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Conseco Life Insurance / Fraud

1 TX, United States Review updated:

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.


More Conseco Life Insurance Complaints & Reviews

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  • Go
      9th of Dec, 2008
    0 Votes

    This happened to me as well, Suddenly I get a notice that I must come up with over $14, 000 by next month in order to keep my policy in force. It was a paid up policy. If it is interest related, then they should have informed me of this long ago so that I could have made monthly payments. As it is, how many people can come up with this much money on the spot--especially when you have thought all this time your policy was paid up? Insurance commissioner, please take a look.

  • Mi
      24th of Dec, 2008
    0 Votes

    I am the original poster in this thread. Here's an update. After filing a complaint with the Texas Department of Insurance and experiencing several angry phone calls with Conseco, I received a letter in the mail this week stating:

    We are writing to notify you that at this time, you may temporarily disregard all previous notices sent to you (snip) regarding your policy. We apologize for any confusion you may have experienced.

    So, in essence, they are saying that they are backing off "temporarily" and that they are sorry for the "confusion" that they caused me. I'm wondering if anyone else who has gone after them has received a similar notice. Also, the letter further goes on to say that they are conducting a "review" which will be completed on March 31, 2009. Sounds like they are giving me three more months.

    Unfortunately, I have both a life policy and annuity with these losers. I plan on getting out of both policies (taking a $4, 000) surrender penalty and getting with a reputable company.


  • Ms
      2nd of Feb, 2009
    0 Votes

    I am writing to state my issues w/ Conseco Life Insurance. I was given the run around about my policy, when I applied for s surrender of Policy. I too was informed by the company about an under payment at which time I was experieincing a hardship. I requested a loan and was told that the paper work was not recieved then I was told that my policy was not elgible for a loan. I was told by three different reps that I had a surrender value of $4100.00, the company gave me differnet dates on the disbursemnts. I am going to file a complaiint with my State Inusurance Commisioners Office here in Georgia. The reps including Customers Relations was in consistent from the first date I called back in December. Each time I was given different inof about MY MONEY!!!I recommend that all of you do as I did and request to have your monies surrendered. Be sure to get the amount s quoted befroe you submit your request, you need to specify in your request that you are aware of the moratorium but due to your situation you need the funds and must surrender. ( I was on the verge of a eviction) to this day I have not recieved all of my money. I was told by a rep that she destroyed all of my request but kept the Surrender Form, because she did not see the $4100. I told her they need to get me my money, I have called and no one has returend any of my calls. I have sent emails as well and not one response.

  • Vn
      28th of Feb, 2009
    +1 Votes

    Wow this Company has got to go! I am also going through a difficult issue with Conseco. In December 08 I called to cancel my cancer policy. The settlement owed to me after 11 years was 1844.04.
    They told me to sign my maiden name since the policy was initially that. I received a letter saying enclosed is the check of 1844. blah blah blah, and NO CHECK was in the envelope. I call and they're like oh yeah the check was cancelled due to name discrepency! WTF? So I send the new signature and they receive it. After other calls and wondering if everything was fixed, I get a check for freakin 7dollars and 87cents!!! I wrote their fraud division, I will write and call everyone I have to. I am not letting this go. It is almost March 09 and they are still screwing with me!

  • Ka
      16th of Mar, 2009
    0 Votes

    I have a policy with this company also and recieved the same letter saying my premiums were going to double but when I called to have an agent come out to talk with me about this no one has contacted me and they stopped taking the premiums out .Does anyone know what we are suppose to do to get at least some of our money back.

  • Ka
      9th of Sep, 2009
    +1 Votes

    I had originally purchased policies from Philadelphia Life Insurance Company back in the 70's and never had a problem until the company was acquired by Conseco. One of the problems I had was with the 30 day grace period and even though I mailed my payments in a reasonable amount of time within the grace period, twice policies were cancelled because they claimed I didn't get the money in on time. Both times I had to produce the cancelled check to prove they received the premium within the time allowed. Once they received proof, they reinstated the policies. I really think this was their way of trying to get rid of "the little guy" like me since the policies were a carryover from PHILCO and small ($25, 000 each). Also, I had the same issues with another policy regarding coming up with more premium on my policies like the stories noted here. Finally I just got fed up and cancelled that one.

