SECURITIES AND EXCHANGE COMMISSION

WASHINGTON D C

FORM 10-Q
QUARTERLY REPORT

Under Section 13 or 15 (d) of the Securities Exchange Act of 1934

FOR SIX MONTHS ENDED
June 30, 1995
Commission File: 0-3216

INVESTORS HERITAGE LIFE INSURANCE COMPANY
(Exact name of registrant as specified in Charter)

            KENTUCKY                         61-0574893
(State of other jurisdiction               (IRS Employer 
of incorporation or organization)          Identification Number)

200 Capital Ave. P.O. Box 717 Frankfort KY 40602
(Address of principal executive offices)

Registrant's telephone number - (502) 223-2361

_________________________________________________________________

Securities registered pursuant to Section 13 (g) of the Act:

Common Capital Stock, par value $1.00 per share  (Title of Class)

Number of outstanding shares as of June 30, 1995 -  899,169
(Title of Class)

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934
during the preceding 12 months (or for such shorter period that the registrant
was required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. YES_X_   NO____









                          PART II  -  OTHER INFORMATION


ITEM 1.  Legal Proceedings

In the normal course of business, the Company is a party to a number of
lawsuits.  The Company intends to vigorously defend the litigation.  While the
ultimate outcome of these matters can not be estimated with certainty,
Management does not believe the outcome will have a material effect on the
financial condition of the result of operations of the Company.

ITEM 2.  Change in Securities

Not applicable


ITEM 3.  Defaults upon Senior Securities

Not applicable


ITEM 4.  Submission  of Matters to a Vote of Security Holders

(a)  The annual meeting of the stockholders was held May 11, 1995
at 10:00 a.m.                                                  

(b)  The purpose of the meeting was as follows: 

To elect three (3) directors to hold office for a term of three (3) years or
until their successors are duly elected and qualified.
                                                             
The following individuals were elected for a term of three (3) years and the
number of votes cast was as follows:
                                                  
Harry Lee Waterfield II--Number of Votes Cast FOR - 801,074; WITHHELD - 307
Adron Doran--Number of Votes Cast FOR - 800,583; WITHHELD - 798
H. Glenn Doran--Number of Votes Cast FOR - 800,834; WITHHELD - 547 

The other directors whose terms will continue after the meeting are:

Helen S. Wagner
Jerry F. Howell
Michael F. Dudgeon, Jr.
Joe R. Johnson
Dr. Jerry F. Howell, Jr.
Robert M. Hardy, Jr.

(c)  No other matter was voted on at this meeting.  Proxies for the meeting were
solicited pursuant to Regulation 14 under the Act.


ITEM 5.  Other Information

Not applicable



ITEM 6.   Exhibits and Reports on Form 8-K
 
(a)  Definitive Proxy Statements and Annual Reviews were filed with the

Securities and Exchange Commission.

(b)  There were no reports filed on Form 8-K during the quarter ended June 30,
1995.

(c)  Exhibit 27 - Financial Data Schedule.








                                   SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.

INVESTORS HERITAGE LIFE INSURANCE COMPANY


August 14, 1995                          \s\
DATE                                    BY:  Harry Lee Waterfield II
                                             President

August 14, 1995                          \s\
DATE                                    BY: Jimmy R. McIver,
                                            Treasurer