Fair value Unrealized losses Fair value Unrealized losses All other corporate bonds $ 0 0 0 0 0 $ 0 Total fixed maturities $ 0 0 0 0 0 $ 0 December 31, 2020 Less than 12 months 12 months or longer Total Fair value Unrealized losses Fair value Unrealized losses Fair value Unrealized losses All other corporate bonds $ 4,937 (63 ) 0 (411,584 ) 4,937 $ (411,647 ) Total fixed maturities $ 4,937 (63 ) 0 (411,584 ) 4,937 $ (411,647 ) Additional information regarding investments in an unrealized loss position is as follows: Less than 12 months 12 months or longer Total As of September 30, 2021 Fixed maturities 0 0 0 As of December 31, 2020 Fixed maturities 1 1 2 Substantially all of the unrealized losses on fixed maturities at December 31, 2020 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, 2020. Net Investment Gains (Losses) The following table presents net investment gains (losses) and the change in net unrealized gains (losses) on investments. Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Realized gains: Sales of fixed maturities $ 21,631 $ 0 $ 55,867 $ 403,215 Sales of equity securities 19,344 646,353 3,038,551 1,634,911 Sales of real estate 104,204 869,756 1,487,456 869,756 Other 0 0 0 0 Total realized gains 145,179 1,516,109 4,581,874 2,907,882 Realized losses: Sales of fixed maturities 0 0 0 (64,992 ) Sales of equity securities (17,404 ) 75,705 (21,592 ) (3,346,922 ) Sales of real estate 0 0 0 0 Other-than-temporary impairments 18,129 0 (393,455 ) 0 Other 0 0 0 0 Total realized losses 725 75,705 (415,047 ) (3,411,914 ) Net realized investment gains (losses) 145,904 1,591,814 4,166,827 (504,032 ) Change in fair value of equity securities: Change in fair value of equity securities held at the end of the period (9,380,710 ) (2,115,401 ) 10,994,305 (2,803,878 ) Change in fair value of equity securities (9,380,710 ) (2,115,401 ) 10,994,305 (2,803,878 ) Net investment gains (losses) $ (9,234,806 ) $ (523,587 ) $ 15,161,132 $ (3,307,910 ) Change in net unrealized gains (losses) on available-for-sale investments included in other comprehensive income: Fixed maturities $ (1,186,410 ) $ 169,058 $ (6,161,411 ) $ 8,237,909 Net increase (decrease) $ (1,186,410 ) $ 169,058 $ (6,161,411 ) $ 8,237,909 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 Condensed Consolidated Statements of Operations. The Company recognized an other-than-temporary impairment of $(393,455) on one fixed maturity security during 2021. The other-than-temporary impairment was recognized due to the length of time the investment remained in an unrealized loss position. The Company did not recognize any other-than-temporary impairments during the nine month period ended September 30, 2020. Cost Method Investments The Company held equity investments with an aggregate cost of $14,543,343 and $14,389,189 at September 30, 2021 and December 31, 2020, 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 September 30, 2021. 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 Condensed Consolidated Statements of Operations. Trading securities include exchange-traded equities and exchange-traded options. Trading securities carried as liabilities are 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 fair value of derivatives included in trading security assets and trading security liabilities as of September 30, 2021 was $0 and $3,679, respectively. The fair value of derivatives included in trading security assets and trading security liabilities as of December 31, 2020 was $0 and $12,219, respectively. Earnings from trading securities are classified in cash flows from operating activities. The derivatives held by the Company are for income generation purposes only. Trading revenue charged to net investment income from trading securities was: Three Months Ended September 30, 2021 2020 Net unrealized gains (losses) $ 379 $ 1,581 Net realized gains (losses) 2,056 0 Net unrealized and realized gains (losses) $ 2,435 $ 1,581 Nine Months Ended September 30, 2021 2020 Net unrealized gains (losses) $ 1,329 $ 1,581 Net realized gains (losses) 20,360 0 Net unrealized and realized gains (losses) $ 21,689 $ 1,581 Mortgage Loans 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 the nine months ended September 30, 2021 and 2020, the Company acquired $3,305,354 and $12,692,488 in mortgage loans, respectively. FSNB services the majority of the Company’s mortgage loan portfolio. The Company pays FSNB a 0.25% servicing fee on these loans and a one-time fee at loan origination of 0.50% of the original loan cost to cover costs incurred by FSNB relating to the processing and establishment of the loan. During 2021 and 2020, the maximum and minimum lending rates for mortgage loans were: 2021 2020 Maximum rate Minimum rate Maximum rate Minimum rate Farm Loans 5.00 % 4.50 % 4.50 % 4.50 % Commercial Loans 5.25 % 4.10 % 5.25 % 4.24 % Residential Loans 5.00 % 4.95 % 4.95 % 4.95 % 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 along with a brief description of what steps are being taken to resolve the delinquency. 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 September 30, 2021 and December 31, 2020. The following table summarizes the mortgage loan holdings of the Company for the periods ended: September 30, 2021 December 31, 2020 In good standing $ 14,281,747 $ 18,704,351 Overdue interest over 90 days 2,080,773 2,098,014 Total mortgage loans $ 16,362,520 $ 20,802,365 Investment Real Estate Real estate held-for-investment is stated at cost less accumulated depreciation. Depreciation is computed on a straight-line basis for financial reporting purposes using estimated useful lives of 3 to 30 years. The Company periodically reviews its real estate held-for-investment for impairment and tests for recoverability whenever events or changes in circumstances indicate the carrying value may not be recoverable. During the nine months ended September 30, 2021, no impairments were recognized on the investment real estate. Note 4 - Fair Value Measurements of the Condensed Consolidated Financial Statements provides further information regarding the fair value of financial instruments that are not measured at fair value. The investment real estate owned by the Company is included in this portion of the Note 4 - Fair Value Measurements disclosure. The following table provides an allocation of the Company’s investment real estate by type: September 30, 2021 December 31, 2020 Raw land $ 13,765,285 $ 11,727,103 Commercial 2,654,217 3,530,064 Residential 2,961,360 2,797,648 Land, minerals and royalty interests 17,919,493 20,031,576 Total investment real estate $ 37,300,355 $ 38,086,391 The Company’s investment real estate portfolio includes ownership in oil and gas royalties. As of September 30, 2021 and December 31, 2020, investments in oil and gas royalties represented 48% and 53%, respectively, of the total investment real estate portfolio. See Note 9 – Concentrations of Credit Risk of the Condensed Consolidated Financial Statements for additional information regarding the allocation of the oil and gas investment real estate holdings by industry type. Gains and losses recognized on the disposition of the properties are recorded as realized gains and losses in the Condensed Consolidated Statements of Operations. During the nine months ended September 30, 2021 and 2020, the Company acquired $5,507,777 and $0 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 September 30, 2021 and December 31, 2020 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 the nine months ended September 30, 2021 and 2020 the Company acquired $7,840,000 and $3,500,000 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. Short-Term Investments Short-term investments have remaining maturities exceeding three months and under 12 months at the time of purchase and are stated at amortized cost, which approximates fair value. The short-term investments consist of United States Treasury securities. During the nine months ended September 30, 2021 and 2020, the Company acquired $0 and $7,890,228, respectively, in short-term investments.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2021
Fair Value Measurements [Abstract]
Fair Value Measurements	Note 4 – Fair Value Measurements Fair Value Measurements on a Recurring Basis Assets and liabilities recorded at fair value in the Condensed Consolidated Balance Sheets are measured and classified in accordance with a fair value hierarchy consisting of three levels based on the observability of valuation inputs: Level 1 – Valuation is based upon quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2 – Valuation methodologies include quoted prices for similar assets and liabilities in active markets or quoted prices for identical, quoted prices for identical or similar assets or liabilities in markets that are not active, or 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. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The following table presents information about assets and liabilities measured at fair value on a recurring basis and indicates the level of the fair value measurement based on the observability of the inputs used: September 30, 2021 Level 1 Level 2 Level 3 Net Asset Value Total Financial assets: Fixed maturities available for sale: U.S. Government and government agencies and authorities $ 23,840,790 $ 0 $ 0 $ 0 $ 23,840,790 U.S. special revenue and assessments 0 9,538,407 0 0 9,538,407 Corporate securities 0 107,609,542 0 0 107,609,542 Total fixed maturities 23,840,790 117,147,949 0 0 140,988,739 Equity securities: Common stocks 38,082,609 15,857,150 4,502,391 53,278,093 111,720,243 Preferred stocks 0 26,089 1,247,000 0 1,273,089 Total equity securities 38,082,609 15,883,239 5,749,391 53,278,093 112,993,332 Total financial assets $ 61,923,399 $ 133,031,188 $ 5,749,391 $ 53,278,093 $ 253,982,071 Liabilities Trading securities $ (3,679 ) $ 0 $ 0 $ 0 $ (3,679 ) December 31, 2020 Level 1 Level 2 Level 3 Net Asset Value Total Financial assets: Fixed maturities available for sale: U.S. Government and government agencies and authorities $ 37,472,534 $ 0 $ 0 $ 0 $ 37,472,534 U.S. special revenue and assessments 0 12,939,144 0 0 12,939,144 Corporate securities 0 115,368,319 0 0 115,368,319 Total fixed maturities 37,472,534 128,307,463 0 0 165,779,997 Equity securities: Common stocks 28,477,005 15,922,869 3,161,120 30,496,625 78,057,619 Preferred stocks 0 17,568 0 0 17,568 Total equity securities 28,477,005 15,940,437 3,161,120 30,496,625 78,075,187 Total financial assets $ 65,949,539 $ 144,247,900 $ 3,161,120 $ 30,496,625 $ 243,855,184 Liabilities Trading securities $ (12,219 ) $ 0 $ 0 $ 0 $ (12,219 ) The following is a description of the valuation techniques used the by Company to measure assets reported at fair value on a recurring basis. There have been no Available for Sale Securities Securities classified as available for sale are recorded at fair value on a recurring basis. Securities classified as Level 1 2 1 2 3 3 Equity Securities at Fair Value Equity securities consist of common 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. Equity Securities at Net Asset Value Certain equity securities carried at fair value, which do not have readily determinable fair values, use net asset value (“NAV”) and are excluded from the fair value hierarchy. These investments are generally not readily redeemable by the investee. See Note 7 – Commitments and Contingencies for additional information regarding unfunded commitments. Trading Securities Trading securities are recorded at fair value. They are classified as Level 1 Change in Level 3 Recurring Fair Value Measurements The following table presents the changes in Level 3 assets and liabilities measured at fair value on a recurring basis, and the realized and unrealized gains (losses) related to the Level 3 assets and liabilities. Equity Securities at Fair Value Equity Securities at Net Asset Value Total Balance at December 31, 2020 $ 3,161,120 $ 30,496,625 $ 33,657,745 Realized gains (losses) 756,307 0 756,307 Unrealized gains (losses) (180,336 ) 5,626,595 5,446,259 Purchases 2,768,607 17,154,873 19,923,480 Sales (756,307 ) 0 (756,307 ) Balance at September 30, 2021 $ 5,749,391 $ 53,278,093 $ 59,027,484 Both observable and unobservable inputs may be used to determine the fair values of positions classified in Level 3 in the tables above. As a result, the unrealized gains (losses) on instruments held at September 30, 2021 and December 31, 2020 may include changes in fair value that were attributable to both observable and unobservable inputs. Quantitative Information About Level 3 Fair Value Measurements The following table presents information about the significant unobservable inputs used for recurring fair value measurements for certain Level 3 instruments, and include only those instruments for which information about the inputs is reasonably available to the Company, such as data from independent third-party valuation service providers and from internal valuation models. Financial Assets Fair Value at September 30, 2021 Fair Value at December 31, 2020 Valuation Technique Equities $ 53,278,093 $ 30,496,625 Net Asset Value Equities 5,749,391 3,161,120 Pricing Model Total $ 59,027,484 $ 33,657,745 Uncertainty of Fair Value Measurements The significant unobservable inputs used in the determination of the fair value of assets classified as Level 3 have an inherent measurement uncertainty that if changed could result in higher or lower fair value measurements of these assets as of the reporting date. Equity Securities at Fair Value Fair market value for equity securities is derived based on unobservable inputs, such as projected normalized revenues and industry standard multiples of revenue for the equity securities valued using pricing model. Significant increases (decreases) in either of those inputs in isolation would result in a significantly higher (lower) fair value measurement. Investments in Certain Entities Carried at Fair Value Using Net Asset Value per Share Investment Company Fair Value at September 30, 2021 Unfunded Commitments Redemption Frequency Redemption Notice Period Common Stocks Growth Equity Redeemable $ 26,967,424 $ 0 Quarterly 45 days Non-Redeemable 26,310,669 5,757,912 n/a n/a Total $ 53,278,093 $ 5,757,912 Investment Company Fair Value at December 31, 2020 Unfunded Commitments Redemption Frequency Redemption Notice Period Common Stocks Growth Equity Redeemable $ 21,713,727 $ 0 Quarterly 45 days Non-Redeemable 8,782,898 6,856,072 n/a n/a Total $ 30,496,625 $ 6,856,072 Fair Value Measurements on a Nonrecurring Basis Certain assets are not carried at fair value on a recurring basis. 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 Condensed Consolidated Financial Statements. The Company did not recognize any re-measurements or impairments of financial instruments at September 30, 2021 or December 31, 2020. Fair Value Information About Financial Instruments Not Measured at Fair Value Certain assets are not carried at fair value on a recurring basis. 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 Condensed Consolidated Financial Statements. The following table presents the carrying amount and estimated fair values of the Company’s financial instruments not measured at fair value and indicates the level in the fair value hierarchy of the estimated fair value measurement based on the observability of the inputs used: Carrying Estimated September 30, 2021 Amount Fair Value Level 1 Level 2 Level 3 Common stock, at cost $ 5,860,000 5,860,000 0 0 5,860,000 Preferred stock, at cost 8,683,343 8,683,343 0 0 8,683,343 Mortgage loans on real estate 16,362,520 16,362,520 0 0 16,362,520 Investment real estate 37,300,355 87,894,540 0 0 87,894,540 Notes receivable 24,150,142 24,151,067 0 0 24,151,067 Policy loans 7,839,724 7,839,724 0 0 7,839,724 Carrying Estimated December 31, 2020 Amount Fair Value Level 1 Level 2 Level 3 Common stock, at cost $ 5,860,000 5,860,000 0 0 5,860,000 Preferred stock, at cost 8,529,189 8,529,189 0 0 8,529,189 Mortgage loans on real estate 20,802,365 20,802,365 0 0 20,802,365 Investment real estate 38,086,391 82,689,332 0 0 82,689,332 Notes receivable 17,682,296 17,709,894 0 0 17,709,894 Policy loans 8,590,524 8,590,524 0 0 8,590,524 The above estimated fair value amounts have been determined based upon the following valuation methodologies. Considerable judgment was required to interpret market data in order to develop these estimates. Accordingly, the estimates are not necessarily indicative of the amounts which could be realized in a current market exchange. The use of different market assumptions or estimation methodologies may have a material effect on the fair value amounts. The fair values of mortgage loans on real estate are estimated using discounted cash flow analyses and interest rates being offered for similar loans to borrowers with similar credit ratings. The inputs used to measure the fair value of our mortgage loans on real estate are classified as Level 3 within the fair value hierarchy. A portion of the mortgage loans balance consists of discounted mortgage loans. The Company has historically purchased non-performing discounted mortgage loans at a deep discount through an auction process led by the Federal Government. In general, the discounted loans are non-performing and there is a significant amount of uncertainty surrounding the timing and amount of cash flows to be received by the Company. Accordingly, the Company records its investment in the discounted loans at its original purchase price, which Management believes approximates fair value. The inputs used to measure the fair value of our discounted mortgage loans are classified as Level 3 within the fair value hierarchy. Investment real estate is recorded at the lower of the net investment in the real estate or the fair value of the real estate less costs to sell. The determination of fair value assessments are performed on a periodic, non-recurring basis by external appraisal and assessment of property values by Management. The inputs used to measure the fair value of our investment real estate are classified as Level 3 within the fair value hierarchy. The fair values of notes receivable 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 the notes receivable are classified as Level 3 within the fair value hierarchy . Policy loans are carried at the aggregate unpaid principal balances in the Condensed 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.

