EXHIBIT 21

INDEPENDENCE HOLDING COMPANY

Subsidiaries as of December 31, 2011

Subsidiary							Jurisdiction
Independence Capital Corp.							Delaware
	Standard Security Life Insurance Company of New York						New York
		On-Line Brokerage, Inc.					Delaware
		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
				GroupLink Reinsurance Company, Ltd.			Turks & Caicos
			Health Plan Administrators, Inc.				Illinois
			Wisconsin Underwriting Associates, Inc.				Delaware
			Actuarial Management Corporation				California
			CPR Risk Management, Inc.				Delaware
	Madison National Life Insurance Company, Inc.						Wisconsin
		IHC Financial Group, Inc.					Delaware
		Credico Life Insurance Company					Nevis
		Madison Investors Corporation					Delaware
			American Independence Corp.				Delaware
					Independence American Holdings Corp.		Delaware
						Independence American Insurance Company	Delaware
						HealthInsurance.org, LLC	Delaware
						Independent Producers of America, LLC	Delaware
						IHC Risk Solutions, LLC.	Delaware
Madison Standard Corp.							Wisconsin
Independence Holding LLC							Delaware
G.P. Associates Holding Corp.							Delaware
Independence Preferred Trust I							Delaware
Independence Preferred Trust II							Delaware
Independence Preferred Trust III							Delaware