    I must also add the last time I heard from my agent must have been at least 10 years ago. I called Conseco and complained a few times and requested a new agent but their answer was they don't switch agents and they did not offer to contact the agent to ask him to call me!

    I recommend that anyone who thinks about buying insurance from Conseco shop around as from years of experience with them, I can tell you it is not worth the aggravation!

  • Ad
      26th of Dec, 2009
    0 Votes

    December 15, 2009

    Mr. Steven M. Stecher, Pres. Conseco Ins. Group
    Conseco Life Insurance Company
    11825 N Pennsylvania St
    P. O. Box 1960
    Carmel, IN 46082-1960

    Dear Sir:

    RE: Policy Number: 0702R07911
    Insured Name: Alfonso C Del Barrio

    /At this point in time I am a frustrated and a very angry policyholder. Someone needs to call me to make an appointment with me personally to discuss where I stand with Conseco Life Insurance. For many years I have been a loyal and punctual customer of yours. Now is the time for me to enjoy my life and instead I am facing the possibility of having my policy cancelled through no fault of my own.

    Mr. Juan M. Chiw is my agent who lives in San Antonio, Texas yet I live in Laredo, Texas. The only time that I met him was when he was named my agent. Mr original agent Mr. Reyes had moved from Laredo. Once I did so I never heard from him again. Is this standard procedure with all of your agents?

    I have received several letters from your company regarding aforementioned policy. Among them a form “Request to Surrender for Net Cash Value” yet you do not mention what the cash value is.

    When this policy was changed to the current plan, your agent, Mr. Chiw had phoned me asking if I was available since he was driving from San Antonio, Texas, specifically to visit with me at the company’s request since the policy had to be changed to another plan. Obviously, this was the first fleecing and now you are requesting more money to keep the policy in force. This second fleecing has cost me in excess of $35, 000.00 in premiums.

    Considering you or your agent’s conduct, I will seek the advice of the State Board of Insurance and/or an attorney to give me some guidance prior to signing any more documents. It is hard to fathom from your report of 2007 where there was in excess of $4, 000.00 in cash value up the present date. Could it be that my age was a factor?

    I regret that all the correspondence I receive from you does not have a single person’s name or a signature. I can only assume these are all form letters where the addressee’s name is fed into the printer, printed, and mailed out. Again, this just proves to me a lack of professionalism on your part. I have had numerous conversations with Gail in regards to other options that are available to me and I have yet to receive a response from her or anyone else for that matter.

    In closing, I am asking you to consider refunding to me a major portion of the premiums that I have paid out to Conseco Life Insurance over the years, with this and the prior policy.


    Alfonso C. del Barrio
    Sent to C. James Prieur, CEO, Edward J. Bonach, EVP & CFO, John R. Klein, SVP & CAO, Steven M Stecher, Pres Conseco Ins Group

  • Al
      1st of Apr, 2010
    0 Votes

    I would like to say, thanks to the reviewers who where previous customers of Conseco Solutions. I'm employed with the State Of Alabama and Conseco Solution was onsite selling there product and tried to pitch me the sales pitch; that if I didn't use my policy over a 20 year period that my money, I paid in would be reimburse and he also encourage me to drop Aflac whom I'm currently with. I took the representive card and his literature and decided to do some detail research. I want to thank everyone on here for not, letting me make a mistake with this company. I work hard for my income and I want my income to work for me. This loser of a company are out to inflate there profits. It just took me viewing the Limitation and Exclusions section of both there Cancer & Heart Policy. TOO MUCH RED TAPE TO GET YOUR ILLNESS PAID. I'M HAPPY I DONE THE RESEARCH NOW, RATHER IN MY HOSPITAL BED.