Credit Arrangements

Credit Arrangements	9 Months Ended
	Sep. 30, 2021
Credit Arrangements [Abstract]
Credit Arrangements	Note 5 – Credit Arrangements Instrument Issue Date Maturity Date Revolving Credit Limit December 31, 2020 Borrowings Repayments September 30, 2021 Lines of Credit: UTG 11/20/2013 11/20/2021 $ 8,000,000 0 0 0 $ 0 UG 6/2/2015 5/6/2022 10,000,000 0 0 0 0 The UTG line of credit carries interest at a fixed rate of 3.750% and is payable monthly. As collateral, UTG has pledged 100% of the During May of 2021, 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. The Company has pledged bonds with a collateral lendable value of $12,129,569. During the fourth quarter of 2021, Management made the business decision to pledge additional collateral to the Federal Home Loan Bank in order to increase the Company's borrowing capacity. The Company submitted, and the Federal Home Loan Bank approved, a new Cash Management Advance ("CMA") with a collateral lendable value of $25 million. This CMA replaces the CMA that was approved in May of 2021 for $10 million. During October of 2021, the Company borrowed $3 million on the CMA and Management will utilize the funds for investing activities. The interest rate on the borrowed funds is variable and currently is 0.24%. The CMA is a source of overnight liquidity utilized to address the day-to-day cash needs of a Company. In order to provide the Company with multiple lending options, Management also applied for, and the FHLB approved, the Company's Repurchase ("REPO") Advance Application for $25 million. The REPO Advance requires a minimum borrowing of $15 million and provides financing for one day to one year at a fixed rate of interest. The Company has enough qualifying investments for collateral pledging of $25 million total against these two borrowing vehicles.

