Shopping for life insurance is not the way that you want to spend an evening. I know that nobody wants to sit around and think about his or her death, but you can’t avoid it. Not planning for your passing is one of the worst things that you can do for your loved ones.
When you start looking for the perfect life insurance plan, you can easily feel like you’re drowning in all of the options. There are hundreds of companies that you can choose from and several different types of life insurance policies.
Every insurance company is different. You’ll get different rates, benefits, and policy options depending on the company, and you could spend weeks trying to find the best policy. Luckily, I’ve done some of the dirty work for you. I’ve reviewed dozens of companies and outlined all of the advantages and disadvantages of the companies and the plans that they offer.
This post is going to look at Conseco.com and help you decide if they are the best fit for you and your life insurance needs.
The History of Conseco.com Life Insurance Company
CNO Financial Group was initially incorporated in 1979, and the company started its operations just a few years later in 1982. In 1985, the company went public and changed its name to Conseco, and then, in 2010, the company again changed its name to CNO Financial Group, Inc.
Since its initial inception, Conseco / CNO has grown and expanded considerably, and the company has several insurance and financial related subsidiaries that develop, market, and administer health insurance, life insurance, annuities, and other insurance products. These subsidiaries include the following:
- Bankers Life and Casualty Company
- Colonial Penn Life Insurance Company
- Washington National Insurance Company
Today the company serves more than 4 million customers, who are primarily considered to be in “middle income working America.” The headquarters of CNO / Conseco is in Carmel, Indiana.
Conseco.com Life Insurance Company Review
CNO Financial is ranked as one of the ten largest public companies in the state of Indiana. It currently possesses a market capitalization of approximately $3.5 billion. As of year-end 2016, CNO had roughly $4 billion in revenue and $263 million in operating income.
Over the past four years, CNO has had a total shareholder return of more than 115% – which makes it incredibly strong financially. Given its strong capital position, CNO Financial can withstand both up and down markets.
Conseco / CNO Financial, as well as its subsidiary companies, have earned numerous awards and accolades over the years, such as:
- Ranking second in the 2016 Healthiest 100 Workplaces in America due to its vision, leadership, and comprehensive wellness policies
- Received Well-Being Top Honors for its ongoing commitment to promoting a healthy work environment and encouraging its workers to live more healthy lives
- Received the highest level of recognition by the American Heart Association for being a Fit-Friendly Company
- Bankers Life named as one of the U.S. top 50 performing life-health insurance companies in the 2013 Ward’s 50 – an honor that is typically bestowed to only 50 of the 800 life-health insurers that are analyzed.
- Colonial Penn won the Pega 2012 Customer Experience Award
Insurer Ratings and Better Business Bureau Grade
Because of its strong and stable financial foundation, Conseco / CNO Financial and its subsidiaries have earned very high ratings from the insurer rating agencies. These include the following:
|Subsidiary Claims-Paying / Financial Strength||A.M. Best||Standard & Poor's||Fitch||Moody's|
|Bankers Conseco Life Insurance Company||A- (Stable)||BBB+ (Stable)||BBB+ (Stable)||Baa1 (Stable)|
|Bankers Life and Casualty Company||A- (Stable)||BBB+ (Stable)||BBB+ (Stable)||Baa1 (Stable)|
|Colonial Penn Life Insurance Company||A- (Stable)||BBB+ (Stable)||BBB+ (Stable)||Baa1 (Stable)|
|Washington National Insurance Company||A- (Stable)||BBB+ (Stable)||BBB+ (Stable)||Baa1 (Stable)|
Also, the subsidiaries of CNO Financial / Conseco also have been given top grades from the Better Business Bureau (BBB). For example, Bankers Life has been an accredited company through the Better Business Bureau since August 1, 2013, and the BBB has provided this company with a grade of A+ (which is on an overall grade scale of A+ to F).
Over the past three years, Bankers Life has closed out a total of 112 customer complaints (of which 39 have been closed within the previous 12 months). Of the 112 total, 73 were regarding problems with the company’s product and service. 15 had to do with delivery issues, 12 were concerning billing and collection issues, 11 were related to advertising and sales issues, and one had to do with the company’s guarantee issues.
Colonial Penn Life Insurance Company has an A- rating from the Better Business Bureau. Within the past 36 months, this CNO Financial subsidiary has closed out a total of five customer complaints. Four of these complaints dealt with problems with the products and services, and the other one was regarding billing/collection issues.
Life Insurance Coverage Offered by Conseco.com Life Insurance Company
The subsidiaries of CNO Financial (Conseco) offer a wide variety of life insurance coverage. For example, Bankers Life Insurance Company offers both term and permanent life insurance products. With term life, insureds can choose a pre-determined number of years of coverage, such as 5, 10, or 20. The premiums on these policies will remain level throughout the life of the policy.
Bankers Life also offers both whole life and universal life insurance coverage in its permanent life coverage category. With whole life, the premiums will stay level and will never go up (if they are paid on time). The universal life insurance coverage that is offered by Bankers provides more flexibility regarding premium payment and amount. Both policy categories offer guaranteed cash value in the policies. And, this money may be borrowed or withdrawn by the policy holder for any need that he or she sees fit.