  • Ks
      2nd of May, 2010
    0 Votes

    Dealing with this company has been the WORST experience of my life. My youngest daughter (age 30) was found dead on 12-21-09 & it has been a nightmare trying to file a claim on the policy that I took out in 1997 (along with 6 other policies on our family including myself). We had to wait for autopsy & tox reports before getting a death certificate issued which was just issued on 4-9-10. I get told different things by every rep that I spoke with by phone & by email. Now since I have filed a claim, the employees that I thought I could count on won't even talk to me now (I am assumming they have been told not to). THIS IS THE BIGGEST NIGHTMARE!!! I will NEVER recommend this company to anyone! I have tried to reach Mr. Prieur CEO of company & get blocked by employees everytime! They pass you around like a bad potatoe over & over again. All reps that I have spoken with re: my claim has said they will settle the claim within 20 calendar days - which was up last Friday 4-30-10 & still NOTHING. I even called Conseco 10 days after sending the death cert to them (I sent it certified retn recpt req'd) to see if there was anything else that was needed. After reps stalling on phone & saying give me a moment to look things over (and all they were doing was reading all the notes on the acct) they would say my claim was being processed & when I pushed them to try & find out if any prob's, they would just keep saying my claim was being processed. Every single rep that I have s/w except for one do not sound like they are from this country. I have a very hard time understanding them. Please - be smarter than me! DO NOT TAKE OUT INS. WITH THIS COMPANY! You will regret it as I do!!

  • Io
      12th of Jul, 2010
    0 Votes

    I have just had a hell of a time with this company and getting my money. I have an annuity from my grandmother, who passed away last year, for over 30k to begin with. It takes sometimes two to three weeks to get a damn check in the mail, whereas other companys take days. Talk about a pain in my [censor], especially when you are expecting or need the money in a jiff. I would never personally take out any type of money arrangement with this company. You suck Conseco!!

  • Ci
      25th of Jul, 2010
    0 Votes

    I also inherited a Conseco annuity from my mother. I called about 6 times to see if I can roll the money over into an inherited IRA. Every time I called I was told something different. I am trying to fill out the claim form but there is no provision in the form for this option so I have to write in what I want to do. I also have to take mom's RMD for this year before the account can be transferred. Consequently this is taking some time to figure all this out and they have been very unhelpful due to the phone support (general 800 number no specialists). Every other annuity company (4 others in all) gave me a personal contact to work through with direct line access.

    After finally setting up the inherited IRA at another institution, I hear from Conseco that if I don't fill out their claim paper work and get it to them by Aug 7 (less than 4 months from my mother's death) they will send the account to abandoned property.

  • Ro
      30th of Jul, 2010
    0 Votes

    My son worked for Bankers Life which is a subsidiary of Conseco Life. He sold a policy and did not receive his commission. I will write to California Insurance board but dout if anything happens. Poisner is running for governor. My son is doomed!!!

  • Sa
      25th of Nov, 2010
    0 Votes

    I had Conseco Life Insurance because a swindler sold it to me via door to door sales.
    Worst decision I ever made! I later shopped all the usual avenues and then ended up getting great help from

    I love the agent there and it only took about 30 seconds to get a quote. I had a policy in about 5 weeks. I'm so grateful somone showed me what a rip-off Conseco life insurance is.

  • Mo
      30th of Jun, 2011
    +1 Votes

    I too am trying to collect on a whole life insurance policy. The date of death was 4 months ago and they are still running around on me. They want this document and then that document and then another document. Every time I comply they say 20 days, and in 20 some days they ask for something else. I am sooo over this place and will now write the insurance commissioner. The customer service is a nightmare and they have to put you on hold for every question you have. Iam very upset.

