-----BEGIN PRIVACY-ENHANCED MESSAGE-----
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,
 JzQKOWsfUkAWVnORtP6VCsREyk/IS/MWOH0n1Jx+sTV4DZrVYE50D6+wwTsWba6J
 3Qk0sbM17f4kGVOxx5anVQ==

<SEC-DOCUMENT>0001244156-03-000002.txt : 20030722
<SEC-HEADER>0001244156-03-000002.hdr.sgml : 20030722
<ACCEPTANCE-DATETIME>20030722171028
ACCESSION NUMBER:		0001244156-03-000002
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20030722
FILED AS OF DATE:		20030722

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			PAYNE EUGENE E
		CENTRAL INDEX KEY:			0001244156

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-04690
		FILM NUMBER:		03796962

	BUSINESS ADDRESS:	
		STREET 1:		FINANCIAL INDUSTRIES CORP
		STREET 2:		6500 RIVER PLACE
		CITY:			AUSTIN
		STATE:			TX
		ZIP:			78730

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
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>fic_form4payneex.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<!-- - EDGAR Ease Plus 1.0                                   04/22/03  TZ    -->
<ownershipDocument>
    <schemaVersion>X0101</schemaVersion>

    <documentType>4</documentType>
   <periodOfReport>2003-07-22</periodOfReport>
    <issuer>
        <issuerCik>0000035733</issuerCik>
        <issuerName>FINANCIAL INDUSTRIES CORP</issuerName>
        <issuerTradingSymbol>FNIN</issuerTradingSymbol>
   </issuer>
   <reportingOwner>
      <reportingOwnerId>
            <rptOwnerCik>0001244156</rptOwnerCik>
            <rptOwnerName>PAYNE EUGENE E</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>  </rptOwnerStreet1>
            <rptOwnerStreet2>  </rptOwnerStreet2>
            <rptOwnerCity>  </rptOwnerCity>
            <rptOwnerState>  </rptOwnerState>
            <rptOwnerZipCode>  </rptOwnerZipCode>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
         <isDirector>1</isDirector>
         <isOfficer>1</isOfficer>
         <isTenPercentOwner>0</isTenPercentOwner>
         <isOther>0</isOther>
         <officerTitle>President, CEO</officerTitle>
       </reportingOwnerRelationship>
   </reportingOwner>
   <nonDerivativeSecurity>
      <securityTitle>
         <value>Common Stock</value>
      </securityTitle>
      <transactionDate>
         <value>2003-07-21</value>
      </transactionDate>
      <deemedExecutionDate>
         <value>2003-07-21</value>
      </deemedExecutionDate>
      <transactionCoding>
         <transactionFormType>4</transactionFormType>
         <transactionCode>P</transactionCode>
         <equitySwapInvolved>0</equitySwapInvolved>
      </transactionCoding>
      <transactionAmounts>
         <transactionShares>
           <value>13600</value>
         </transactionShares>
         <transactionValue>
           <value>14.64</value>
         </transactionValue>
         <transactionAcquiredDisposedCode>
           <value>A</value>
         </transactionAcquiredDisposedCode>
      </transactionAmounts>
     <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>13600</value>
         </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
         <directOrIndirectOwnership>
            <value>I</value>
         </directOrIndirectOwnership>
         <natureOfOwnership>
            <value>See Note (1)</value>
            <footnoteId id="F1"/>
         </natureOfOwnership>
      </ownershipNature>
   </nonDerivativeSecurity>
   <footnotes>
<footnote id="F1"> Purchased from Issuer by trust under deferred compensation plan f/b/o the Reporting Person.</footnote>
   </footnotes>
   <ownerSignature>
      <signatureName>Eugene E. Payne</signatureName>
      <signatureDate>2003-07-22</signatureDate>
   </ownerSignature>
</ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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