Last updated June 15, 2009
Conseco’s mission is to be a leading provider of financial security for life, health and retirement needs of middle market Americans. Headquartered in suburban Indianapolis, Indiana, its companies provide supplemental health insurance, life insurance and annuities. Conseco is a Fortune 1000 company, with more than $4 billion in annual revenues. Its common stock is traded on the New York Stock Exchange under the symbol “CNO.”
Conseco was incorporated in 1979, began insurance operations in 1982 and became a public company in 1985. In 1986, Conseco acquired Lincoln Income Life Insurance for $29 per share or $32.3 mil.
In 1998, Conseco purchased the former Greentree Financial, one of the largest financiers of mobile homes, in an attempt to diversify into consumer financial services. That attempt ended with the divestiture of GreenTree in 2003 and Conseco is now solely focused on the insurance industry.
Conseco offers four different kinds of life insurance. These are term-life, whole life, universal life and indexed universal life. Term-life insurance covers the insured for a set period of time, such as 10, 15, 20 or 30 years. If the insured dies during that period, his beneficiary receives a death benefit. If he lives beyond that period, he may continue with the policy, but his premiums will generally increase. Whole life insurance covers the insured for his entire life. The premiums are guaranteed to stay the same for the length of the policy. The policy also accumulates a cash value that the insured can access when he needs it. Universal life insurance is a permanent type that is flexible and builds cash value. The flexibility allows the insured to vary the amount of premium he pays and to change the death benefit. Indexed universal life insurance is a permanent type with cash value tied into the market. It offers all the benefits of universal life with accumulation values tied to the S&P 500 Index. With indexed universal life, the insured can reap the rewards of stock market type gains, but he is also protected in case of stock market loses with Conseco’s minimum guaranteed interest rates.
Contact Conseco Life at:
Conseco Life Insurance Company
P. O. Box 1961
Carmel, IN 46082-1911
Telephone: (800) 525-7662
Sources: “About Conseco,” Conseco web site, 2009; “Life Insurance,” Conseco web site, 2009; “Contact Us,” Conseco web site, 2009; “Conseco,” Wikipedia, May 2009; “Conseco Life Insurance Company ,” A.M. Best web site, March 2009