Shareholders' Equity

Shareholders' Equity	9 Months Ended
	Sep. 30, 2021
Shareholders' Equity [Abstract]
Shareholders' Equity	Note 6 – Shareholders’ Equity Stock Repurchase Program – The Board of Directors of UTG has authorized the repurchase in the open market or in privately negotiated transactions of UTG’s common stock. At a meeting of the Board of Directors in September of 2020, the Board of Directors of UTG authorized the repurchase of up to an additional million of UTG’s common stock, for a total repurchase of up to million of UTG’s common stock in the open market or in privately negotiated transactions. Company Management has broad authority to operate the program, including the discretion of whether to purchase shares and the ability to suspend or terminate the program. Open market purchases are made based on the last available market price but may be limited. During the , the Company repurchased shares through the stock repurchase program for $ . Through , UTG has spent in the acquisition of shares under this program. During 2021, the Company issued 6,294 shares of stock to management and employees as compensation at a cost of $170,538. These awards are determined at the discretion of the Board of Directors. Earnings Per Share Calculations Earnings per share are based on the weighted average number of common shares outstanding during each period. For the nine months ended September 30, 2021 and 2020, diluted earnings per share were the same as basic earnings per share since the Company had no dilutive instruments outstanding.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2021
Commitments and Contingencies [Abstract]
Commitments and Contingencies	Note 7 – 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. The following table represents the total funding commitments and the unfunded commitment as of September 30, 2021 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 13,000 Sovereign's Capital, LP Fund II 1,000,000 109,033 Sovereign's Capital, LP Fund III 3,000,000 1,033,840 Macritchie Storage II, LP 7,000,750 1,656,075 Garden City Companies, LLC 2,000,000 1,855,039 Carrizo Springs Music, LLC 5,000,000 1,783,461 Legacy Venture X, LLC 3,000,000 2,610,000 QCC Investment Co., LLC 1,500,000 150,000 Great American Media Group, LLC 4,000,000 2,160,000 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 fund a mortgage loan for Macritchie Storage II, LP (“Macritchie”). Macritchie makes draw requests on the loan as funds are needed to fund the construction project. During 2020, the Company committed to invest in Garden City Companies, LLC (“Garden City”), which invests primarily in companies in the healthcare, inspection/testing services and maintenance service arena. Garden City makes capital calls to investors as funds are needed. During 2020, the Company committed to invest in Carrizo Springs Music, LLC (“Carrizo”), which invests in music royalties. Carrizo makes capital calls to its investors as funds are needed to acquire the royalty rights. During 2020, the Company committed to invest in Legacy Venture X, LLC (“Legacy Venture X”), which is a fund of funds. Legacy Venture X makes capital calls to its investors as funds are needed. During 2021, the Company committed to invest in QCC Investment Co., LLC (“QCC”). The funds are being utilized to purchase a manufacturing entity. QCC makes capital calls to its investors as funds are needed. During 2021, the Company committed to fund a collateral loan for Great American Media Group, LLC (“GAM”). GAM makes draw requests on the loan as funds are needed to fund the operating needs of the Company.

Other Cash Flow Disclosures

Other Cash Flow Disclosures	9 Months Ended
	Sep. 30, 2021
Other Cash Flow Disclosures [Abstract]
Other Cash Flow Disclosures	Note 8 – Other Cash Flow Disclosures On a cash basis, the Company paid the following expenses: Three Months Ended September 30, 2021 2020 Interest $ 0 $ 0 Federal income tax 0 419,000 Nine Months Ended September 30, 2021 2020 Interest $ 0 $ 0 Federal income tax 1,202,000 2,529,000

Concentrations of Credit Risk

Concentrations of Credit Risk	9 Months Ended
	Sep. 30, 2021
Concentrations of Credit Risk [Abstract]
Concentrations of Credit Risk	Note 9 – Concentrations of Credit Risk 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 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 states, the ability of our customers to pay their insurance premiums is impacted by the economic conditions in these areas. As of and , approximately and , respectively, of the Company’s total direct premium was collected from Illinois, Ohio, Texas and West Virginia. Thus, results of operations are heavily dependent upon the strength of these economies. The Company reinsures that portion of insurance risk which is in excess of its retention limits. Retention limits range up to $ per life. Life insurance ceded represented and of total life insurance in force at and , respectively. Insurance ceded represented of premium income . 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 represent approximately 23% and 20% of the Company’s total invested assets as of September 30, 2021 and December 31, 2020, respectively. The following table provides an allocation of the oil and gas investments by type. September 30, 2021 Land, Minerals & Royalty Interests Exploration Total Fixed maturities, at fair value $ 0 $ 1,273,340 $ 1,273,340 Equity securities, at fair value 56,318,232 0 56,318,232 Investment real estate 17,919,493 0 17,919,493 Notes receivable 6,000,000 0 6,000,000 Total $ 80,237,725 $ 1,273,340 $ 81,511,065 December 31, 2020 Land, Minerals & Royalty Interests Exploration Total Fixed maturities, at fair value $ 0 $ 1,268,670 $ 1,268,670 Equity securities, at fair value 41,551,468 0 41,551,468 Investment real estate 20,031,576 0 20,031,576 Notes receivable 6,000,000 0 6,000,000 Total $ 67,583,044 $ 1,268,670 $ 68,851,714 At September 30, 2021 and December 31, 2020, the Company owned two equity securities that represented approximately 52% and 47%, respectively, of the total investments associated with the oil and gas industry. The Company’s results of operations and financial condition have in the past been, and may in the future be, adversely affected by the degree of certain industry specific concentrations in the Company’s investment portfolio. The Company has significant exposure to investments associated with the oil and gas industry. Events or developments that have a negative effect on the oil and gas industry may adversely affect the valuation of our investments in this specific industry. The Company’s ability to sell its investments associated with the oil and gas industry may be limited.

Basis of Presentation (Policies

Basis of Presentation (Policies)	9 Months Ended
	Sep. 30, 2021
Basis of Presentation [Abstract]
Basis of Presentation	The accompanying Condensed Consolidated Balance Sheet as of September 30, 2021, which has been derived from audited consolidated financial statements, and the unaudited interim Condensed Consolidated Financial Statements include the accounts of UTG, Inc. (the “Parent”) and its subsidiaries (collectively with the Parent, the “Company”). All significant intercompany accounts and transactions have been eliminated in consolidation. The accompanying Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 8 of regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for audited annual financial statements. The information furnished includes all adjustments and accruals of a normal recurring nature, which in the opinion of Management, are necessary for a fair presentation of the results for the interim periods. The unaudited Condensed Consolidated Financial Statements included herein and these related notes should be read in conjunction with the Company’s consolidated financial statements, and the notes thereto, included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 . December 31, 2021 During March 2020, a global pandemic was declared by the World Health Organization related to the rapidly growing outbreak of a novel strain of coronavirus (COVID-19). The pandemic has significantly impacted the economic conditions in the U.S. and globally, accelerating during the first half of March, as federal, state, and local governments reacted to the public health crisis, creating significant uncertainties in the U.S. economy. The Company has not experienced a slow-down in activities, however government restrictions and client-imposed delays are evaluated regularly and this could change. While the disruption is currently expected to be temporary, there is uncertainty around the duration. The Company cannot at this time predict the ultimate impact the pandemic will have on its results of operations, financial position, liquidity, or capital resources but such impact could be material.

Recently Issued Accounting St_2

Recently Issued Accounting Standards (Policies)	9 Months Ended
	Sep. 30, 2021
Recently Issued Accounting Standards [Abstract]
Recently Issued Accounting Standards	During the nine months ended September 30, 2021, there were no additions to or changes in the critical accounting policies disclosed in the 2020 Form 10-K.

