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Through its subsidiaries, CNO Financial sells life insurance, supplemental health insurance and extended benefits coverage. The company also has a subsidiary devoted to providing investment advice for retirees and individuals on fixed incomes.
The target market of all Conseco products are middle-income retirees. As the Baby Boom generation moves into retirement, CNO Financial Group expects its customer base to grow accordingly. Its various subsidiaries distribute their policies through independent agencies, the company’s website and direct mailings to targeted customers.
Conseco Insurance Products
CNO Financial Group has several subsidiaries that offer different products to its customers. The Bankers Insurance subsidiary provides life and casualty insurance to retirees. Products include life insurance, long-term care insurance and Medicare supplements.
Colonial Penn Life Insurance is a direct-sales company providing life insurance to its customers. Washington National Insurance Company offers annuities, life insurance, extended benefits coverage, accident insurance and Medicare supplemental. Through its Conseco brand, CNO Financial also offers health insurance products. Policies are offered through employers or directly to interested consumers.
Finally, the company’s 40|86 Advisors branch offers financial advice for retirees. This investment advice is geared toward individuals on a fixed income and covers a range of financial products from bonds and securities to mortgages and loans.
Conseco Consumer Complaints
Conseco Insurance is not accredited with the Better Business Bureau. It is however listed on the BBB website with an A+ rating. In the past three years, only 34 complaints have been made against the company – twelve of which have been closed within the past 12 months. Of the complaints listed on the BBB website, the vast majority have been made against the company’s products or services; a smaller number of complaints are made against the company’s billing or collections department.
Common customer complaints include issues with lapsed policies, claim denials and rate increases. Conseco does have a slightly lower consumer rating than other similar companies of the same size.
Conseco Financial Rating
A.M. Best Rating A-
Fitch Rating BBB+
S & P Rating – BBB+
For a list of companies that we recommend, visit our Best Insurance Companies page.
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Review Information
I am a former insurance agent and banker turned consumer advocate. My priority is to help educate individuals and families about the different types of insurance they need, and assist them in finding the best place to get it.
Phillip Stark says
I have had,and continue to have the most horrible experience with conseco life insurance company. They are slow , and do nothing through email, only using standard us postal service. On the phone, the representatives are not only unhelpful, they do everything they can to not answer questions, and volunteer nothing to help you. It’s as if they don’t understand English! They put you on hold and will not get you a supervisor when requested. After submitting a claim after my wife passed, it had been three months with no resolution. Every, 3 weeks or so, they mail a packet saying my claim is incomplete and I need to fill it out agin. Yet two months ago , I was told it was complete, only to receive another form telling me I needed to fill it out again. The term ” in process ” is what they say. I asked what the term ” in process” means,” can I get a timeline?”the answer was “your claim is in process”. The reps won’t tell you their names. I get the feeling that this is purposeful manipulation on their part. They hold back payment. I’m betting they frequently get away with not paying at all. Who can I go to ? They simply will state they won’t talk to anyone who isn’t the primary policy holder, which is me, yet they simply divert and avoid any line of questioning I attempt..this behavior is criminal in my mind.
Jayne Belknap says
My siblings and I have had the very same problems with this company as listed above. They do not know what is going on, they give you the wrong information or tell you wrong information, your claim is always “in process”. My sister was the last one to receive her check and they claimed it was lost in the mail. After a month of trying to get them to “process” the check it was supposedly lost in the mail. So that took another month. The workers are very incompetent or it is pure diversion tactics. Because of Conseco’s history of paying claims it is hard not to believe it is only diversionary tactics. They need to be shut down, they’ve been sued and fined and it has done nothing to change their behavior.
