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Conseco Insurance / changing terms of contract

1 United States Review updated:
Contact information:
Phone: 916 988-5299

I bought a contract with another insurance company, and now Conseco owns it. The original company went out of business. For a number of years they followed the contract. Now they have a formula so that all my 401 money that was invested in the contract will be gone by the time I reach 70 unless I pay higher premiums. This is a calculated plan to milk me of all the retirement money I invested in the policy. Be aware of insurnce investments, they are sneaky. I am going to turn everything over to our state's insurance commisioer and other consumer action agencies to see if I can fight this.

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Comments

  • Mi
      27th of Nov, 2008
    0 Votes

    This co is a scam. I had the same thing just happen on my life policy which was also purchased from a co. going under. Now they send me letter saying they are going up 70% due to cost of insurance in the class of policyholders I am in. Thats impossible as any actuary will tell you the COI for any class has gone down for the last decade. They also say I cannot cash out of the policy (which I have 2k in) because of some B.S. rule when I switched over to the new plan. I am going to go to TDI and file a formal complaint and suggest anyone else in this situation do the same. What a loser of a company!

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