EXHIBIT 99.1


FINANCIAL INDUSTRIES CORPORATION COMPLETES SALE
OF FAMILY LIFE SUBSIDIARY TO MANHATTAN LIFE


AUSTIN, Texas--(MARKET WIRE)--Dec 29, 2006--Financial Industries Corporation
(Pink Sheets: FNIN.PK) today announced that it has completed the previously
announced sale of its wholly owned subsidiary, Family Life Insurance Company, to
The Manhattan Life Insurance Company following receipt of approval for the
transaction from the Texas Department of Insurance.

The cash purchase price for Family Life was $28.0 million, subject to certain
post-closing adjustments. As part of the transaction, FIC acquired from Family
Life 324,320 shares of the FIC common stock that was owned by Family Life.
Proceeds from the sale will be used to improve FIC's capital structure by
retiring approximately $15.4 million of intercompany debt and for general
corporate purposes.

FIC, through its various subsidiaries, markets and underwrites individual life
insurance products. For more information on FIC, go to http://www.ficgroup.com
on the Internet.

Manhattan Life is a member of the Manhattan Insurance Group (MIG). MIG offers
reinsurance/acquisition facilities to the life/health industry. Direct marketing
activities include worksite marketing in North America and dollar-denominated
life insurance distribution throughout Latin and South America.

The investment banking firm of Keefe, Bruyette & Woods, Inc. advised FIC on the
transaction.

As provided by the safe-harbor provisions of the Private Securities Litigation
Reform Act of 1995, FIC cautions that the statements in this press release that
are not historical factual information are forward-looking statements that
represent management's belief and assumptions based on currently available
information. The information contained in this press release relating to trends
in the company's operations and the contingencies and uncertainties to which the
company may be subject, as well as other statements including words such as
"anticipate," "cautions," "believe," "plan," "estimate," "expect," "intend," and
other similar expressions constitute forward-looking statements. Such statements
are made based upon management's current expectations and beliefs concerning the
financial results, and economic conditions and are subject to known and unknown
risks, uncertainties and other factors contemplated by the forward-looking
statements, including timing and results of audits and reviews, general economic
conditions, customer response, performance of management team and other factors
described in the company's Form 10-K for the year ended Dec. 31, 2004. Should
one or more of these risks or uncertainties materialize, or should underlying
assumptions prove incorrect, actual results may vary materially from those
indicated. Investors should not place undue reliance on forward-looking
statements. Each forward-looking statement speaks only as of the date of the
particular statement, and the company undertakes no obligation to publicly
update or revise any forward-looking statements.

Contact Information:
Financial Industries Corporation
Shannon Coffin
Phone: 512-404-5128
E-mail: ir@ficgroup.com

SOURCE: Financial Industries Corporation