Investments (Tables)

Investments (Tables)	9 Months Ended
	Sep. 30, 2021
Investments [Abstract]
Available for Sale Securities	Investments in available for sale securities are summarized as follows: September 30, 2021 Original or Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Investments available for sale: Fixed maturities U.S. Government and govt. agencies and authorities $ 23,263,171 $ 577,619 $ 0 $ 23,840,790 U.S. special revenue and assessments 8,542,535 995,872 0 9,538,407 All other corporate bonds 95,244,725 12,364,817 0 107,609,542 $ 127,050,431 $ 13,938,308 $ 0 $ 140,988,739 December 31, 2020 Original or Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Investments available for sale: Fixed maturities U.S. Government and govt. agencies and authorities $ 36,285,535 $ 1,186,999 $ 0 $ 37,472,534 U.S. special revenue and assessments 11,556,980 1,382,164 0 12,939,144 All other corporate bonds 98,175,349 17,604,617 (411,647 ) 115,368,319 $ 146,017,864 $ 20,173,780 $ (411,647 ) $ 165,779,997
Debt Securities by Contractual Maturity	The amortized cost and estimated market value of debt securities at September 30, 2021, by contractual maturity, is shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Fixed Maturities Available for Sale September 30, 2021 Amortized Cost Fair Value Due in one year or less $ 10,520,492 $ 10,617,273 Due after one year through five years 41,749,213 44,469,660 Due after five years through ten years 25,660,569 28,871,759 Due after ten years 22,208,169 25,380,790 Fixed maturities with no single maturity date 26,911,988 31,649,257 Total $ 127,050,431 $ 140,988,739
Fair Value of Investments with Sustained Gross Unrealized Losses	The fair value of investments with sustained gross unrealized losses are as follows: September 30, 2021 Less than 12 months 12 months or longer Total Fair value Unrealized losses Fair value Unrealized losses Fair value Unrealized losses All other corporate bonds $ 0 0 0 0 0 $ 0 Total fixed maturities $ 0 0 0 0 0 $ 0 December 31, 2020 Less than 12 months 12 months or longer Total Fair value Unrealized losses Fair value Unrealized losses Fair value Unrealized losses All other corporate bonds $ 4,937 (63 ) 0 (411,584 ) 4,937 $ (411,647 ) Total fixed maturities $ 4,937 (63 ) 0 (411,584 ) 4,937 $ (411,647 )
Securities in Continuous Unrealized Loss Position	Additional information regarding investments in an unrealized loss position is as follows: Less than 12 months 12 months or longer Total As of September 30, 2021 Fixed maturities 0 0 0 As of December 31, 2020 Fixed maturities 1 1 2
Net Investment Gains (Losses) and Change in Net Unrealized Gains on AFS Investments	The following table presents net investment gains (losses) and the change in net unrealized gains (losses) on investments. Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Realized gains: Sales of fixed maturities $ 21,631 $ 0 $ 55,867 $ 403,215 Sales of equity securities 19,344 646,353 3,038,551 1,634,911 Sales of real estate 104,204 869,756 1,487,456 869,756 Other 0 0 0 0 Total realized gains 145,179 1,516,109 4,581,874 2,907,882 Realized losses: Sales of fixed maturities 0 0 0 (64,992 ) Sales of equity securities (17,404 ) 75,705 (21,592 ) (3,346,922 ) Sales of real estate 0 0 0 0 Other-than-temporary impairments 18,129 0 (393,455 ) 0 Other 0 0 0 0 Total realized losses 725 75,705 (415,047 ) (3,411,914 ) Net realized investment gains (losses) 145,904 1,591,814 4,166,827 (504,032 ) Change in fair value of equity securities: Change in fair value of equity securities held at the end of the period (9,380,710 ) (2,115,401 ) 10,994,305 (2,803,878 ) Change in fair value of equity securities (9,380,710 ) (2,115,401 ) 10,994,305 (2,803,878 ) Net investment gains (losses) $ (9,234,806 ) $ (523,587 ) $ 15,161,132 $ (3,307,910 ) Change in net unrealized gains (losses) on available-for-sale investments included in other comprehensive income: Fixed maturities $ (1,186,410 ) $ 169,058 $ (6,161,411 ) $ 8,237,909 Net increase (decrease) $ (1,186,410 ) $ 169,058 $ (6,161,411 ) $ 8,237,909
Trading Revenue Charged to Investment Income from Trading Securities	Trading revenue charged to net investment income from trading securities was: Three Months Ended September 30, 2021 2020 Net unrealized gains (losses) $ 379 $ 1,581 Net realized gains (losses) 2,056 0 Net unrealized and realized gains (losses) $ 2,435 $ 1,581 Nine Months Ended September 30, 2021 2020 Net unrealized gains (losses) $ 1,329 $ 1,581 Net realized gains (losses) 20,360 0 Net unrealized and realized gains (losses) $ 21,689 $ 1,581
Maximum and Minimum Lending Rates for Mortgage Loan	During 2021 and 2020, the maximum and minimum lending rates for mortgage loans were: 2021 2020 Maximum rate Minimum rate Maximum rate Minimum rate Farm Loans 5.00 % 4.50 % 4.50 % 4.50 % Commercial Loans 5.25 % 4.10 % 5.25 % 4.24 % Residential Loans 5.00 % 4.95 % 4.95 % 4.95 %
Mortgage Loan Holdings	The following table summarizes the mortgage loan holdings of the Company for the periods ended: September 30, 2021 December 31, 2020 In good standing $ 14,281,747 $ 18,704,351 Overdue interest over 90 days 2,080,773 2,098,014 Total mortgage loans $ 16,362,520 $ 20,802,365
Investment Real Estate by Type	The following table provides an allocation of the Company’s investment real estate by type: September 30, 2021 December 31, 2020 Raw land $ 13,765,285 $ 11,727,103 Commercial 2,654,217 3,530,064 Residential 2,961,360 2,797,648 Land, minerals and royalty interests 17,919,493 20,031,576 Total investment real estate $ 37,300,355 $ 38,086,391

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2021
Fair Value Measurements [Abstract]
Assets and Liabilities Measured at Fair Value on a Recurring Basis	The following table presents information about assets and liabilities measured at fair value on a recurring basis and indicates the level of the fair value measurement based on the observability of the inputs used: September 30, 2021 Level 1 Level 2 Level 3 Net Asset Value Total Financial assets: Fixed maturities available for sale: U.S. Government and government agencies and authorities $ 23,840,790 $ 0 $ 0 $ 0 $ 23,840,790 U.S. special revenue and assessments 0 9,538,407 0 0 9,538,407 Corporate securities 0 107,609,542 0 0 107,609,542 Total fixed maturities 23,840,790 117,147,949 0 0 140,988,739 Equity securities: Common stocks 38,082,609 15,857,150 4,502,391 53,278,093 111,720,243 Preferred stocks 0 26,089 1,247,000 0 1,273,089 Total equity securities 38,082,609 15,883,239 5,749,391 53,278,093 112,993,332 Total financial assets $ 61,923,399 $ 133,031,188 $ 5,749,391 $ 53,278,093 $ 253,982,071 Liabilities Trading securities $ (3,679 ) $ 0 $ 0 $ 0 $ (3,679 ) December 31, 2020 Level 1 Level 2 Level 3 Net Asset Value Total Financial assets: Fixed maturities available for sale: U.S. Government and government agencies and authorities $ 37,472,534 $ 0 $ 0 $ 0 $ 37,472,534 U.S. special revenue and assessments 0 12,939,144 0 0 12,939,144 Corporate securities 0 115,368,319 0 0 115,368,319 Total fixed maturities 37,472,534 128,307,463 0 0 165,779,997 Equity securities: Common stocks 28,477,005 15,922,869 3,161,120 30,496,625 78,057,619 Preferred stocks 0 17,568 0 0 17,568 Total equity securities 28,477,005 15,940,437 3,161,120 30,496,625 78,075,187 Total financial assets $ 65,949,539 $ 144,247,900 $ 3,161,120 $ 30,496,625 $ 243,855,184 Liabilities Trading securities $ (12,219 ) $ 0 $ 0 $ 0 $ (12,219 )
Reconciliation for Level 3 Assets Measured at Fair Value on a Recurring Basis	Change in Level 3 Recurring Fair Value Measurements The following table presents the changes in Level 3 assets and liabilities measured at fair value on a recurring basis, and the realized and unrealized gains (losses) related to the Level 3 assets and liabilities. Equity Securities at Fair Value Equity Securities at Net Asset Value Total Balance at December 31, 2020 $ 3,161,120 $ 30,496,625 $ 33,657,745 Realized gains (losses) 756,307 0 756,307 Unrealized gains (losses) (180,336 ) 5,626,595 5,446,259 Purchases 2,768,607 17,154,873 19,923,480 Sales (756,307 ) 0 (756,307 ) Balance at September 30, 2021 $ 5,749,391 $ 53,278,093 $ 59,027,484
Quantitative Information About Level 3 Fair Value Measurements	Quantitative Information About Level 3 Fair Value Measurements The following table presents information about the significant unobservable inputs used for recurring fair value measurements for certain Level 3 instruments, and include only those instruments for which information about the inputs is reasonably available to the Company, such as data from independent third-party valuation service providers and from internal valuation models. Financial Assets Fair Value at September 30, 2021 Fair Value at December 31, 2020 Valuation Technique Equities $ 53,278,093 $ 30,496,625 Net Asset Value Equities 5,749,391 3,161,120 Pricing Model Total $ 59,027,484 $ 33,657,745
Investments in Certain Entities Carried at Fair Value Using Net Asset Value per Share	Investments in Certain Entities Carried at Fair Value Using Net Asset Value per Share Investment Company Fair Value at September 30, 2021 Unfunded Commitments Redemption Frequency Redemption Notice Period Common Stocks Growth Equity Redeemable $ 26,967,424 $ 0 Quarterly 45 days Non-Redeemable 26,310,669 5,757,912 n/a n/a Total $ 53,278,093 $ 5,757,912 Investment Company Fair Value at December 31, 2020 Unfunded Commitments Redemption Frequency Redemption Notice Period Common Stocks Growth Equity Redeemable $ 21,713,727 $ 0 Quarterly 45 days Non-Redeemable 8,782,898 6,856,072 n/a n/a Total $ 30,496,625 $ 6,856,072
Carrying Values and Estimated Fair Values of Financial Instruments not Recorded at Fair Value	The following table presents the carrying amount and estimated fair values of the Company’s financial instruments not measured at fair value and indicates the level in the fair value hierarchy of the estimated fair value measurement based on the observability of the inputs used: Carrying Estimated September 30, 2021 Amount Fair Value Level 1 Level 2 Level 3 Common stock, at cost $ 5,860,000 5,860,000 0 0 5,860,000 Preferred stock, at cost 8,683,343 8,683,343 0 0 8,683,343 Mortgage loans on real estate 16,362,520 16,362,520 0 0 16,362,520 Investment real estate 37,300,355 87,894,540 0 0 87,894,540 Notes receivable 24,150,142 24,151,067 0 0 24,151,067 Policy loans 7,839,724 7,839,724 0 0 7,839,724 Carrying Estimated December 31, 2020 Amount Fair Value Level 1 Level 2 Level 3 Common stock, at cost $ 5,860,000 5,860,000 0 0 5,860,000 Preferred stock, at cost 8,529,189 8,529,189 0 0 8,529,189 Mortgage loans on real estate 20,802,365 20,802,365 0 0 20,802,365 Investment real estate 38,086,391 82,689,332 0 0 82,689,332 Notes receivable 17,682,296 17,709,894 0 0 17,709,894 Policy loans 8,590,524 8,590,524 0 0 8,590,524

