Consent of Independent Auditors


We consent to the reference to our firm under the captions
"Experts," "Selected Financial Data," "The Share Exchange -
United States Federal Income Tax Consequences," "The Special
Meeting - Time and Place; Purpose" and "Legal Matters and
Tax Opinions" in the Registration Statement (Form S-4) and
related Prospectus of Kentucky Investors, Inc. for the
registration of 291,316 shares of its common stock and to
the incorporation by reference therein of our reports dated
March 24, 1999, with respect to the consolidated financial
statements and schedules of Kentucky Investors, Inc. and
Investors Heritage Life Insurance Company, included in their
respective Annual Reports (Form 10-K) for the year ended
December 31, 1998, filed with the Securities and Exchange
Commission.



                              /s/ Ernst & Young LLP

Louisville, Kentucky
September 24, 1999