EXHIBIT 21

INDEPENDENCE HOLDING COMPANY

Subsidiary							Jurisdiction
Independence Capital Corp.							Delaware
	Standard Security Life Insurance Company of New York						New York
	IHC Health Holdings Corp.						Delaware
		IHC Administrative Services, Inc.					Arizona
		IHC Carrier Solutions, Inc.					Delaware
	Madison National Life Insurance Company, Inc.						Wisconsin
		Madison Investors Corporation					Delaware
			AMIC Holdings, Inc.				Delaware
				Independence American Holdings Corp.			Delaware
					Independence American Insurance Company		Delaware
					HealthInsurance.org, LLC		Delaware
					IHC SB Holdings, LLC		Delaware
						IHC Specialty Benefits, Inc.	Delaware
					Global Accident Facilities, LLC		Delaware
						Cook & Company Insurance Services, Inc.	Massachusetts
Madison Standard Corp.							Wisconsin
Independence Preferred Trust I							Delaware
Independence Preferred Trust III							Delaware