EXHIBIT 21

INDEPENDENCE HOLDING COMPANY

Subsidiaries as of March 16, 2009

Subsidiary					Jurisdiction
Independence Capital Corp.					Delaware
	Madison National Life Insurance Company, Inc.				Wisconsin
		Credico Life Insurance Company			Nevis
		Madison Investors Corporation			Delaware
		Actuarial Management Corporation			California
		Standard Security Life Insurance Company of New York			New York
			Standard Security Investors Corporation		New York
			Majestic Underwriters LLC		Delaware
			IHC Health Holdings Corp.		Delaware
				IHC Health Solutions, Inc.	Delaware
				Insurers Administrative Corporation	Arizona
				Interlock Corporation	Arizona
				Health Plan Administrators, Inc.	Illinois
				HPA Marketing, Inc.	Illinois
				GroupLink, Inc.	Indiana
				GroupLink Reinsurance Company, Ltd.	Turks & Caicos
				Wisconsin Underwriting Associates, Inc.	Delaware
			On-Line Brokerage, Inc.		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