  • Ml
      3rd of Jan, 2013
    0 Votes

    I have contacted Conseco 6 times since December 12, 2012 for a form to surrender a policy for $923.00. Every agent I have spoken with has a story regarding how the form is late in the mail due to the Christmas Rush. I have called them over and over and have never received the form to surrender the policy. When I call, the agents/customer service wants to sell you another unit of insurance. How can the mail be late from New York to New York when I have received mail the next day from other nearby states? What I plan to do now is write the NYS Dept. of Insurance and file a complaint against them. For a simple $923.00 that I have in a policy from 1995, there should be no problem with a surrender of this policy. Of course, I need the funds or else would not bother surrendering the policy. Also, whenever I write them they tell me that I have an irrevocable beneficiary listed on the policy. Since when are beneficiaries "irrevocable". I always thought when you have a policy, you have the right to change your beneficiary as you like. This Company, as I am reading from your fellow subscribers, is a scam and should be looked into by the proper Attorneys General of your respective states. By Maritza Brown, Brooklyn, NY

  • Jo
      22nd of Apr, 2014
    0 Votes

    When my husband was 46 (he is now 73) we purchased a Life Insurance policy from a so called friend. The company was then United Presidential Life. It's now Conseco. We explained we needed life insurance and he told us we could also use the policy for retirement income. We were told the premiums would be $802.40 yearly for a $100, 000.00 face amount. He reminded us we could use the policy for retirement income as well.
    After paying on this policy for almost 30 years, we get a letter from Conseco saying our policy is now in it's grace period and will expire in June of this year (2014). We call thinking there was a mistake. We were told the cost of insurance had gone up to over $300.00 a month and they used all the interest and cash value and there was nothing left in the policy.
    We were devastated.
    So after paying over $20, 000 thinking we were covered, there is nothing left. If, heaven forbid, something happens to my husband, I'll lose the house as I won't be able to afford the payments.
    My husband is a 70% disabled veteran and is unable to work.
    I'm sick. I have nowhere to turn. Customer service wasn't very nice and couldn't care less.

  • Ka
      20th of Sep, 2017
    0 Votes

    @Joshienana I am going through the same thing when I turned 70. Did you get any help or legal advise?

  • Cu
      23rd of Apr, 2014
    0 Votes

    You know, I am just a consumer just like everyone else, however, I don't know why people are not up in arms about ALL insurance companies! They are all out of control on EVERYTHING, whether it be home, car, life - or any other type of insurance! Maybe if they would stop bonuses and parties and gifts, they could reduce the costs of insurances and let the people have what they have paid for all these years! I don't know where this is going to stop! If you have a policy in writing, it should not matter how much costs have went up for them! That would be their problem!! But a comment in regards to your situation, trust me when I say, you are not alone at all!!! As long as insurance companies are allowed to get away with this crap, the longer it will happen! I am truly sorry to hear what they have done to you. When my youngest daughter passed away at the age of 30, it took me almost 4 months of hounding them a few times a week just to get them to pay up on the policy that I had taken out when she was just a very young child! I will NEVER do business with them anymore on new policies that I may undertake getting! Good luck!!

  • Co
      16th of Sep, 2014
    0 Votes

    I would only hope that someone is sending all of these remarks to the CEO of Conseco, or to the CEO of Bankers Life.. Which is it called now?? Bankers Life always had such a great reputation. Now I wonder,
    I am trying to collect "unclaimed Funds" Already the p, o. box on the form to return is different from the p.o. box in their phone message. When trying to contact the Bankers Life number on the form, someone tells you his mailbox is full.
    I can only imagine how long it is going to take to get these unclaimed funds.

  • Yv
      11th of Mar, 2016
    0 Votes

    My mother is having the same issues with Conseco, they have triple her premiums at 85 years old. Need to start class action lawsuit against this company. This is unacceptable.

  • Ju
      10th of May, 2016
    0 Votes

    My father is going through similar issues with a $200, 000 policy. Basically he only had to make payments until age 60 then they cancelled it at age 70 supposedly for missing payments and will not respond to his requests

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