Conseco Ranked One of Ten Worst Insurance Companies in America
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%
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.