EXHIBIT 99.1

                           Important Notice Regarding
         The InterContinental Life Corporation Savings & Investment Plan


            Blackout Period and Restrictions on Your Rights to Trade
    Financial Industries Corporation Common Stock during the Blackout Period

To:     Financial Industries Corporation  Directors and Executive Officers
From:   J. Bruce Boisture, CEO & President
Date:   May 20, 2005

The  purpose  of this  notice is to inform  you that the  InterContinental  Life
Corporation  Savings & Investment  Plan (the "Plan") will be entering a blackout
period  beginning at 4:00 p.m.  Eastern Time on Monday,  June 20, 2005, due to a
record keeper conversion from Invesmart,  Inc. to Milliman.  The blackout period
is  anticipated to end on July 15, 2005 with respect to that portion of the Plan
that pertains to employee contributions and employer matching contributions, and
on August 22,  2005 with  respect to that  portion of the Plan that  pertains to
assets   transferred  to  the  Plan  in  connection   with  the  merger  of  the
InterContinental  Life  Corporation  Employee Stock Ownership Plan ("ESOP") into
the Plan. If the transition  does not occur as planned,  the end of the blackout
period could be delayed beyond August 22, 2005.  During the applicable  blackout
period,  participants  in the Plan will not be able to initiate a transfer  from
one investment option to another investment option,  change ongoing contribution
investment directions, obtain a loan, or obtain a distribution or withdrawal.

The Securities and Exchange  Commission  ("SEC") has implemented rules under the
Sarbanes-Oxley Act of 2002 (P.L. 107-204) (the "Sarbanes-Oxley Act") which apply
to 401(k) plan blackout periods.  Generally,  the  Sarbanes-Oxley  Act prohibits
directors  and  executive  officers  of an issuer from  trading in the  issuer's
equity securities during certain periods during which the issuer's employees are
unable to purchase or sell issuer  equity  securities  held in 401(k) or similar
plans.  These periods are commonly referred to as "blackout  periods." Since the
assets of the Plan include shares of FIC common stock,  the  Sarbanes-Oxley  Act
apply to directors  and  executive  officers of FIC during the blackout  period.
Because  you  are a  director  or  executive  officer  of  Financial  Industries
Corporation ("FIC"),  please note that, during the blackout period for the Plan,
you will be  prohibited  from  purchasing,  selling or  otherwise  acquiring  or
transferring  shares of common stock of FIC or any related  derivative  security
(such as an option) if you acquired  such stock or security in  connection  with
your service or  employment  as a director or executive  officer with FIC.  This
prohibition  applies to  securities  you hold both  inside and outside the Plan.
Under  applicable SEC rules,  there is a presumption  that any  securities  sold
during a blackout  period are not exempt from the rule (that is, the  individual
corporate  insider  bears the burden of  proving  that the  securities  were not
"acquired in connection with service or employment").


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The above  prohibition  is in  addition  to the normal  restrictions  on trading
activity that FIC imposes on its directors  and executive  officers.  As always,
you should  pre-approve  any  transaction in FIC  securities  with the Company's
General Counsel.

Violations of the insider trading prohibition will allow an issuer or a security
holder  acting on behalf of an issuer to bring an action to recover  the profits
realized by the director or executive officer. In addition, the SEC may bring an
action, including civil injunction proceedings,  cease-and-desist actions, civil
penalties  and all other  remedies  available to the SEC under the Exchange Act,
including, in some cases, criminal penalties.

A notice was mailed on May 20, 2005 to all current  and former  participants  in
the Plan to inform them of the details of the  blackout  period.  This notice to
directors  and  executive  officers  is being  given in order to comply with the
requirements of Section 306(a) of the Sarbanes-Oxley Act.

While we anticipate a smooth  transition of record keeping services for the Plan
to  Milliman,  we will notify you in the event that an extension of the blackout
period is needed.  If you have any  questions  concerning  this  notice,  please
contact Ted Fleron at 512-404-5040.


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