Americo Life Inc. has agreed to acquire Financial Industries Corp. for about $75 million in cash.

Americo, Kansas City, Mo., will pay $7.25 per share for Financial Industries, Austin, Texas, or about 31% more than the closing price recorded Monday, Financial Industries says.

The deal is subject to approval by Financial Industries shareholders.

Americo and Financial Industries hope to complete the deal by June 30, Financial Industries says.

Americo sells life insurance, mortgage life insurance, annuities, and related products and services.

Financial Industries sells individual life through its Investors Life Insurance Company of North America subsidiary.

Financial Industries is reporting $1.6 million in net income for the third quarter of 2007 on $20 million in revenue, up from $1.3 million in net income on $18 million in revenue for the third quarter of 2006.

Financial Industries went through a period during which it had difficulty filing financial statements with the U.S. Securities and Exchange Commission on time, but the company now is current with its SEC filings.

The board of Financial Industries announced in June 2006 that it was looking into the possibility of selling part or all of the company.

Financial Industries sold its Family Life Insurance Company unit to Manhattan Insurance Group Inc., Houston, for $28 million in December 2006.