A class action lawsuit filed against Conseco Life Insurance Co. alleged that the insurer forced clients to pay higher premiums on some universal life policies or surrender them for cash to burnish the parent company's finances. Conseco filed for bankruptcy protection in December 2002, when its plans to expand from insurance into a range of financial services collapsed from a huge debt load. Conseco emerged from Chapter 11 protection in September 2003. A tentative settlement against its life insurance division has been reached and Indianapolis-based Conseco has agreed to pay $100.3 million. (Aug-01-06)
[FORT WAYNE NEWS SENTINEL]
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Reader Comments
Posted by
Mattie Lindsey
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Mattie Lindsey
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I just received a letter from Wilcox aka on conseco life insurance company informing me the 100,000 life insurance policy I had on my husband for over years had lapsed due to the increase in policy and it had decreased my cash value that was helping to pay for my rapidly increase premium and that I could file for a reinstatement which was guaranteed and that the money don't have no value
Posted by
Sheryl McKinnon
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Sheryl McKinnon
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i received a check for $50 for the settlement payout. It is written to Precision Fitness SEP Plan and not just precision Fitness. How do I get a different check and able to roll it into current 401k without tax penalty?
Posted by
Teresa Jones
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Teresa Jones
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I got a letter from Conseco yesterday that my policy of over 20 years has lapsed since I failed to call and approve a rate increase. I was told they will send out reinstatement paperwork but it must be approved.
Posted by
Lauren lewis
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Lauren lewis
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Conseco has informed me I am no longer entitled to my Return of Premium because they changed my premium $0.40 and that my continuous payment agreed to the new terms and new policy (one that they've never sent out??). Any one have any advice? Please contact me 770-596-7100. Looking at taking legal action.
Posted by
James S Sullivan
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James S Sullivan
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II am apolicy holder of Conseco policy #EM 3807 and require acopy of said plicy.I am in receipt of a letter from Conseco or Transport concerning a non forfeiture of $18,480 dollars.
