Independence Holding (IHC) 10-K 2003 FY Annual report

EXHIBIT 21

INDEPENDENCE HOLDING COMPANY

Principal Subsidiaries as of March 30, 2004

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 Corp.	New York
			SSH Corp.	Delaware
			On-Line Brokerage, Inc.	Delaware
Madison Standard Corp.				Wisconsin
G.P. Associates Holding Corp.				Delaware
Independence Preferred Trust I				Delaware
Independence Preferred Trust II				Delaware