Financial Industries Corporation Announces Completion of Real Estate Sale



AUSTIN,  Texas  -  (BUSINESS  WIRE)  -  June  2,  2005  -  Financial  Industries
Corporation ("FIC") (Pink Sheets: FNIN.PK) announced today that it completed the
sale of River Place Pointe,  a commercial  office  building  project  located in
Austin, Texas. The sale closed on June 1, 2005.

Investors  Life  Insurance  Company  of  North  America  ("Investors  Life"),  a
subsidiary of FIC, sold the project to River Place Pointe, L.P., an unaffiliated
third  party.  Aspen  Growth  Properties,  Inc.  is the  general  partner of the
purchaser. The River Place Pointe development consists of seven office buildings
totaling approximately 600,000 square feet, with associated parking,  drives and
related improvements.

Investors  Life has  entered  into a  five-year  lease with the  purchaser  with
respect to one of the River Place Pointe buildings.

The information in this release  relating to FIC's  operations,  future business
developments,  and contingencies and  uncertainties  constitute  forward-looking
statements under the Private Securities Litigation Reform Act of 1995. Financial
Industries   Corporation,   through  its  various   subsidiaries,   markets  and
underwrites  individual life insurance products. For more information on FIC, go
to http://www.ficgroup.com.

CONTACT:
Financial Industries Corporation, Austin
Brad Cohen, 512-404-5128
ir@ficgroup.com