Conseco Ranked One of Ten Worst Insurance Companies in America

UPDATED: Jul 12, 2023Fact Checked

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Jeffrey Johnson

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Jeffrey Johnson is a legal writer with a focus on personal injury. He has worked on personal injury and sovereign immunity litigation in addition to experience in family, estate, and criminal law. He earned a J.D. from the University of Baltimore and has worked in legal offices and non-profits in Maryland, Texas, and North Carolina. He has also earned an MFA in screenwriting from Chapman Univer...

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UPDATED: Jul 12, 2023

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UPDATED: Jul 12, 2023Fact Checked

Conseco, the Indiana-based long term care insurer, was ranked one of the ten worst insurance companies in America by the American Association for Justice (AAJ) for its denial and delay of long term care claim payments. To learn more about the AAJ report which names the ten worst insurance companies in America, click here.

Conseco’s 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 can’t 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 Conseco’s customers are very unsatisfied with the insurer. Here’s how survey respondents rated the insurer:

Extremely Satisfied: 21%
Very Satisfied: 0%
Somewhat Satisfied: 0%
Unsatisfied: 21%
Very Unsatisfied: 57%

Customers posted the following comments about Conseco on the website:

  • Conseco Insurance Company [is] a nightmare to deal with. [They] will do anything to keep from paying a claim. The longer they can drag it all out, they will. [I] have already filed 2 complaints with the State Insurance Commissioner in NC against them and need to file more.
  • Three family members owned a life insurance policy on our father. Delay tactics have drawn out payment over two months already. Stay away from these guys. [They] will give you the long-term run-a-round for as long as possible before paying a cent!
  • Do not buy any insurance from this company. I have had a policy since 1988. Now I am filing a claim and have had constant frustration over the whole process. The claims dept relies on confusion in hopes that you will give up on the claim. Every time you call to inquire about your claim status, they will tell you different information about your claim. There is no way to collect on a claim because they never complete the process. They just keep putting you off in hopes that you will give up. NEVER DO BUSINESS WITH THIS COMPANY.

If Conseco has denied or delayed your valid claim, it may have acted in bad faith. Contact an attorney whose practice focuses in this area of the law. Consultations are free, without obligation and strictly confidential.

Case Studies: Conseco Ranked One of Ten Worst Insurance Companies in America

Case Study 1: Denied Long-Term Care Insurance Claim

John, a retired individual, had a long-term care insurance policy with Conseco Life Insurance Company. When he needed to file a claim for his long-term care expenses, the insurer denied his claim, citing various reasons. With the help of a dedicated attorney specializing in bad faith insurance practices, John challenged the denial and successfully obtained the coverage he was entitled to, ensuring financial security for his long-term care needs.

Case Study 2: Settlement With Conseco Life Insurance

Sarah, another policyholder of Conseco Life Insurance Company, was affected by alleged bad faith insurance practices related to her life insurance policy. Along with other policyholders, Sarah joined a legal action against Conseco. The resulting settlement, worth millions of dollars, provided compensation to the affected policyholders and imposed penalties on the insurer. Sarah’s participation in the settlement helped hold the company accountable and ensured fair treatment for policyholders.

Case Study 3: Unsatisfactory Experience with Conseco

Mark, a customer of Conseco Life Insurance Company, expressed his dissatisfaction with the insurer’s practices. Like many others, Mark experienced delays and denials in his claims, which led to frustration and financial setbacks. A survey conducted by FreeAdvice.com revealed that a significant portion of Conseco’s customers, including Mark, were very unsatisfied with the insurer’s services. These customer experiences highlight the importance of seeking legal help and understanding one’s rights when dealing with insurance companies.

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Jeffrey Johnson

Insurance Lawyer

Jeffrey Johnson is a legal writer with a focus on personal injury. He has worked on personal injury and sovereign immunity litigation in addition to experience in family, estate, and criminal law. He earned a J.D. from the University of Baltimore and has worked in legal offices and non-profits in Maryland, Texas, and North Carolina. He has also earned an MFA in screenwriting from Chapman Univer...

Insurance Lawyer

Mary Martin

Published Legal Expert

Mary Martin has been a legal writer and editor for over 20 years, responsible for ensuring that content is straightforward, correct, and helpful for the consumer. In addition, she worked on writing monthly newsletter columns for media, lawyers, and consumers. Ms. Martin also has experience with internal staff and HR operations. Mary was employed for almost 30 years by the nationwide legal publi...

Published Legal Expert

Editorial Guidelines: We are a free online resource for anyone interested in learning more about legal topics and insurance. Our goal is to be an objective, third-party resource for everything legal and insurance related. We update our site regularly, and all content is reviewed by experts.

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