Report: #894605

Complaint Review: conseco life

  • Submitted: Fri, June 08, 2012
  • Updated: Fri, June 08, 2012
  • Reported By: OFLarry — Arlington Texas United States of America
  • conseco life
    11825 North Pennsylvania
    Carmel, Indiana
    United States of America

conseco life Ripoff life insurance payments from customers Carmel, Indiana

*Consumer Comment: Premium delays to cause termination of policy

Show customers why they should trust your business over your competitors...

I too have been ripped by conseco. I paid premiums for 35 years and now the universal life policy is no longer in force. Their reasoning stems from the fact that they were ripped off when they bought out the previous policy company and now they dont have funds to pay off unless the premiums are increased. Well I agree they deserve all that will come back on them. "What goes around, comes around" Shame to all the people who are employees for this bogus outfit and the horse they rode in on!!!
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#1 Consumer Comment

Premium delays to cause termination of policy

AUTHOR: trustbutverify - ()

My wife and I signed up for this policy in 1998. We were 38 years of age at the time. We made large after tax payments to this investment instrument for one year only to find out that all of it (24,000.00) went to cost of insurance and misc fees. We were horrified that we lost all of that money but there was a life insurance policy attached to this so we began funding just that aspect of this instrument. We have been paying this premium up until now with no real problems untill the last year or so. We stopped geting premum notices and started getting 60 day grace period notices? We would pay the premium and the check would clear our bank before the policy was scheduled to laps. We would then recieve a letter stating that our premium was paid after the laps date and we were no longer covered. We would then have to send them a copy of our check showing they cashed it long before the laps of the policy. They would then reinstate the policy. This is now the norm with trying to keep our ploicy active. They now hold the check until 1 day before laps and then post it 2 days after laps. We now have to send our payments by overnight fed ex or return reciept in order to keep them from lapsing our policies. This has been going on for over a year. I am not sure what is going on with this company but I can bet that if we ever have to file a claim they will reject it! Sorry you have had issues with this company. I know how frustrating it is to deal with these folks!

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