Exhibit 99.1

NEWS

For Release          Immediate


Contacts             (News Media) Jim Rosensteele, SVP,
                     Corporate Communications 317.817.4418
                     (Investors) Tammy Hill, SVP,
                     Investor Relations 317.817.2893



               Conseco Announces Preferred Stock Conversion Price

Carmel, Ind., January 12, 2004: Conseco, Inc. (NYSE:CNO) announced today that
the conversion price of its Class A Senior Cumulative Convertible Exchangeable
Preferred Stock (OTCBB: CNSJP) has been set initially at $20.35 per share, which
is subject to adjustment under certain circumstances. In accordance with the
terms of the Class A Preferred Stock, the conversion price was established on
January 8, 2004 at an amount equal to the volume weighted average price of
Conseco common stock for the immediately preceding 60 calendar days. Shares of
Class A Preferred Stock are convertible by holders at any time on or after
September 30, 2005 into shares of Conseco common stock. The conversion rate for
each share of Class A Preferred Stock is equal to its total liquidation
preference plus cumulative unpaid dividends thereon divided by the conversion
price.

Conseco, Inc.'s insurance companies help protect working American families and
seniors from financial adversity: Medicare supplement, long-term care, cancer,
heart/stroke and accident policies protect people against major unplanned
expenses; annuities and life insurance products help people plan for their
financial future.

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