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
			Health Plan Administrators, Inc.						Illinois
			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
					Global Accident Facilities, LLC				Delaware
						Cook & Company Insurance Services, Inc.			Massachusetts
						Accident Insurance Services, Inc.			Texas
							Morgan Financial Corporation		Texas
							Caprock Claims Management, LLC		Texas
								Cornerstone Claims Solutions, LLC	Texas
								Medical Pricing Strategies, LLC	Texas
Madison Standard Corp.									Wisconsin
Independence Preferred Trust I									Delaware
Independence Preferred Trust II									Delaware
Independence Preferred Trust III									Delaware