Teresa says
I have never been with an insurance company who is so SLOW and incompetent. I have had an insurance policy on my mother for years. She just recently passed (August 24) and here it is Oct.19 and I still can’t get my check. They keep giving me the run around that its in process. I completed the claim forms, apparently there was information missing. I spoke with someone and she said it in progress, never telling me there was information missing. I called a week later and was told it was in process but she went further and said they sent you another form because there was information missing. I was able to complete it with the young lady on the phone and fax it the same day. Week later, today and I am holding on the phone and they are still say its in progress. This is crazy, I have bills to pay. I asked for a high level supervisor to call me that never happen. I can’t believe a company like this would behave this way. I am already dealing with my moms passing and to deal with a company that was happy to take my money and would cancel if I was late, this is ridiculous. I keep getting passed around to different people over and over again.
rodney reed says
i have a flexible premium life to age 100 taken out over 25 years ago. it was sold with illustration that as long as the premium was paid insurance would stay in force. All of a sudden the excess cash is gone, this year i received notice that additional $776. and the $816. was needed to keep insurance in force. This was paid along with request as to what premium needed to be increased to. The premiums have been deducted from my checking account on a monthly basis for over 25 years. I received nothing in response as to premium increase. Now last month and this month they did not draft my payment. It seems now they want to increase my payment from $98 per month too over $1000 per month. It’s obvious they seemly want this policy too lapse now that they are close too having to pay the benefit. This company is a disgrace to the insurance industry. Seriously thinking of looking into a class action lawsuit. Has any one else had this problem with them?
Brenda Frantz says
I have had the same exact problem. My life policy with Conseco in Pennsylvania was bought out by Conseco out of Georgia. Ever since then, my invoices have been incorrect. Despite sending numerous copies indicating payment of my premium by my bank, the bill still goes uncorrected. I have yet to receive an invoice for December even though I went ahead and mailed the payment with the correct invoice and policy numbers. It is January and almost time for another billing invoice. Despite numerous calls…..there has been no change. I am thinking they want me to stop my policy that I have paid on for years, because of my age and the likelihood that they will have to pay up in the event of my death. I would be willing to go class action suit if others do!
Michele says
Same issue here. I had a life insurance policy for the last 27 years. Premiums taken out monthly. I received a letter stating my policy was going into a grace period unless I come up $1100.00. I called and was told my premiums had gone up years prior and was cash value was totally depleted.I was never informed of the rate increase and had not received any annual statements for years. (Out of sight, out of mind).Now at age 59 good like finding an affordable policy. Ripped off for 35k, not counting what the cash value was. DO NOT DO BUSINESS WITH THIS COMPANY
Kim Jackson says
My parents are having the same kind of problems. Called numerous times…always chaos. Did you ever look into a class action suit? My parents would be happy to do this too.
Robert Richards says
In 1988-89 I ask for a single up front premium life policy. They gave me something different and sent agents to my home trying to tell me what they gave me would be the same as a single premium policy. After 5 years of my insisting they gave me a written statement from a company vice president THERE WOULD NEVER BE MORE PREMIUMS REQUIRED IF I PAID AN ADDITIONAL $304.64. I PAID AND THEY CASHED MY CHECK.
Then in about 2008 they send a letter telling me I had three option for my policy. 1. start making payments of about $5000 a year. 2. Let the policy consume itself which would be about 3 years, 3. Take a lump sum of a little over what my first payment had been. INTEREST WAS IN THE TWO DIGETS IN THOSE YEARS AS HIGH AS18%.
With no option on my part I had to take the money thinking I could make them see they had made a comment to me for the face value of the policy. As of this date ALL THEY WILL DO IS MAKE MORE LIES and say the letter I received from the vice president did not mean what it says. I quote in part some of the letter “I have enclosed the illustration I mentioned to you which outlines how your policy will perform once on a vanish status. As we discussed, once the initial five premiums are paid, there is sufficient value to maintain the contract to age 100 without additional premium.” continuing “Presently we are still in need of the remaining $304.64 to complete your final fifth payment to put the policy in a vanish status.”
I paid the $304.64 thinking it was finally over and I was covered with life insurance.
I have been in contact for several years now and CONSECO does nothing but give more lies. Conseco can not be trusted and their word means nothing. THEY ARE TRYING TO ROB PEOPLE AND PLACE A HARDSHIP ON PEOPLE WHO TRUSTED THEM!
Donna says
This is the worst life ins.company ever.I have paid my premiums for over 21 yrs.and now they have triple in price.I can not afford it now,I will loose thousands of dollars and I guess there is nothing I can do about this.I do not no what I can do about this.