Re: Re: Conseco...bad risk for consumers

Subject: Re: Re: Re: Conseco...bad risk for consumers

Comments:
: Wow, did u hear the news? : : Conseco, 37 states settle complaint over Lifetrend policy increases : : Florida Insurance Commissioner Kevin McCarty announced the voluntary settlement among 37 jurisdictions and Conseco. : : CNO Financial Group Inc., parent company of Conseco, acknowledged the settlement in a statement June 30. : : The Florida Office of Insurance Regulation led the multi-state effort, working closely with insurance regulators from California, Iowa, Indiana, and Texas, regarding the sale and administration of the Lifetrend policies. Officials began a review after receiving complaints from consumers who had received notices in the fall of 2008 regarding increases in policy costs. : : In a letter to its policyholders, the company said “administrative issues” that prevented it from notifying them previously about any shortfalls that needed to be corrected have been resolved, according to the South Florida Business Journal. The letter, according to the report, provides policyholders with 60 days to fix any shortfall before the policy is put on its Nonforfeiture Provision of Continuation of Insurance. : : Exactly 12,247 Lifetrend policies remain in force, according to McCarty’s statement on the settlement. About 4,300 of the policies are owned by Florida residents. : : The settlement agreement requires Conseco Life and its affiliates – Conseco Insurance Co., Conseco Health Insurance Co., Bankers Life and Casualty Co. and Washington National Insurance Co. – to improve their processes for identifying and correcting administrative system issues. A two-year process improvement monitoring period also was included in the settlement agreement, officials said. : : Conseco will notify consumers of the settlement, beginning mid-July and continuing through the end of the year, and the insurer will establish a dedicated toll-free number for Lifetrend policyowners to call the company with their questions, according to McCarty’s statement. : : Sounds like they may have been overcharging for life insurance. <a href="http://www.deferred.com/die.htm">Do you need life insurance?</a> : : : 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. :

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