UPDATED: Mar 18, 2020
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About Conseco Insurance
Conseco Insurance Company is headquartered in Carmel, Indiana and is a part of Fortune 500 company CNO Financial, which previously operated under the Conseco name.
The Conseco Insurance website is still in operation with limited functions but states that the company has been merged into Washington National Insurance. Existing policyholders can still be assisted through the old website, but all new business appears to go through the Washington National site. The only further information we could locate on the merger indicates that it took place in 2009.
Currently, the Conseco website provides an access point for existing customers to their policies, and there is no sign that the company plans to stop servicing those policies or transfer them into the new name. Those in search of a new policy are directed to the Washington National Insurance website.
Washington National has been in business since 1911 and has its headquarters in the same shared location as Conseco. Products are sold through independent agents and are available for individuals as well as for employers seeking to provide voluntary benefits.
Since there is no listing of new products on the Conseco website, we will focus on the Washington National product lineup. Some of these products are only available as voluntary workplace benefits, while others can be purchased by individuals.
Three types of life insurance are available: term life insurance, whole life insurance, and indexed universal life insurance. Further details are not provided for any of these, only a brief overview of the type of policy. There are brochures available in PDF form, but again these only give general information on the policies.
All of the life insurance plans appear to be available for purchase directly, and not only as workplace benefits. Both term and universal life can be selected by employers as voluntary benefits.
There are three different supplemental health plans offered, although again the information offered is limited.
The Accident and Disability plan provides benefits for a variety of injuries and can also include a sickness disability benefit rider that provides coverage for illness as well as injury. This plan is only offered through workplace benefits.
Cancer and Critical Illness coverage appears to be available individually and provides benefits for treatment and care related to cancer or a list of specified critical illnesses. This policy pays out a lump sum benefit that can be used for any expenses at the insured’s discretion. This plan is available individually and as an employee benefit.
Hospitalization and ICU is the third product listed. This plan is designed to help cover the out of pocket expenses incurred during a stay in the hospital or ICU. Again, the plan appears to be offered to individuals directly and not only as a workplace benefit.
Rate information is not provided on the Washington National website. The site does offer assistance with finding an agent locally, through which further plan information and rate quotes can be obtained.
As a general rule, individual policies will be more expensive than those offered as voluntary benefits. Group policies have lower premiums per person due to the nature of the plan, which is why they are seen as a workplace benefit.
The Conseco website directs policyholders to the Washington Mutual site for claim forms and information, which indicates that although existing policies are still serviced under the Conseco name, claims are being handled by the merged company.
Forms for all of the products are available on the website, and a selection these can be filled out online. There does not appear to be a direct claims phone number, although there is a general toll-free customer service line.
Some claims information can be found in the FAQ section of the policyholder section of the website. This is separate from the main website, which has another FAQ section entirely. This makes finding claim information a little more difficult than it should be.
Overall, the claim information is limited and a bit difficult to locate.
Ratings and Consumer Reviews
Conseco Insurance Company is not rated by the Better Business Bureau (BBB), but Washington National is, with an A+ rating. There are 46 complaints on file in the past three years. 20 customer reviews have been left on the page for an overall one-star rating. The complaints cite problems with billing and claims issues. For a company of this size, the complaint volume is low. The company has responded to each of the reviews.
We were unable to find much else in terms of reviews for either company, although Consumer Affairs does have a page for reviews of Conseco Life Insurance under the CNO Financial name. It is difficult, due to the mergers and name changes, to determine whether these reviews apply to policies with the merged company under the Washington National name. CNO Financial sold off Conseco Life Insurance Company in 2014.
The Bottom Line
Conseco Insurance Company no longer exists as an independent entity and does not write new business. Washington National, which has absorbed the company, has a good reputation, but a somewhat confusing website that provides limited and mainly generic information about their products. Those in search of a straightforward and simple insurance purchasing experience may want to shop or at least compare their options elsewhere.
For a list of companies that we recommend, visit our Best Insurance Companies page.