Credit Arrangements (Tables)

Credit Arrangements (Tables)	9 Months Ended
	Sep. 30, 2021
Credit Arrangements [Abstract]
Credit Arrangements	Instrument Issue Date Maturity Date Revolving Credit Limit December 31, 2020 Borrowings Repayments September 30, 2021 Lines of Credit: UTG 11/20/2013 11/20/2021 $ 8,000,000 0 0 0 $ 0 UG 6/2/2015 5/6/2022 10,000,000 0 0 0 0

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2021
Commitments and Contingencies [Abstract]
Total Funding Commitments and Unfunded Commitment	The following table represents the total funding commitments and the unfunded commitment as of September 30, 2021 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 13,000 Sovereign's Capital, LP Fund II 1,000,000 109,033 Sovereign's Capital, LP Fund III 3,000,000 1,033,840 Macritchie Storage II, LP 7,000,750 1,656,075 Garden City Companies, LLC 2,000,000 1,855,039 Carrizo Springs Music, LLC 5,000,000 1,783,461 Legacy Venture X, LLC 3,000,000 2,610,000 QCC Investment Co., LLC 1,500,000 150,000 Great American Media Group, LLC 4,000,000 2,160,000

Other Cash Flow Disclosures (Ta

Other Cash Flow Disclosures (Tables)	9 Months Ended
	Sep. 30, 2021
Other Cash Flow Disclosures [Abstract]
Expenses Paid on a Cash Basis	On a cash basis, the Company paid the following expenses: Three Months Ended September 30, 2021 2020 Interest $ 0 $ 0 Federal income tax 0 419,000 Nine Months Ended September 30, 2021 2020 Interest $ 0 $ 0 Federal income tax 1,202,000 2,529,000

Concentrations of Credit Risk (

Concentrations of Credit Risk (Tables)	9 Months Ended
	Sep. 30, 2021
Concentrations of Credit Risk [Abstract]
Allocation of Oil and Gas Investments by Type	The Company owns a variety of investments associated with the oil and gas industry. These investments represent approximately 23% and 20% of the Company’s total invested assets as of September 30, 2021 and December 31, 2020, respectively. The following table provides an allocation of the oil and gas investments by type. September 30, 2021 Land, Minerals & Royalty Interests Exploration Total Fixed maturities, at fair value $ 0 $ 1,273,340 $ 1,273,340 Equity securities, at fair value 56,318,232 0 56,318,232 Investment real estate 17,919,493 0 17,919,493 Notes receivable 6,000,000 0 6,000,000 Total $ 80,237,725 $ 1,273,340 $ 81,511,065 December 31, 2020 Land, Minerals & Royalty Interests Exploration Total Fixed maturities, at fair value $ 0 $ 1,268,670 $ 1,268,670 Equity securities, at fair value 41,551,468 0 41,551,468 Investment real estate 20,031,576 0 20,031,576 Notes receivable 6,000,000 0 6,000,000 Total $ 67,583,044 $ 1,268,670 $ 68,851,714

Basis of Presentation (Details)

Basis of Presentation (Details)	Sep. 30, 2021
Chief Executive Officer and Chairman of the Board [Member]
Ownership Interest [Abstract]
Ownership interest percentage	65.14%
FSBI [Member] | FSNB [Member]
Ownership Interest [Abstract]
Ownership in subsidiary bank	100.00%

Investments, Available for Sale

Investments, Available for Sale Securities (Details) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Fixed maturities [Abstract]
Original or amortized cost	$ 127,050,431	$ 146,017,864
Gross unrealized gains	13,938,308	20,173,780
Gross unrealized losses	0	(411,647)
Fair value	140,988,739	165,779,997	[1]
U.S. Government and Govt. Agencies and Authorities [Member]
Fixed maturities [Abstract]
Original or amortized cost	23,263,171	36,285,535
Gross unrealized gains	577,619	1,186,999
Gross unrealized losses	0	0
Fair value	23,840,790	37,472,534
U.S. Special Revenue and Assessments [Member]
Fixed maturities [Abstract]
Original or amortized cost	8,542,535	11,556,980
Gross unrealized gains	995,872	1,382,164
Gross unrealized losses	0	0
Fair value	9,538,407	12,939,144
All Other Corporate Bonds [Member]
Fixed maturities [Abstract]
Original or amortized cost	95,244,725	98,175,349
Gross unrealized gains	12,364,817	17,604,617
Gross unrealized losses	0	(411,647)
Fair value	$ 107,609,542	$ 115,368,319
[1]	Balance sheet audited at December 31, 2020.

Investments, Debt Securities by

Investments, Debt Securities by Contractual Maturity (Details) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Amortized cost [Abstract]
Due in one year or less	$ 10,520,492
Due after one year through five years	41,749,213
Due after five years through ten years	25,660,569
Due after ten years	22,208,169
Fixed maturities with no single maturity date	26,911,988
Original or amortized cost	127,050,431	$ 146,017,864
Fair value [Abstract]
Due in one year or less	10,617,273
Due after one year through five years	44,469,660
Due after five years through ten years	28,871,759
Due after ten years	25,380,790
Fixed maturities with no single maturity date	31,649,257
Fair value	$ 140,988,739	$ 165,779,997	[1]
[1]	Balance sheet audited at December 31, 2020.

Investments, Securities in Cont

Investments, Securities in Continuous Unrealized Loss Position (Details) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Fair Value of Investments with Sustained Gross Unrealized Losses [Abstract]
Less than 12 months, fair value	$ 0	$ 4,937
12 months or longer, fair value	0	0
Total	0	4,937
Less than 12 months, unrealized losses	0	(63)
12 months or longer, unrealized losses	0	(411,584)
Total	0	(411,647)
All Other Corporate Bonds [Member]
Fair Value of Investments with Sustained Gross Unrealized Losses [Abstract]
Less than 12 months, fair value	0	4,937
12 months or longer, fair value	0	0
Total	0	4,937
Less than 12 months, unrealized losses	0	(63)
12 months or longer, unrealized losses	0	(411,584)
Total	$ 0	$ (411,647)

Investments, Number of Securiti

Investments, Number of Securities in Unrealized Loss Position (Details) - Security	Sep. 30, 2021	Dec. 31, 2020
Fixed Maturities, Number of Securities in Unrealized Loss Position [Abstract]
Less than 12 months, number of securities	0	1
12 months or longer, number of securities	0	1
Total	0	2

