EXHIBIT 21

INDEPENDENCE HOLDING COMPANY

Subsidiary							Jurisdiction
Independence Capital Corp.							Delaware
	Standard Security Life Insurance Company of New York						New York
		Standard Security Investors Corporation					New York
		Majestic Underwriters, LLC					Delaware
		Alliance Underwriters, LLC					Delaware
		IHC Health Holdings Corp.					Delaware
			IHC Administrative Services, Inc.				Arizona
			IHC Management Services, Inc.				Arizona
			IHC Health Solutions, Inc.				Indiana
			Health Plan Administrators, Inc.				Illinois
			Innovative Medical Risk Management, Inc.				Delaware
			IHC Carrier Solutions, Inc.				Delaware
	Madison National Life Insurance Company, Inc.						Wisconsin
		IHC Financial Group, Inc.					Delaware
			Pro Players Financial Network, LLC				Delaware
		Madison Investors Corporation					Delaware
			American Independence Corp.				Delaware
				Independence American Holdings Corp.			Delaware
					Independence American Insurance Company		Delaware
					HealthInsurance.org, LLC		Delaware
					IHC Risk Solutions, LLC.		Delaware
					IHC SB Holdings, LLC		Delaware
						IPA Family, LLC	Delaware
						IPA Direct, LLC	Delaware
						IHC Specialty Benefits, Inc.	Delaware
Madison Standard Corp.							Wisconsin
Independence Preferred Trust I							Delaware
Independence Preferred Trust II							Delaware
Independence Preferred Trust III							Delaware