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In Reply to: Conseco...bad risk for consumers posted by Glen on July 26, 2010 at 07:19:00:
I did some checking and I think you're right:
Consecos bad faith insurance practices
According to the AAJ report, Conseco has been accused of bad faith insurance practices, such as:
Taking advantage of elderly policyholders. The insurer has been accused of taking advantage of elderly policyholders who cant care for themselves or fight back to receive their valid long term care benefits by delaying and denying claims.
Unethical business practices. Conseco, along with its subsidiaries Penn Life and Bankers Life and Casualty, have been the subject of many consumer complaints regarding their claims handling processes, false advertising and price increases.
In May 2008, the National Association of Insurance Commissioners (NAIC) fined the insurer and its subsidiaries $2.3 millions for its abuses in the long term care insurance business. In addition to the fine, the insurers were ordered to pay $4 million to reimburse policyholders and another $26 million to create a better claims processing system. Failure to do so would subject them to an additional $10 million fine.
FreeAdvice.com survey: 57% of Conseco customers very unsatisfied
According to customer satisfaction ratings on FreeAdvice.com, 57% of Consecos customers are very unsatisfied with the insurer. Heres how survey respondents rated the insurer:
Extremely Satisfied: 21%
Very Satisfied: 0%
Somewhat Satisfied: 0%
Unsatisfied: 21%
Very Unsatisfied: 57%
: I just want to warn consumers about Conseco insurance. They are in financial trouble. If you look at AM Best, they are B- and trending negative. I would never do business with a company who is less than an A or A-. I wouldn't trust they might be there if I need them. They might even make up and excuse to deny your claim.
: There are other companies who are much more stable, financially.