Conseco Life Insurance / Fraud
In 1994 I purchased a Conseco Life Insurance policy (at that time known as Massachusetts General Life) for $176, 266. Since then, I have paid $20, 000 on the policy. Beginning in 2001 I was told that the policy would pay for itself on the interest accumulated. In October 2008 I received a letter from Conseco saying that "Due to administration issues related to my policy”, I have not been informed that my “policy is under funded”. They further state that “additional premiums are required". They informed me that my policy is underfunded by $7, 400 and that I must pay them in 60 days in order for my policy to continue in the manner agreed upon in 1994. In addition, I must begin making premium payments beginning in January of 2009 in the amount of $99.60 per month for the rest of my life in order for this policy to remain in effect.