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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 DaNfItOyx54EleM1iGEhWBZLdQaiFkd9uAInpIy4XCtPKV6uA+/qwrT3U6MF5oQB
 Tk9s5QX1LcDc7DTCGGXmAg==

<SEC-DOCUMENT>0000035733-06-000046.txt : 20060906
<SEC-HEADER>0000035733-06-000046.hdr.sgml : 20060906
<ACCEPTANCE-DATETIME>20060906153009
ACCESSION NUMBER:		0000035733-06-000046
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20060901
FILED AS OF DATE:		20060906
DATE AS OF CHANGE:		20060906

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FINANCIAL INDUSTRIES CORP
		CENTRAL INDEX KEY:			0000035733
		STANDARD INDUSTRIAL CLASSIFICATION:	LIFE INSURANCE [6311]
		IRS NUMBER:				742126975
		STATE OF INCORPORATION:			TX
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		LEGAL DEPARTMENT
		STREET 2:		6500 RIVER PLACE BLVD., BUILDING ONE
		CITY:			AUSTIN
		STATE:			TX
		ZIP:			78730
		BUSINESS PHONE:		512 404-5000

	MAIL ADDRESS:	
		STREET 1:		6500 RIVER PLACE BLVD., BUILDING ONE
		STREET 2:		LEGAL DEPARTMENT
		CITY:			AUSTIN
		STATE:			TX
		ZIP:			78730

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GOLDEN UNITED INVESTMENT CO STOCK PLAN
		DATE OF NAME CHANGE:	19731128

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ILEX CORP
		DATE OF NAME CHANGE:	19730801

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GOLDEN UNITED INVESTMENT CO
		DATE OF NAME CHANGE:	19730801

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			SHIFRIN KENNETH S
		CENTRAL INDEX KEY:			0001006427
		STATE OF INCORPORATION:			TX
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-04690
		FILM NUMBER:		061076578

	BUSINESS ADDRESS:	
		BUSINESS PHONE:		5123280888

	MAIL ADDRESS:	
		STREET 1:		15801 CHATEAU
		CITY:			AUSTIN
		STATE:			TX
		ZIP:			78734
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>fic_shifrin090606ex.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2006-09-01</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0000035733</issuerCik>
        <issuerName>FINANCIAL INDUSTRIES CORP</issuerName>
        <issuerTradingSymbol>FNIN</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001006427</rptOwnerCik>
            <rptOwnerName>SHIFRIN KENNETH S</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>15801 CHATEAU</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>AUSTIN</rptOwnerCity>
            <rptOwnerState>TX</rptOwnerState>
            <rptOwnerZipCode>78734</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2006-09-01</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>P</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
                <footnoteId id="F1"/>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>2502</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>8.39</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>5247</value>
                    <footnoteId id="F2"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">Acquired under FIC stock plan for non-employee directors.</footnote>
        <footnote id="F2">Does not include 385,000 shares owned by American Physicians Service Group, Inc., of which Mr. Shifrin is CEO and Chairman.
 Mr. Shifrin disclaims beneficial ownership of such shares.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>Kenneth S. Shifrin</signatureName>
        <signatureDate>2006-09-06</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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