EXHIBIT 21

SUBSIDIARIES OF THE REGISTRANT

	State of		%
Name of Subsidiary	Incorporation	Owner	Ownership
The Westcap Corporation (of Delaware)	Delaware	National Western Life Insurance Company	100%
NWL Investments, Inc.	Texas	National Western Life Insurance Company	100%
NWL Financial, Inc.	Nevada	National Western Life Insurance Company	100%
NWL Services, Inc.	Nevada	National Western Life Insurance Company	100%

The subsidiaries conduct business under the same corporate names as detailed above.