EXHIBIT 21

INDEPENDENCE HOLDING COMPANY

Subsidiaries as of March 1, 2007

Subsidiary					Jurisdiction
Independence Capital Corp.					Delaware
	Madison National Life Insurance Company, Inc.				Wisconsin
		Madison Investors Corporation			Delaware
		IC West Underwriting Services LLC			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 Corporation		New York
			Majestic Underwriters LLC		Delaware
			IHC Health Holding Corp.		Delaware
				IHC Health Solutions, Inc.	Delaware
				Insurers Administrative Corporation	Arizona
				Interlock Corporation	Arizona
				Health Plan Administrators, Inc.	Illinois
				HPA Marketing, Inc.	Illinois
				Group Link, Inc.	Indiana
				GroupLink Reinsurance Company, Ltd.	Turks & Caicos
				Community American Insurance Services, Inc.	Delaware
			On-Line Brokerage, Inc.		Delaware
Madison Standard Corp.					Wisconsin
Independence Holding LLC					Delaware
G.P. Associates Holding Corp.					Delaware
			MAP Holdings, Inc.		Delaware
				Medical Alliance Partnership LP	Minnesota
Independence Preferred Trust I					Delaware
Independence Preferred Trust II					Delaware
Independence Preferred Trust III					Delaware