**EXHIBIT 31**

****

**CERTIFICATIONS**

|   |                                                                                                                                                                                                                                                                                                                                                                              |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|        | I, Harry Lee Waterfield II,certify that:                                                                                                                                                                                                                                                                                                                                     |
|   |                                                                                                                                                                                                                                                                                                                                                                              |
| 1.     | I have reviewed this quarterlyreport on Form 10-Q of Kentucky Investors, Inc.;                                                                                                                                                                                                                                                                                               |
|   |                                                                                                                                                                                                                                                                                                                                                                              |
| 2.     | Based on my knowledge, thisreport does not contain any untrue statement of a material fact oromit to state a material fact necessary to make the statementsmade, in light of the circumstances under which such statementswere made, not misleading with respect to the period covered bythis report;                                                                        |
|   |                                                                                                                                                                                                                                                                                                                                                                              |
| 3.     | Based on my knowledge, thefinancial statements, and other financial information included inthis report, fairly present in all material respects the financialcondition, results of operations and cash flows of the registrantas of, and for, the periods presented in this report;                                                                                          |
|   |                                                                                                                                                                                                                                                                                                                                                                              |
| 4.     | The registrant's othercertifying officers and I are responsible for establishing andmaintaining disclosure controls and procedures (as defined inExchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant andhave:                                                                                                                                                     |
|   |                                                                                                                                                                                                                                                                                                                                                                              |
|        | (a) Designed such disclosurecontrols and procedures, or caused such disclosure controls andprocedures to be designed under our supervision, to ensure thatmaterial information relating to the registrant, including itsconsolidated subsidiaries, is made known to us by others withinthose entities, particularly during the period in which this reportis being prepared, |
|   |                                                                                                                                                                                                                                                                                                                                                                              |
|        | (b) Not applicable to thisissuer.                                                                                                                                                                                                                                                                                                                                            |
|   |                                                                                                                                                                                                                                                                                                                                                                              |
|        | (c) Evaluated the effectivenessof the registrant’s disclosure controls and procedures andpresented in this report our conclusions about the effectiveness ofthe disclosure controls and procedures, as of the end of the periodcovered by this report based on such evaluation; and                                                                                    |
|   |                                                                                                                                                                                                                                                                                                                                                                              |
|        | (d) Disclosed in this reportany change in the registrant’s internal control overfinancial reporting that occurred during the registrant’smost recent fiscal quarter that has materially affected, or isreasonably likely to materially affect, the registrant’sinternal control over financial reporting; and                                              |
|   |                                                                                                                                                                                                                                                                                                                                                                              |
| 5.     | The registrant’s othercertifying officers and I have disclosed, based on our most recentevaluation of internal control over financial reporting, to theregistrant’s auditors and the audit committee ofregistrant’s board of directors (or persons performing theequivalent functions):                                                                    |
|        | 23                                                                                                                                                                                                                                                                                                                                                                           |
|        |                                                                                                                                                                                                                                                                                                                                                                              |
|        | (a) All significantdeficiencies and material weaknesses in the design or operation ofinternal control over financial reporting which are reasonablylikely to adversely affect the registrant’s ability torecord, process, summarize and report financial information;and                                                                                               |
|        |                                                                                                                                                                                                                                                                                                                                                                              |
|        | (b) Any fraud, whether or notmaterial, that involves management or other employees who have asignificant role in the registrant’s internal control overfinancial reporting.                                                                                                                                                                                            |
|        |                                                                                                                                                                                                                                                                                                                                                                              |
|        |                                                                                                                                                                                                                                                                                                                                                                              |
|        |                                                                                                                                                                                                                                                                                                                                                                              |

| Date: November 5,2003                                                                                                                                                                                                                                                              |  | By: /s/ Harry Lee WaterfieldII |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--|--------------------------------|
|                                                                                                                                                                                                                                                                                    |  | President                      |
|                                                                                                                                                                                                                                                                                    |  |                                |
|                                                                                                                                                                                                                                                                                    |  |                                |
| A signed original of thiswritten statement required by Section 906 of the Sarbanes-Oxley Actof 2002 has been provided to Kentucky Investors, Inc. and will beretained by Kentucky Investors, Inc. and furnished to theSecurities and Exchange Commission or its staff uponrequest. |
|                                                                                                                                                                                                                                                                                    |

