Conseco (NYSE: CNO), originally Security Life of Indiana, is a financial services organization based in Carmel, Indiana. Conseco's insurance subsidiaries provide life insurance, annuity and supplemental health insurance products to more than 4 million customers in the United States. These products are distributed through independent agents, career agents and direct to customers through television advertising and direct mail.
Conseco is currently ranked 503 on the Fortune 1000 with 2007 revenues of $4.5 billion.
In 1986 Conseco acquired Lincoln Income Life Insurance Company for $29 per share or $32.3 mil. Shearson Lehman Brothers advised Lincoln Income Life Insurance. Earlier, in mid 1985, Lincoln had agreed to be acquired by I.C.H.[1] for $31 per share in cash but the merger couldn't be consummated as the Kentucky Department of Insurance raised objections to certain expenses which Lincoln would have incurred in the merger. Lincoln also received a merger proposal from Redgate in 1985. Satisfied with its recipe for acquiring and improving insurance companies, Conseco stepped up its acquisition efforts in 1986. It purchased Bankers National Life Insurance Company for $118 million, respectively.
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. Conseco (though not its subsidiary insurance companies) entered Chapter 11 reorganization in 2002 and emerged nine months later in 2003. In the process of reorganization, GreenTree was divested and Conseco is now solely focused on the insurance industry.
Retention
Medical Options
The ConsecoCare Options Plan offers four medical options, all of which provide the flexibility to use providers both
“inside” and “outside” the provider network. In-network preventive care services are covered at 100% by the Plan,
regardless of the medical option chosen by the associate.
The HRA Core and HRA Buy-up options - include a Health Reimbursement Account (HRA) that consists of a
healthcare fund provided by Conseco (that is used to help pay for covered medical services), paired with a health
plan that uses a combination of deductible and co-insurance.
The HSA option pairs a Health Savings Account (that can be funded by the associate with pretax dollars to be
used for healthcare expenses) with a medical plan that uses a combination of deductible and a co-insurance.
The Standard option also uses a combination of deductibles and coinsurance, but there is no account fund
associated with this plan.
Out-of-network services for these 3 options include a lower level of benefit and may require associates to submit
their own claims for reimbursement.
All medical options offer a prescription drug benefit.
Dental Options
Associates have three dental options depending on their home/work Zip code. All three plans provide benefits for
preventive and restorative services.
Vision Care
Conseco offers an optional, associate-paid vision benefit that provides an affordable way to maintain good health
through proper vision care. The vision plan provides a nationwide eye-care network including private practice and
retail providers.
Flexible Spending Accounts (FSAs)
Flexible Spending Accounts (FSAs) allow associates to put aside pretax money for eligible health care and
dependent care expenses. Eligible expenses for reimbursement from the health care FSA include deductibles, coinsurance,
eyeglasses and dental expenses.
Eligible dependent care expenses include the cost of day care for children and the cost of care for an elderly
parent when they are necessary, so that the associate and spouse can work.
Employee Assistance Program (EAP)
Associates and their dependents have the opportunity to receive free confidential, professional counseling services
for a number of issues, including marital and family problems, alcohol/drug dependence, depression, stress,
financial difficulties and emotional problems. This is a company-paid benefit.
FINANCIAL
Wellness Activities
Conseco is committed to offering and supporting activities that promote healthy lifestyles for its associates through
health screenings, on-site education programs and continuous communications. Associate discounts are also
available for fitness memberships, weight-loss programs, and other wellness services.
benefits provided for in Section 4 hereof. If such termination occurs
in any other circumstance (such as death, voluntary termination by
Employee [other than for Good Reason] or termination by the Company for
cause) prior to the Retention Date, Employee shall be entitled to
receive the benefits provided for in Section 2(c) hereof.
(b) If Employee terminates Employee's employment for Good Reason
prior to the Retention Date, Employee shall, upon such termination of
employment, be entitled to receive the benefits provided in Section 4
hereof. If such termination occurs in any other circumstance, Employee
shall be entitled to receive the benefits provided for in Section 2(c)
hereof. Employee shall evidence a voluntary termination for Good Reason
by written notice to the Company setting forth in reasonable detail the
facts and circumstances claimed by Employee to constitute Good Reason.
Such notice shall be effective on the date it is given by Employee.
(c) In the circumstance described in the third sentence of Section
2(a) or the second sentence of Section 2(b), the Company shall pay to
Employee (x) the full base salary earned by Employee and unpaid through
the date that the termination of Employee's employment becomes
effective, at the rate in effect at the time written notice of
termination (voluntary or involuntary) was given and
any amount
earned by Employee as a bonus with respect to the 1998 fiscal year of
the Company, if such bonus has not been paid to Employee prior to such
termination.
