Conseco Insurance

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Mary of Southfield, MI December 23, 2008

Mary of Southfield MI (12/23/08)
I obtained a whole life policy from Mass. Life Ins.12 years ago and paid a great deal of money. Mass. Life Ins. was brought by Conseco Life Insurance. This policy has reached a point where it can no longer be maintained under optional premium payment provision.I should not have to pay on this policy, however they want 5,000 dollars by Jan 4, 2009 or the policy will be placed in nonforfeiture. I have been given limited information on the new laws and not enough time to figure out the solution.

5,000 dollars is a great deal of money to invest in a company that has used my money and now wants me to send more.

Mike of Mesquite, TX December 7, 2008

Mike of Mesquite TX (12/07/08)
In 1994 I purchased a Conseco Life Insurance policy (at that time known as Massachusetts General Life) for 176,266. Since then, I have paid 20,000 on the policy. Beginning in 2001 I was told that the policy would pay for itself on the interest accumulated. In October 2008 I received a letter from Conseco saying that Due to administration issues related to my policy?, I have not been informed that my policy is under funded?. They further state that additional premiums are required. They informed me that my policy is underfunded by 7,400 and that I must pay them in 60 days in order for my policy to continue in the manner agreed upon in 1994. In addition, I must begin making premium payments beginning in January of 2009 in the amount of 99.60 per month for the rest of my life in order for this policy to remain in effect.

Extreme financial hardship meeting unexpected demands that this company has now made which were not part of the policy I agreed to in 1994

Juanita of Pensacola, FL November 13, 2008

Juanita of Pensacola FL (11/13/08)
I purchased life insurance in 1978 from Conseco (then Philadelphia Life Insurance Company) for myself and my family, through my employer. On October 30, 2008, I received information by mail from Conseco that my policies no longer meet the OPPP requirements and were Under Funded. The amount need to meet the shortfall of these policies is about 7500. I have 60 days to pay this amount. I am in no position to pay this amount or replace these policies. I am 69 years of age and retired. I have no other life insurance and buying insurance at my present age may not be feasible. Any help regarding this situation will be highly appreciated.

Sandra of Stone Mountain, GA October 30, 2008

Sandra of Stone Mountain GA (10/30/08)
I purchased a whole life policy for 100,000 from Conseco (then Massachusetts General) in January, 1997, through my employer, Dekalb County School System. I paid 10,000 in premiums over the next five years. I was told I would not have to pay further premiums. I have now received notice from Conseco saying that in order to keep my policy active, I need to pay 11,684.50. Evidently, my premiums have been paid under the Optional Premium Payment Provision (OPPP) in which premiums are paid from an accumulation account.

Conseco states that my policy no longer meets the OPPP requirments and is Under Funded, even though there is supposedly 10,139.89 in my accumulation account. According to the Policyholder Services department, I have two options: pay the shortfall of ll,684.50 OR pay a flexible monthly payment of 87.24 for the rest of my life under a Non-Forfeiture provision. They say I have not been previously informed that my policy is Under Funded and that additional premiums are due because of administration issues related to my policy. Therefore this whole thing is a big shock to me. I have sixty days to make the shortfall payment.

I am now 62 years of age and retired. As I have watched my retirement savings dwindle in this unstable economy, I am in no position to come up with 11,000 on such short notice. I have no other life insurance and buying now at my current age would probably not be feasible. Plus, this sounds like a scam to me. It just doesn't make total sense. Any help or clarification regarding this situation would be greatly appreciated.

Clarence of Hope, KS August 24, 2008

Clarence of Hope KS (08/24/08)
Have been trying for several weeks to resolve 3 cancer insurance claims. These claims are for my deceased sister-in-law and I am assisting her spouse (82 years old )in the processing. They are constantly requesting additional info and once you submit the info you don't hear from them again. They have only paid approximately one third of the amount that is due. Is there anyone at the Executive level that I can request assistance in resolving this problem. Conseco claims department personnel are not helpful at all. I really don't understand how this company can stay in business operating in this manner.

The beneficary (spouse) is so aggrevated with this problem, he is ready to give up and let them treat him as they do other elderly people. I think they have taken advantage of him and will not pay what is due.

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