Headquarters: Indianapolis, IN
Profits: $179.9 million
Assets: $33.5 billion
- By targeting the elderly, Conseco uses their vulnerability as an advantage by delaying and denying valid claims until the policyholder gives up or dies.
- Conseco, Bankers, and Penn Life have had numerous complaints filed with state regulators over long-term care insurance, particularly in regard to claims handling, price increases, and advertising methods.
- In 2002, the company was $6.5 billion in debt and was forced into bankruptcy.
- Former CEO was sued for more than $250 million over company-backed loans and debt, and two other Conseco executives were also sued for fraud.
- In 2006 an adjustor admitted that company policy forbade her from calling physicians or nursing homes to request paperwork before denying claims.
- Another Conseco employee was told to withhold payment on claims until the policyholder submitted documents that weren’t required under the terms of the policy.
- The National Association of Insurance had to broker a settlement between Conseco and 39 states including the District of Columbia because of abuse claims in its long-term care business.