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 NINE MONTHS ENDED
September 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 September 30, 1995 -  898,485
(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 6.   Exhibits and Reports on Form 8-K
 

(b)  There were no reports filed on Form 8-K during the quarter ended September
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


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

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