Investments, Net Investment Gai

Investments, Net Investment Gains (Losses) and Change in Net Unrealized Gains on Available-for-sale Investments (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Realized gains on available-for-sale investments [Abstract]
Total realized gains	$ 145,179	$ 1,516,109	$ 4,581,874	$ 2,907,882
Realized losses on available-for-sale investments [Abstract]
Other-than-temporary impairments	18,129	0	(393,455)	0
Total realized losses	725	75,705	(415,047)	(3,411,914)
Net realized investment gains (losses)	145,904	1,591,814	4,166,827	(504,032)
Change in fair value of equity securities [Abstract]
Change in fair value of equity securities held at the end of the period	(9,380,710)	(2,115,401)	10,994,305	(2,803,878)
Change in fair value of equity securities	(9,380,710)	(2,115,401)	10,994,305	(2,803,878)
Total net investment gains (losses)	(9,234,806)	(523,587)	15,161,132	(3,307,910)
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	(1,186,410)	169,058	(6,161,411)	8,237,909
Fixed Maturities [Member]
Realized gains on available-for-sale investments [Abstract]
Total realized gains	21,631	0	55,867	403,215
Realized losses on available-for-sale investments [Abstract]
Total realized losses	0	0	0	(64,992)
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	(1,186,410)	169,058	(6,161,411)	8,237,909
Equity Securities [Member]
Realized gains on available-for-sale investments [Abstract]
Total realized gains	19,344	646,353	3,038,551	1,634,911
Realized losses on available-for-sale investments [Abstract]
Total realized losses	(17,404)	75,705	(21,592)	(3,346,922)
Real Estate [Member]
Realized gains on available-for-sale investments [Abstract]
Total realized gains	104,204	869,756	1,487,456	869,756
Realized losses on available-for-sale investments [Abstract]
Total realized losses	0	0	0	0
Other [Member]
Realized gains on available-for-sale investments [Abstract]
Total realized gains	0	0	0	0
Realized losses on available-for-sale investments [Abstract]
Total realized losses	$ 0	$ 0	$ 0	$ 0

Investments, Cost Method Invest

Investments, Cost Method Investments (Details) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Investments [Abstract]
Equity securities, at cost	$ 14,543,343	$ 14,389,189	[1]
[1]	Balance sheet audited at December 31, 2020.

Investments, Trading Securities

Investments, Trading Securities (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Trading Securities [Abstract]
Fair value, derivatives included in trading security assets	$ 0		$ 0		$ 0
Fair value, derivative included in trading security liabilities	3,679		3,679		$ 12,219
Trading Revenue Charged to Net Investment Income from Trading Securities [Abstract]
Net unrealized gains (losses)	379	$ 1,581	1,329	$ 1,581
Net realized gains (losses)	2,056	0	20,360	0
Net unrealized and realized gains (losses)	$ 2,435	$ 1,581	$ 21,689	$ 1,581

Investments, Mortgage Loans, In

Investments, Mortgage Loans, Investment Real Estate, Notes Receivable, and Short-Term Investments (Details) - USD ($)	9 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Mortgage Loans [Abstract]
Mortgage loans acquired, including discounted mortgage loans	$ 3,305,354	$ 12,692,488
Servicing fee on loan	0.25%
Loan origination	0.50%
Loan limit threshold for appraised property value	80.00%
Mortgage loans reserve	$ 0		$ 0
Mortgage loan holdings [Abstract]
Total mortgage loans	16,362,520		20,802,365	[1]
Investment Real Estate [Abstract]
Impairment on investment real estate	0
Total investment real estate	$ 37,300,355		$ 38,086,391	[1]
Oil & Gas Royalties - as a % of total Inv RE	48.00%		53.00%
RE Acquired	$ 5,507,777	0
Notes Receivable [Abstract]
Valuation allowance	0		$ 0
Notes receivable acquired	7,840,000	3,500,000
Short-Term Investments [Abstract]
Short-term investments acquired	$ 0	$ 7,890,228
Minimum [Member]
Mortgage Loans [Abstract]
Loan delinquent period after which letters are sent to mortgagee	30 days
Loan delinquent period after which monthly listing of loans are provided to management	60 days
Loan delinquent period after which loans are placed on non-performing status and classified as delinquent loans	90 days
Investment Real Estate [Abstract]
Estimated useful life	3 years
Maximum [Member]
Investment Real Estate [Abstract]
Estimated useful life	30 years
Raw Land [Member]
Investment Real Estate [Abstract]
Total investment real estate	$ 13,765,285		11,727,103
Commercial [Member]
Investment Real Estate [Abstract]
Total investment real estate	2,654,217		3,530,064
Residential [Member]
Investment Real Estate [Abstract]
Total investment real estate	2,961,360		2,797,648
Land, Minerals and Royalty Interests [Member]
Investment Real Estate [Abstract]
Total investment real estate	17,919,493		20,031,576
In Good Standing [Member]
Mortgage loan holdings [Abstract]
Total mortgage loans	14,281,747		18,704,351
Overdue Interest over 90 Days [Member]
Mortgage loan holdings [Abstract]
Total mortgage loans	$ 2,080,773		$ 2,098,014
Farm Loans [Member] | Minimum [Member]
Mortgage Loans [Abstract]
Interest rate on mortgage loans	4.50%		4.50%
Farm Loans [Member] | Maximum [Member]
Mortgage Loans [Abstract]
Interest rate on mortgage loans	5.00%		4.50%
Commercial Loans [Member] | Minimum [Member]
Mortgage Loans [Abstract]
Interest rate on mortgage loans	4.10%		4.24%
Commercial Loans [Member] | Maximum [Member]
Mortgage Loans [Abstract]
Interest rate on mortgage loans	5.25%		5.25%
Residential Loans [Member] | Minimum [Member]
Mortgage Loans [Abstract]
Interest rate on mortgage loans	4.95%		4.95%
Residential Loans [Member] | Maximum [Member]
Mortgage Loans [Abstract]
Interest rate on mortgage loans	5.00%		4.95%
[1]	Balance sheet audited at December 31, 2020.

Fair Value Measurements, Assets

Fair Value Measurements, Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Assets [Abstract]
Fixed maturities available for sale	$ 140,988,739	$ 165,779,997	[1]
Equity securities	112,993,332	78,075,187	[1]
Liabilities [Abstract]
Trading Securities	(3,679)	(12,219)
U.S. Government and Government Agencies and Authorities [Member]
Assets [Abstract]
Fixed maturities available for sale	23,840,790	37,472,534
Net Asset Value [Member]
Assets [Abstract]
Equity securities	53,278,093	30,496,625
Measured on a Recurring Basis [Member]
Assets [Abstract]
Fixed maturities available for sale	140,988,739	165,779,997
Equity securities	112,993,332	78,075,187
Total financial assets	253,982,071	243,855,184
Liabilities [Abstract]
Trading Securities	(3,679)	(12,219)
Measured on a Recurring Basis [Member] | U.S. Government and Government Agencies and Authorities [Member]
Assets [Abstract]
Fixed maturities available for sale	23,840,790	37,472,534
Measured on a Recurring Basis [Member] | U.S. Special Revenue and Assessments [Member]
Assets [Abstract]
Fixed maturities available for sale	9,538,407	12,939,144
Measured on a Recurring Basis [Member] | Corporate Securities [Member]
Assets [Abstract]
Fixed maturities available for sale	107,609,542	115,368,319
Measured on a Recurring Basis [Member] | Common Stock [Member]
Assets [Abstract]
Equity securities	111,720,243	78,057,619
Measured on a Recurring Basis [Member] | Preferred Stock [Member]
Assets [Abstract]
Equity securities	1,273,089	17,568
Measured on a Recurring Basis [Member] | Net Asset Value [Member]
Assets [Abstract]
Fixed maturities available for sale	0	0
Equity securities	53,278,093	30,496,625
Total financial assets	53,278,093	30,496,625
Liabilities [Abstract]
Trading Securities	0	0
Measured on a Recurring Basis [Member] | Net Asset Value [Member] | U.S. Government and Government Agencies and Authorities [Member]
Assets [Abstract]
Fixed maturities available for sale	0	0
Measured on a Recurring Basis [Member] | Net Asset Value [Member] | U.S. Special Revenue and Assessments [Member]
Assets [Abstract]
Fixed maturities available for sale	0	0
Measured on a Recurring Basis [Member] | Net Asset Value [Member] | Corporate Securities [Member]
Assets [Abstract]
Fixed maturities available for sale	0	0
Measured on a Recurring Basis [Member] | Net Asset Value [Member] | Common Stock [Member]
Assets [Abstract]
Equity securities	53,278,093	30,496,625
Measured on a Recurring Basis [Member] | Net Asset Value [Member] | Preferred Stock [Member]
Assets [Abstract]
Equity securities	0	0
Measured on a Recurring Basis [Member] | Estimated Fair Value [Member] | Level 1 [Member]
Assets [Abstract]
Fixed maturities available for sale	23,840,790	37,472,534
Equity securities	38,082,609	28,477,005
Total financial assets	61,923,399	65,949,539
Liabilities [Abstract]
Trading Securities	(3,679)	(12,219)
Measured on a Recurring Basis [Member] | Estimated Fair Value [Member] | Level 1 [Member] | U.S. Government and Government Agencies and Authorities [Member]
Assets [Abstract]
Fixed maturities available for sale	23,840,790	37,472,534
Measured on a Recurring Basis [Member] | Estimated Fair Value [Member] | Level 1 [Member] | U.S. Special Revenue and Assessments [Member]
Assets [Abstract]
Fixed maturities available for sale	0	0
Measured on a Recurring Basis [Member] | Estimated Fair Value [Member] | Level 1 [Member] | Corporate Securities [Member]
Assets [Abstract]
Fixed maturities available for sale	0	0
Measured on a Recurring Basis [Member] | Estimated Fair Value [Member] | Level 1 [Member] | Common Stock [Member]
Assets [Abstract]
Equity securities	38,082,609	28,477,005
Measured on a Recurring Basis [Member] | Estimated Fair Value [Member] | Level 1 [Member] | Preferred Stock [Member]
Assets [Abstract]
Equity securities	0	0
Measured on a Recurring Basis [Member] | Estimated Fair Value [Member] | Level 2 [Member]
Assets [Abstract]
Fixed maturities available for sale	117,147,949	128,307,463
Equity securities	15,883,239	15,940,437
Total financial assets	133,031,188	144,247,900
Liabilities [Abstract]
Trading Securities	0	0
Measured on a Recurring Basis [Member] | Estimated Fair Value [Member] | Level 2 [Member] | U.S. Government and Government Agencies and Authorities [Member]
Assets [Abstract]
Fixed maturities available for sale	0	0
Measured on a Recurring Basis [Member] | Estimated Fair Value [Member] | Level 2 [Member] | U.S. Special Revenue and Assessments [Member]
Assets [Abstract]
Fixed maturities available for sale	9,538,407	12,939,144
Measured on a Recurring Basis [Member] | Estimated Fair Value [Member] | Level 2 [Member] | Corporate Securities [Member]
Assets [Abstract]
Fixed maturities available for sale	107,609,542	115,368,319
Measured on a Recurring Basis [Member] | Estimated Fair Value [Member] | Level 2 [Member] | Common Stock [Member]
Assets [Abstract]
Equity securities	15,857,150	15,922,869
Measured on a Recurring Basis [Member] | Estimated Fair Value [Member] | Level 2 [Member] | Preferred Stock [Member]
Assets [Abstract]
Equity securities	26,089	17,568
Measured on a Recurring Basis [Member] | Estimated Fair Value [Member] | Level 3 [Member]
Assets [Abstract]
Fixed maturities available for sale	0	0
Equity securities	5,749,391	3,161,120
Total financial assets	5,749,391	3,161,120
Liabilities [Abstract]
Trading Securities	0	0
Measured on a Recurring Basis [Member] | Estimated Fair Value [Member] | Level 3 [Member] | U.S. Government and Government Agencies and Authorities [Member]
Assets [Abstract]
Fixed maturities available for sale	0	0
Measured on a Recurring Basis [Member] | Estimated Fair Value [Member] | Level 3 [Member] | U.S. Special Revenue and Assessments [Member]
Assets [Abstract]
Fixed maturities available for sale	0	0
Measured on a Recurring Basis [Member] | Estimated Fair Value [Member] | Level 3 [Member] | Corporate Securities [Member]
Assets [Abstract]
Fixed maturities available for sale	0	0
Measured on a Recurring Basis [Member] | Estimated Fair Value [Member] | Level 3 [Member] | Common Stock [Member]
Assets [Abstract]
Equity securities	4,502,391	3,161,120
Measured on a Recurring Basis [Member] | Estimated Fair Value [Member] | Level 3 [Member] | Preferred Stock [Member]
Assets [Abstract]
Equity securities	$ 1,247,000	$ 0
[1]	Balance sheet audited at December 31, 2020.

