| **EXHIBIT 31**        |
|-----------------------|
|                  |
| **CERTIFICATIONS**    |
|                  |   |
|                  | I, Harry Lee        Waterfield II, certify that: |
|                  |   |
| 1.                    | I have reviewed this        quarterly report on Form 10-Q of Kentucky Investors,        Inc.; |
|                  |   |
| 2.                    | Based on my        knowledge, this report does not contain any untrue        statement of a material fact or omit to state a material        fact necessary to make the statements made, in light of        the circumstances under which such statements were made,        not misleading with respect to the period covered by this        report; |
|                  |   |
| 3.                    | Based on my        knowledge, the financial statements, and other financial        information included in this report, fairly present in        all material respects the financial condition, results of        operations and cash flows of the registrant as of, and        for, the periods presented in this report; |
|                  |   |
| 4.                    | The registrant's        other certifying officers and I are responsible for        establishing and maintaining disclosure controls and        procedures (as defined in Exchange Act Rules 13a-15(e)        and 15d-15(e)) for the registrant and have: |
|                  |   |
|                  | (a) Designed such        disclosure controls and procedures, or caused such        disclosure controls and procedures to be designed under        our supervision, to ensure that material information        relating to the registrant, including its consolidated        subsidiaries, is made known to us by others within those        entities, particularly during the period in which this        report is being prepared, |
|                  |   |
|                  | (b) Not applicable to        this issuer. |
|                  |   |
|                  | (c) Evaluated the        effectiveness of the registrant's disclosure controls and        procedures and presented in this report our conclusions        about the effectiveness of the disclosure controls and        procedures, as of the end of the period covered by this        report based on such evaluation; and |
|                  |   |
|                  | (d) Disclosed in this        report any change in the registrant's internal control        over financial reporting that occurred during the        registrant's most recent fiscal quarter that has        materially affected, or is reasonably likely to        materially affect, the registrant's internal control over        financial reporting; and |
|                  |   |
| 5.                    | The registrant's        other certifying officers and I have disclosed, based on        our most recent evaluation of internal control over        financial reporting, to the registrant's auditors and the        audit committee of registrant's board of directors (or        persons performing the equivalent functions): |
|                  |   |
|                  | (a) All significant        deficiencies and material weaknesses in the design or        operation of internal control over financial reporting        which are reasonably likely to adversely affect the        registrant's ability to record, process, summarize and        report financial information; and |
|                  |   |
|                  | (b) Any fraud,        whether or not material, that involves management or        other employees who have a significant role in the        registrant's internal control over financial reporting. |
|                  |   |
|                  |   |
| Date: August 13, 2003 |   | By: /s/ Harry Lee        Waterfield II |
|                  |   | President |

 

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| **EXHIBIT 31**        |
|-----------------------|
|                  |
| **CERTIFICATIONS**    |
|                  |   |
|                  | I, Raymond L. Carr,        certify that: |
|                  |   |
| 1.                    | I have reviewed this        quarterly report on Form 10-Q of Kentucky Investors,        Inc.; |
|                  |   |
| 2.                    | Based on my        knowledge, this report does not contain any untrue        statement of a material fact or omit to state a material        fact necessary to make the statements made, in light of        the circumstances under which such statements were made,        not misleading with respect to the period covered by this        report; |
|                  |   |
| 3.                    | Based on my        knowledge, the financial statements, and other financial        information included in this report, fairly present in        all material respects the financial condition, results of        operations and cash flows of the registrant as of, and        for, the periods presented in this report; |
|                  |   |
| 4.                    | The registrant's        other certifying officers and I are responsible for        establishing and maintaining disclosure controls and        procedures (as defined in Exchange Act Rules 13a-15(e)        and 15d-15(e)) for the registrant and have: |
|                  |   |
|                  | (a) Designed such        disclosure controls and procedures, or caused such        disclosure controls and procedures to be designed under        our supervision, to ensure that material information        relating to the registrant, including its consolidated        subsidiaries, is made known to us by others within those        entities, particularly during the period in which this        report is being prepared, |
|                  |   |
|                  | (b) Not applicable to        this issuer. |
|                  |   |
|                  | (c) Evaluated the        effectiveness of the registrant's disclosure controls and        procedures and presented in this report our conclusions        about the effectiveness of the disclosure controls and        procedures, as of the end of the period covered by this        report based on such evaluation; and |
|                  |   |
|                  | (d) Disclosed in this        report any change in the registrant's internal control        over financial reporting that occurred during the        registrant's most recent fiscal quarter that has        materially affected, or is reasonably likely to        materially affect, the registrant's internal control over        financial reporting; and |
|                  |   |
| 5.                    | The registrant's        other certifying officers and I have disclosed, based on        our most recent evaluation of internal control over        financial reporting, to the registrant's auditors and the        audit committee of registrant's board of directors (or        persons performing the equivalent functions): |
|                  |   |
|                  | (a) All significant        deficiencies and material weaknesses in the design or        operation of internal control over financial reporting        which are reasonably likely to adversely affect the        registrant's ability to record, process, summarize and        report financial information; and |
|                  |   |
|                  | (b) Any fraud,        whether or not material, that involves management or        other employees who have a significant role in then        registrant's internal control over financial reporting. |
|                  |   |
|                  |
| Date: August 13, 2003 |   | By: /s/ Raymond L.        Carr |
|                  |   | Vice President –        Chief Financial Officer |

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