FOR IMMEDIATE RELEASE
March 10, 2004

FOR MORE INFORMATION CONTACT
Theodore A. Fleron
512-404-5040

                   FINANCIAL INDUSTRIES CORPORATION ANNOUNCES
           APPOINTMENT OF VINCENT L. KASCH AS CHIEF FINANCIAL OFFICER

AUSTIN,  Texas --  (BUSINESS  WIRE) - March  10,  2004 --  Financial  Industries
Corporation  ("FIC") today  announced  that its Board of Directors has appointed
Vincent L. Kasch as Chief Financial Officer.  Mr. Kasch will succeed George Wise
as CFO.  Mr. Wise,  who has served as CFO since  November  2002,  is expected to
leave FIC at the end of March.

Prior to joining FIC, Mr. Kasch was Senior Vice President-Financial Services for
Texas Mutual Insurance  Company,  from February 2002 to March 2004. From January
1991 to January 2002, he was  associated  with National  Western Life  Insurance
Company,  where he served as Vice  President-Controller  and Assistant Treasurer
from August 1992 to January 2002. From August 1985 to January 1991, he served in
various  capacities with KPMG Peat Marwick,  where he held the position of Audit
Manager  at the time  that he left to join  National  Western  Life.  Mr.  Kasch
received a B.B.A.  in Accounting  from Texas A&M  University.  He is a Certified
Public Accountant

FIC also  announced  that it has terminated the employment of William P. Tedrow.
Mr.  Tedrow had served as a Vice  President of FIC and FIC  Financial  Services,
Inc., a subsidiary of FIC, since June 2003. The Company  believes that it has no
further  obligations to Mr. Tedrow with respect to either  compensation or stock
options that were granted to him in connection with his employment.

The  information in this release  relating to the Company'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 and annuity products. The Company's Nasdaq
symbol is FNIN. For more  information on FIC, go to  http://www.ficgroup.com  on
the Internet.