Fair Value Measurements, Reconc

Fair Value Measurements, Reconciliation for Level 3 Assets Measured at Fair Value on a Recurring Basis (Details)	9 Months Ended
	Sep. 30, 2021USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	$ 33,657,745
Total unrealized gain or (losses) [Abstract]
Realized gains (losses)	756,307
Unrealized gains (losses)	5,446,259
Purchases	19,923,480
Sales	(756,307)
Ending Balance	59,027,484
Beginning Balance	33,657,745
Purchases
Ending Balance	59,027,484
Equity Securities [Member]
Total unrealized gain or (losses) [Abstract]
Beginning Balance	3,161,120
Purchases
Realized gains (losses)	756,307
Unrealized gains (losses)	(180,336)
Purchases	2,768,607
Sales	(756,307)
Ending Balance	5,749,391
Equity Securities at Net Asset Value [Member]
Total unrealized gain or (losses) [Abstract]
Beginning Balance	30,496,625
Purchases
Realized gains (losses)	0
Unrealized gains (losses)	5,626,595
Purchases	17,154,873
Sales	0
Ending Balance	$ 53,278,093

Fair Value Measurements, Quanti

Fair Value Measurements, Quantitative Information About Level 3 and Investments in Certain Entities Carried at Fair Value (Details) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Information about Significant Unobservable Inputs Used for Recurring Fair Value Measurements for Certain Level 3 Instruments [Abstract]
Financial assets, fair value	$ 59,027,484	$ 33,657,745
Investments in Certain Entities Carried at Fair Value Using Net Asset Value per Share [Abstract]
Equity securities	112,993,332	78,075,187	[1]
Unfunded commitments	5,757,912	6,856,072
Growth Equity Redeemable [Member]
Investments in Certain Entities Carried at Fair Value Using Net Asset Value per Share [Abstract]
Unfunded commitments	$ 0	$ 0
Redemption frequency	Quarterly
Redemption notice period	45 days	45 days
Growth Equity Non-Redeemable [Member]
Investments in Certain Entities Carried at Fair Value Using Net Asset Value per Share [Abstract]
Unfunded commitments	$ 5,757,912	$ 6,856,072
Net Asset Value [Member]
Investments in Certain Entities Carried at Fair Value Using Net Asset Value per Share [Abstract]
Equity securities	53,278,093	30,496,625
Net Asset Value [Member] | Growth Equity Redeemable [Member]
Investments in Certain Entities Carried at Fair Value Using Net Asset Value per Share [Abstract]
Equity securities	26,967,424	21,713,727
Net Asset Value [Member] | Growth Equity Non-Redeemable [Member]
Investments in Certain Entities Carried at Fair Value Using Net Asset Value per Share [Abstract]
Equity securities	26,310,669	8,782,898
Net Asset Value [Member] | Common Stock [Member]
Information about Significant Unobservable Inputs Used for Recurring Fair Value Measurements for Certain Level 3 Instruments [Abstract]
Financial assets, fair value	53,278,093	30,496,625
Pricing Model [Member] | Common Stock [Member]
Information about Significant Unobservable Inputs Used for Recurring Fair Value Measurements for Certain Level 3 Instruments [Abstract]
Financial assets, fair value	$ 5,749,391	$ 3,161,120
[1]	Balance sheet audited at December 31, 2020.

Fair Value Measurements, Carryi

Fair Value Measurements, Carrying Values and Estimated Fair Values of Financial Instruments not Recorded at Fair Value (Details) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Carrying Amount [Member]
Assets [Abstract]
Mortgage loans on real estate	$ 16,362,520	$ 20,802,365
Investment real estate	37,300,355	38,086,391
Notes receivable	24,150,142	17,682,296
Policy loans	7,839,724	8,590,524
Carrying Amount [Member] | Common Stock [Member]
Assets [Abstract]
Equity securities, at cost	5,860,000	5,860,000
Carrying Amount [Member] | Preferred Stock [Member]
Assets [Abstract]
Equity securities, at cost	8,683,343	8,529,189
Estimated Fair Value [Member]
Assets [Abstract]
Mortgage loans on real estate	16,362,520	20,802,365
Investment real estate	87,894,540	82,689,332
Notes receivable	24,151,067	17,709,894
Policy loans	7,839,724	8,590,524
Estimated Fair Value [Member] | Common Stock [Member]
Assets [Abstract]
Equity securities, at cost	5,860,000	5,860,000
Estimated Fair Value [Member] | Preferred Stock [Member]
Assets [Abstract]
Equity securities, at cost	8,683,343	8,529,189
Equity securities, at cost	$ 14,543,343	14,389,189	[1]
Minimum [Member]
Liabilities [Abstract]
Policy loan interest rate	4.00%
Maximum [Member]
Liabilities [Abstract]
Policy loan interest rate	8.00%
Level 1 [Member]
Assets [Abstract]
Mortgage loans on real estate	$ 0	0
Investment real estate	0	0
Notes receivable	0	0
Policy loans	0	0
Level 2 [Member]
Assets [Abstract]
Mortgage loans on real estate	0	0
Investment real estate	0	0
Notes receivable	0	0
Policy loans	0	0
Level 3 [Member]
Assets [Abstract]
Mortgage loans on real estate	16,362,520	20,802,365
Investment real estate	87,894,540	82,689,332
Notes receivable	24,151,067	17,709,894
Policy loans	7,839,724	8,590,524
Common Stock [Member] | Level 1 [Member]
Assets [Abstract]
Equity securities, at cost	0	0
Common Stock [Member] | Level 2 [Member]
Assets [Abstract]
Equity securities, at cost	0	0
Common Stock [Member] | Level 3 [Member]
Assets [Abstract]
Equity securities, at cost	5,860,000	5,860,000
Preferred Stock [Member] | Level 1 [Member]
Assets [Abstract]
Equity securities, at cost	0	0
Preferred Stock [Member] | Level 2 [Member]
Assets [Abstract]
Equity securities, at cost	0	0
Preferred Stock [Member] | Level 3 [Member]
Assets [Abstract]
Equity securities, at cost	$ 8,683,343	$ 8,529,189
[1]	Balance sheet audited at December 31, 2020.

