Manhattan Insurance Group Inc. has agreed to pay about $28 million in cash for Family Life Insurance Company.

Manhattan Insurance, Houston, runs worksite marketing programs in the United States and sells dollar-denominated life insurance in Central America and South America.

Family Life, a unit of Financial Industries Corp., Austin, Texas, sells mortgage protection life insurance.

Family Life had $122 million in assets at the end of the third quarter and $16 million in capital and surplus.

FIC, a seller of individual life insurance, and Manhattan Insurance hope to complete the deal by early 2007, FIC says.

FIC hopes to use some of the deal proceeds to retire about $15 million in debt, the company says.