3. Continued Employment. If Employee is employed by the Company on the Retention Date, the Company shall pay Employee the Retention Payment on the Retention Date.
Conseco is currently ranked 503 on the Fortune 1000 with 2007 revenues of $4.5 billion.
In 1986 Conseco acquired Lincoln Income Life Insurance Company for $29 per share or $32.3 mil. Shearson Lehman Brothers advised Lincoln Income Life Insurance. Earlier, in mid 1985, Lincoln had agreed to be acquired by I.C.H.[1] for $31 per share in cash but the merger couldn't be consummated as the Kentucky Department of Insurance raised objections to certain expenses which Lincoln would have incurred in the merger. Lincoln also received a merger proposal from Redgate in 1985. Satisfied with its recipe for acquiring and improving insurance companies, Conseco stepped up its acquisition efforts in 1986. It purchased Bankers National Life Insurance Company for $118 million, respectively.
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. Conseco (though not its subsidiary insurance companies) entered Chapter 11 reorganization in 2002 and emerged nine months later in 2003. In the process of reorganization, GreenTree was divested and Conseco is now solely focused on the insurance industry.
Retention
Medical Options
The ConsecoCare Options Plan offers four medical options, all of which provide the flexibility to use providers both
“inside” and “outside” the provider network. In-network preventive care services are covered at 100% by the Plan,
regardless of the medical option chosen by the associate.
The HRA Core and HRA Buy-up options - include a Health Reimbursement Account (HRA) that consists of a
healthcare fund provided by Conseco (that is used to help pay for covered medical services), paired with a health
plan that uses a combination of deductible and co-insurance.
The HSA option pairs a Health Savings Account (that can be funded by the associate with pretax dollars to be
used for healthcare expenses) with a medical plan that uses a combination of deductible and a co-insurance.
The Standard option also uses a combination of deductibles and coinsurance, but there is no account fund
associated with this plan.
Out-of-network services for these 3 options include a lower level of benefit and may require associates to submit
their own claims for reimbursement.
All medical options offer a prescription drug benefit.
Dental Options
Associates have three dental options depending on their home/work Zip code. All three plans provide benefits for
preventive and restorative services.
Vision Care
Conseco offers an optional, associate-paid vision benefit that provides an affordable way to maintain good health
through proper vision care. The vision plan provides a nationwide eye-care network including private practice and
retail providers.
Flexible Spending Accounts (FSAs)
Flexible Spending Accounts (FSAs) allow associates to put aside pretax money for eligible health care and
dependent care expenses. Eligible expenses for reimbursement from the health care FSA include deductibles, coinsurance,
eyeglasses and dental expenses.
Eligible dependent care expenses include the cost of day care for children and the cost of care for an elderly
parent when they are necessary, so that the associate and spouse can work.
Employee Assistance Program (EAP)
Associates and their dependents have the opportunity to receive free confidential, professional counseling services
for a number of issues, including marital and family problems, alcohol/drug dependence, depression, stress,
financial difficulties and emotional problems. This is a company-paid benefit.
FINANCIAL
Wellness Activities
Conseco is committed to offering and supporting activities that promote healthy lifestyles for its associates through
health screenings, on-site education programs and continuous communications. Associate discounts are also
available for fitness memberships, weight-loss programs, and other wellness services.
benefits provided for in Section 4 hereof. If such termination occurs
in any other circumstance (such as death, voluntary termination by
Employee [other than for Good Reason] or termination by the Company for
cause) prior to the Retention Date, Employee shall be entitled to
receive the benefits provided for in Section 2(c) hereof.
(b) If Employee terminates Employee's employment for Good Reason
prior to the Retention Date, Employee shall, upon such termination of
employment, be entitled to receive the benefits provided in Section 4
hereof. If such termination occurs in any other circumstance, Employee
shall be entitled to receive the benefits provided for in Section 2(c)
hereof. Employee shall evidence a voluntary termination for Good Reason
by written notice to the Company setting forth in reasonable detail the
facts and circumstances claimed by Employee to constitute Good Reason.
Such notice shall be effective on the date it is given by Employee.
(c) In the circumstance described in the third sentence of Section
2(a) or the second sentence of Section 2(b), the Company shall pay to
Employee (x) the full base salary earned by Employee and unpaid through
the date that the termination of Employee's employment becomes
effective, at the rate in effect at the time written notice of
termination (voluntary or involuntary) was given and
any amountearned by Employee as a bonus with respect to the 1998 fiscal year of
the Company, if such bonus has not been paid to Employee prior to such
termination.
3. Continued Employment. If Employee is employed by the Company on the Retention Date, the Company shall pay Employee the Retention Payment on the Retention Date.
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