INVESTORS HERITAGE LIFE INSURANCE CO /KY/
10-Q, 1997-05-12
LIFE INSURANCE
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                       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 THREE MONTHS ENDED

                                 March 31, 1997

                            Commission File:  0-3216

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

                                    KENTUCKY
         (State of Other Jurisdiction of Incorporation or Organization)

                                   61-0574893
                      (IRS Employer Identification Number

                       200 Capital Avenue, P. O. Box 717
                           Frankfort, Kentucky  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 March 31, 1997- 898,658

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.

There are no legal proceedings to which the Registrant is a party  which are
material to the overall financial condition or the results of operations of the
Company.

ITEM 2.  Changes in Securities.

Not Applicable.

ITEM 3.  Defaults Upon Senior Securities.

Not Applicable.

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

None.
ITEM  5.  Other Information.

Not Applicable.

ITEM 6.  Exhibits and Reports on Form 8-K.

(b)  There were no reports filed on Form 8-K during the quarter ended March 31,
1997.

(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

/s/
BY:  HARRY LEE WATERFIELD II
PRESIDENT
DATE:  May 12, 1997


/s/
BY:  JIMMY R. MCIVER
TREASURER
DATE:  May 12, 1997



<TABLE> <S> <C>

<ARTICLE> 7
       
<S>                             <C>
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>                          DEC-31-1997
<PERIOD-END>                               MAR-31-1997
<DEBT-HELD-FOR-SALE>                       149,469,197
<DEBT-CARRYING-VALUE>                                0
<DEBT-MARKET-VALUE>                                  0
<EQUITIES>                                   2,508,759
<MORTGAGE>                                  13,223,646
<REAL-ESTATE>                                  215,803
<TOTAL-INVEST>                             176,055,714
<CASH>                                       2,529,714
<RECOVER-REINSURE>                             143,542
<DEFERRED-ACQUISITION>                      28,607,625
<TOTAL-ASSETS>                             229,640,558
<POLICY-LOSSES>                            175,520,594
<UNEARNED-PREMIUMS>                          9,903,302
<POLICY-OTHER>                               1,627,946
<POLICY-HOLDER-FUNDS>                        1,980,686
<NOTES-PAYABLE>                                      0
                                0
                                          0
<COMMON>                                     1,442,021
<OTHER-SE>                                  34,279,243
<TOTAL-LIABILITY-AND-EQUITY>               229,640,558
                                   8,473,128
<INVESTMENT-INCOME>                          3,171,907
<INVESTMENT-GAINS>                              21,393
<OTHER-INCOME>                                  64,355
<BENEFITS>                                   4,878,028
<UNDERWRITING-AMORTIZATION>                  (212,534)
<UNDERWRITING-OTHER>                         6,566,608
<INCOME-PRETAX>                                498,681
<INCOME-TAX>                                    69,815
<INCOME-CONTINUING>                            428,866
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                   428,866
<EPS-PRIMARY>                                      .48
<EPS-DILUTED>                                        0
<RESERVE-OPEN>                                       0
<PROVISION-CURRENT>                                  0
<PROVISION-PRIOR>                                    0
<PAYMENTS-CURRENT>                                   0
<PAYMENTS-PRIOR>                                     0
<RESERVE-CLOSE>                                      0
<CUMULATIVE-DEFICIENCY>                              0
        

</TABLE>


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