EXHIBIT 21

INDEPENDENCE HOLDING COMPANY

Subsidiaries as of March 27, 2003

Subsidiary					Jurisdiction
Independence Capital Corp.					Delaware
	Independence Financial Services Corp.				Delaware
		Madison National Life Insurance Company, Inc.			Wisconsin
			Madison Investors Corporation		Delaware
				American Independence Corp.	Delaware
				Credico Insurance Services, Inc.	North Carolina
				Credico Life Insurance Company	Nevis
			Standard Security Life Insurance Company of New York		New York
				Standard Security Investors Corp.	New York
				SSH Corp.	Delaware
				On-Line Brokerage, Inc.	Delaware
Madison Standard Corp.					Wisconsin
Independence Land and Capital, Inc.					Delaware
IFS Corp.					Delaware
G.P. Associates Holding Corp.					Delaware
Independence Preferred Trust 1					Delaware