----

**EXHIBIT 31**

****

**CERTIFICATIONS**

|   |                                                                                                                                                                                                                                                                                                                                                                              |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|        | I, Raymond L. Carr, certifythat:                                                                                                                                                                                                                                                                                                                                             |
|   |                                                                                                                                                                                                                                                                                                                                                                              |
| 1.     | I have reviewed this quarterlyreport on Form 10-Q of Kentucky Investors, Inc.;                                                                                                                                                                                                                                                                                               |
|   |                                                                                                                                                                                                                                                                                                                                                                              |
| 2.     | Based on my knowledge, thisreport does not contain any untrue statement of a material fact oromit to state a material fact necessary to make the statementsmade, in light of the circumstances under which such statementswere made, not misleading with respect to the period covered bythis report;                                                                        |
|   |                                                                                                                                                                                                                                                                                                                                                                              |
| 3.     | Based on my knowledge, thefinancial statements, and other financial information included inthis report, fairly present in all material respects the financialcondition, results of operations and cash flows of the registrantas of, and for, the periods presented in this report;                                                                                          |
|   |                                                                                                                                                                                                                                                                                                                                                                              |
| 4.     | The registrant's othercertifying officers and I are responsible for establishing andmaintaining disclosure controls and procedures (as defined inExchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant andhave:                                                                                                                                                     |
|   |                                                                                                                                                                                                                                                                                                                                                                              |
|        | (a) Designed such disclosurecontrols and procedures, or caused such disclosure controls andprocedures to be designed under our supervision, to ensure thatmaterial information relating to the registrant, including itsconsolidated subsidiaries, is made known to us by others withinthose entities, particularly during the period in which this reportis being prepared, |
|   |                                                                                                                                                                                                                                                                                                                                                                              |
|        | (b) Not applicable to thisissuer.                                                                                                                                                                                                                                                                                                                                            |
|   |                                                                                                                                                                                                                                                                                                                                                                              |
|        | (c) Evaluated the effectivenessof the registrant’s disclosure controls and procedures andpresented in this report our conclusions about the effectiveness ofthe disclosure controls and procedures, as of the end of the periodcovered by this report based on such evaluation; and                                                                                    |
|   |                                                                                                                                                                                                                                                                                                                                                                              |
|        | (d) Disclosed in this reportany change in the registrant’s internal control overfinancial reporting that occurred during the registrant’smost recent fiscal quarter that has materially affected, or isreasonably likely to materially affect, the registrant’sinternal control over financial reporting; and                                              |
|   |                                                                                                                                                                                                                                                                                                                                                                              |
| 5.     | The registrant’s othercertifying officers and I have disclosed, based on our most recentevaluation of internal control over financial reporting, to theregistrant’s auditors and the audit committee ofregistrant’s board of directors (or persons performing theequivalent functions):                                                                    |
|        |                                                                                                                                                                                                                                                                                                                                                                              |
|        | (a) All significantdeficiencies and material weaknesses in the design or operation ofinternal control over financial reporting which are reasonablylikely to adversely affect the registrant’s ability torecord, process, summarize and report financial information;and                                                                                               |
|        |                                                                                                                                                                                                                                                                                                                                                                              |
|        | (b) Any fraud, whether or notmaterial, that involves management or other employees who have asignificant role in then registrant’s internal control overfinancial reporting.                                                                                                                                                                                           |
|        |                                                                                                                                                                                                                                                                                                                                                                              |

| Date: November 5,2003                                                                                                                                                                                                                                                              |  | By: /s/ Raymond L.Carr                        |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--|-----------------------------------------------|
|                                                                                                                                                                                                                                                                                    |  | Vice President – ChiefFinancial Officer |
|                                                                                                                                                                                                                                                                                    |  |                                               |
|                                                                                                                                                                                                                                                                                    |  |                                               |
| A signed original of thiswritten statement required by Section 906 of the Sarbanes-Oxley Actof 2002 has been provided to Kentucky Investors, Inc. and will beretained by Kentucky Investors, Inc. and furnished to theSecurities and Exchange Commission or its staff uponrequest. |
|                                                                                                                                                                                                                                                                                    |