Mike’s Life Insurance Advice

Conseco is being investigated for

A Conseco Inc. (CNO) unit requested a hearing after a Florida state agency threatened to suspend or revoke its license because of allegations of mismanagement and misleading consumers.

Conseco Life Insurance Co. said it and the state have agreed to discuss issues related to a group of universal life insurance policies issued in Florida – obviously they need more life insurance advice;p

The company previously said it brought a problem regarding those policies to the attention of regulators after an administrative issue at Conseco meant that some policyholders paid lower or no premiums for several years because they didn’t receive notice that additional premiums were due.

The Florida Office of Insurance Regulation had accused Conseco Life of misleading consumers about the funding of its policies and of withholding important information from the agency. The agency said that since 2006, Conseco Life issued annual statements to policyholders that failed to indicate their Lifetrend policies were underfunded.