EXHIBIT 21

INDEPENDENCE HOLDING COMPANY

Subsidiaries as of March 15, 2005

Subsidiary				Jurisdiction
Independence Capital Corp.				Delaware
	Madison National Life Insurance Company, Inc.				Wisconsin
		Madison Investors Corporation		Delaware
		IC West		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
			Medical Alliance Partnership LP	Minnesota
			Majestic Underwriters L.L.C.	Delaware
			Strategic Health Associates Inc.	Delaware
			On-Line Brokerage, Inc.	Delaware
Madison Standard Corp.				Wisconsin
IHC LLC				Delaware
G.P. Associates Holding Corp.				Delaware
Independence Preferred Trust I				Delaware
Independence Preferred Trust II				Delaware
Independence Preferred Trust III				Delaware