Colonial Penn Life Insurance Company has been offering life insurance coverage for more than 50 years. This Conseco / CNO subsidiary provides both term and permanent protection, too. And, with the company’s guaranteed acceptance life insurance, an applicant is guaranteed to be approved for coverage – and there are no medical exams or health questions required for approval. With these permanent life insurance policies, the premium rate will be locked in, and the plan will start to build up cash value after the first year.
The life insurance plans that can be purchased through Colonial Penn offer coverage of up to $50,000 (for both term and whole life coverage). And, individuals may apply for either a term or a whole life policy up to age 75.
Likewise, Washington Mutual Insurance Company also provides an extensive list of life insurance coverage options to choose from. These also include both term and permanent coverage options.
The term policies from Washington Nation can provide coverage for just a few years, or for many years. The monthly premiums will remain level throughout the life of the policy.
Regarding permanent life insurance coverage, Washington Mutual offers both whole life and indexed universal life insurance plans. Whole life policies offer a choice of having a level benefit (where the policy pays out the face amount and any rider benefits to a named beneficiary upon the insured’s death), or a graded benefit (where the policy will pay out a reduced amount of benefit if the insured’s death occurs for reasons other than an accident within the first two policy years).
With an indexed universal life insurance policy through Washington Mutual, there is a death benefit, as well as a cash value component. The growth of the cash inside the policy will have a return that is based on the performance of an underlying market index (such as the S&P 500). If the index performs well, the policy holder can obtain an excellent return for that period. However, if the underlying index performs poorly in a given year, the return will just be credited as a 0% for that time – which essentially allows the protection of the policy holder’s principal).
The indexed universal life policies at Washington Mutual Insurance Company may also allow the insured to access “living benefits” in certain situations. This means that he or she could access the policy’s death benefit proceeds, while still alive, for expenses that are related to a terminal illness diagnosis and confinement in a nursing home.
Even if you have all your finances in order, there may still be one area that has been left out – and because of that, it could leave those you care about vulnerable to future financial hardship. That is the payment of final expenses.
Today, the average cost of a funeral is between $8,500 and $10,000. This is especially true when you factor in the price of a memorial services, flowers, and transportation, along with other items such as a burial plot and headstone.
Rather than having your loved ones dip into their savings, or worse, put these expenses on credit when the time comes, you could provide them with the financial gift of a burial insurance policy.
Burial insurance is a type of life insurance that is specifically designed for paying one’s final expenses. Also, often referred to as funeral insurance or final expense insurance, these plans will typically have a benefit amount of between $5,000 and $25,000.
In some cases, an insured will add an amount of coverage so that other unanticipated expenses may also be covered, such as hospice care and end of life hospitalization that is not included in a regular medical insurance policy.
When you are seeking the best burial insurance policy for your needs, several factors should be considered. These include the type and amount of coverage, as well as the insurance carrier that you plan to purchase the coverage through. In this case, you will ideally want the company to be secure and stable financially, and to have a good reputation for paying out its policy holders’ claims. One insurer that meets these criteria is Conseco.
Other Products and Services Offered
In addition to life insurance protection, the Conseco / CNO Financial subsidiary companies also offer additional financial and insurance related products. These include the following:
- Medicare Supplement Insurance (the company offers several of the ten Medicare Supplement insurance plans)
- Retirement Annuities (these products can provide a way to save money in a tax deferred fashion, and they can also provide a guaranteed lifetime income stream in the future)
- Long Term Care Insurance (most long-term care insurance policies will pay out benefits if the insured is receiving qualified care in a facility or their own home)
Washington National Insurance Company
Washington National Insurance Company also offers a variety of different products. These include:
- Health Insurance
- Workplace Benefits (including term and universal life insurance, hospitalization and ICU coverage, cancer and critical illness insurance, and accident and disability coverage
How to Get the Best Premium Rate on Life Insurance Coverage
If you are seeking the best premium rate on life insurance coverage through the subsidiary companies of Conseco / CNO Financial – or from any insurance carrier – it is recommended that you work with an independent life insurance agency or brokerage. That way, you will be more easily able to compare numerous policy options side-by-side in an unbiased manner. You will then be able to determine which of the policies – and the premium prices – work the best for you, and for your budget.
When you are ready to start comparing the best life insurance coverage for your needs, we can help. We are an independent life insurance broker, and we work with many of the top life insurance providers in the market place today. We can assist you with getting all of the information that you need for making a well-informed buying decision. And, you won’t have to meet in person with a life insurance agent. If you are ready to begin the process, then just simply fill out our short quote form.
We understand how overwhelming it may seem when you are looking for the right life insurance protection. There are many different variables to consider – and you want to make sure that you are choosing the right policy – and the right insurance company – for your specific needs.
But the good news is that you don’t have to go through this process alone. Working with an expert can put you back in control. So, contact us today – we’re here to help.