Credit Arrangements (Details)

Credit Arrangements (Details)	1 Months Ended	9 Months Ended
	Oct. 31, 2021USD ($)Vehicle	Sep. 30, 2021USD ($)	May 31, 2021USD ($)	Dec. 31, 2020USD ($)
Subsequent Event [Member]
Line of Credit Facility [Abstract]
Number of borrowing vehicles | Vehicle	2
UTG 2013-11-20 [Member]
Line of Credit Facility [Abstract]
Interest Rate		3.75%
Frequency of payments		monthly
Assets Pledged		common voting stock of its wholly owned subsidiary, Universal Guaranty Life Insurance Company.
UTG 2013-11-20 [Member] | UG [Member]
Line of Credit Facility [Abstract]
Issue Date		Nov. 20, 2013
Maturity Date		Nov. 20, 2021
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 6, 2022
Revolving Credit Limit		$ 10,000,000
Outstanding Balance		0		$ 0
Borrowings		0
Repayments		0
Cash Management Advance [Member]
Line of Credit Facility [Abstract]
Revolving Credit Limit			$ 10,000,000
Pledged bonds		$ 12,129,569
Cash Management Advance [Member] | Subsequent Event [Member]
Line of Credit Facility [Abstract]
Revolving Credit Limit	$ 25,000,000
Borrowings	$ 3,000,000
Cash Management Advance [Member] | Variable Rate [Member] | Maximum [Member]
Line of Credit Facility [Abstract]
Period of interest under CMA		90 days
Cash Management Advance [Member] | Variable Rate [Member] | Subsequent Event [Member]
Line of Credit Facility [Abstract]
Interest Rate	0.24%
Cash Management Advance [Member] | Fixed Rate [Member] | Maximum [Member]
Line of Credit Facility [Abstract]
Period of interest under CMA		30 days
Repurchase ("REPO") Advance [Member] | Subsequent Event [Member]
Line of Credit Facility [Abstract]
Revolving Credit Limit	$ 25,000,000
Repurchase ("REPO") Advance [Member] | Subsequent Event [Member] | Minimum [Member]
Line of Credit Facility [Abstract]
Required borrowings to provide financing	$ 15,000,000
Repurchase ("REPO") Advance [Member] | Fixed Rate [Member] | Subsequent Event [Member] | Minimum [Member]
Line of Credit Facility [Abstract]
Period of interest under CMA	1 day
Repurchase ("REPO") Advance [Member] | Fixed Rate [Member] | Subsequent Event [Member] | Maximum [Member]
Line of Credit Facility [Abstract]
Period of interest under CMA	1 year

Shareholders' Equity (Details)

Shareholders' Equity (Details) - USD ($)	1 Months Ended	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Stock Repurchase Program [Abstract]
Stock repurchase program, additional amount authorized	$ 1,500,000
Stock repurchase program authorized amount		$ 20,000,000
Stock repurchased during period (in shares)		14,485
Amount paid to repurchase shares during the year		$ 394,712	$ 3,174,230
Amount of common stock repurchased		$ 18,480,960
Number of common stock acquired (in shares)		1,296,750
Number of shares issued (in shares)		6,294
Cost of shares issued		$ 170,538
Earnings Per Share Calculations [Abstract]
Dilutive instruments outstanding (in shares)		0	0

Commitments and Contingencies_2

Commitments and Contingencies (Details)	Sep. 30, 2021USD ($)
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	13,000
Sovereign's Capital, LP Fund II [Member]
Total Funding Commitments and Unfunded Commitment [Abstract]
Total Funding Commitment	1,000,000
Unfunded Commitment	109,033
Sovereign's Capital, LP Fund III [Member]
Total Funding Commitments and Unfunded Commitment [Abstract]
Total Funding Commitment	3,000,000
Unfunded Commitment	1,033,840
Macritchie Storage II, LP [Member]
Total Funding Commitments and Unfunded Commitment [Abstract]
Total Funding Commitment	7,000,750
Unfunded Commitment	1,656,075
Garden City Companies, LLC [Member]
Total Funding Commitments and Unfunded Commitment [Abstract]
Total Funding Commitment	2,000,000
Unfunded Commitment	1,855,039
Carrizo Springs Music, LLC [Member]
Total Funding Commitments and Unfunded Commitment [Abstract]
Total Funding Commitment	5,000,000
Unfunded Commitment	1,783,461
Legacy Venture X, LLC [Member]
Total Funding Commitments and Unfunded Commitment [Abstract]
Total Funding Commitment	3,000,000
Unfunded Commitment	2,610,000
QCC Investment Co. LLC [Member]
Total Funding Commitments and Unfunded Commitment [Abstract]
Total Funding Commitment	1,500,000
Unfunded Commitment	150,000
Great American Media Group LLC [Member]
Total Funding Commitments and Unfunded Commitment [Abstract]
Total Funding Commitment	4,000,000
Unfunded Commitment	$ 2,160,000

Other Cash Flow Disclosures (De

Other Cash Flow Disclosures (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Other Cash Flow Disclosures [Abstract]
Interest	$ 0	$ 0	$ 0	$ 0
Federal income tax	$ 0	$ 419,000	$ 1,202,000	$ 2,529,000

Concentrations of Credit Risk_2

Concentrations of Credit Risk (Details)	9 Months Ended		12 Months Ended
	Sep. 30, 2021USD ($)SecurityState	Sep. 30, 2020	Dec. 31, 2020USD ($)Security
Concentrations [Abstract]
Number of states by which entity primarily serves | State	4
Maximum retention limits per life	$ 125,000
Allocation of Oil and Gas Investments [Abstract]
Fixed maturities, at fair value (amortized cost $127,050,431 and $146,017,864)	140,988,739		$ 165,779,997	[1]
Equity securities, at fair value (cost $62,285,191 and $36,833,795)	112,993,332		78,075,187	[1]
Investment real estate	37,300,355		38,086,391	[1]
Notes receivable	24,150,142		17,682,296	[1]
Total investments	$ 354,178,155		$ 343,405,949	[1]
Equity Securities [Member]
Concentrations [Abstract]
Number of equity securities owned | Security	2		2
Oil and Gas Industry [Member]
Allocation of Oil and Gas Investments [Abstract]
Fixed maturities, at fair value (amortized cost $127,050,431 and $146,017,864)	$ 1,273,340		$ 1,268,670
Equity securities, at fair value (cost $62,285,191 and $36,833,795)	56,318,232		41,551,468
Investment real estate	17,919,493		20,031,576
Notes receivable	6,000,000		6,000,000
Total investments	81,511,065		68,851,714
Oil and Gas Industry [Member] | Land, Mineral, and Royalty Interests [Member]
Allocation of Oil and Gas Investments [Abstract]
Fixed maturities, at fair value (amortized cost $127,050,431 and $146,017,864)	0		0
Equity securities, at fair value (cost $62,285,191 and $36,833,795)	56,318,232		41,551,468
Investment real estate	17,919,493		20,031,576
Notes receivable	6,000,000		6,000,000
Total investments	80,237,725		67,583,044
Oil and Gas Industry [Member] | Exploration [Member]
Allocation of Oil and Gas Investments [Abstract]
Fixed maturities, at fair value (amortized cost $127,050,431 and $146,017,864)	1,273,340		1,268,670
Equity securities, at fair value (cost $62,285,191 and $36,833,795)	0		0
Investment real estate	0		0
Notes receivable	0		0
Total investments	$ 1,273,340		$ 1,268,670
Reinsurer Concentration Risk [Member] | Life Insurance Ceded [Member]
Concentrations [Abstract]
Percentage of gross insurance in force	21.00%		20.00%
Percentage of premium income	37.00%	37.00%
Direct Premium Collected [Member] | Geographic Concentration Risk [Member] | Illinois, Ohio, Texas and West Virginia [Member]
Concentrations [Abstract]
Concentration risk, percentage	53.00%	55.00%
Invested Assets [Member] | Customer Concentration Risk [Member] | Oil and Gas Industry [Member]
Concentrations [Abstract]
Concentration risk, percentage	23.00%		20.00%
Invested Assets [Member] | Customer Concentration Risk [Member] | Oil and Gas Industry [Member] | Equity Securities [Member]
Concentrations [Abstract]
Concentration risk, percentage	52.00%		47.00%
[1]	Balance sheet audited at December 31, 2020.