Exhibit 99.1
News

For Release    Immediate


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


              Conseco Announces Completion of Bank Debt Refinancing
                              and Recapitalization

Carmel, Ind., June 22, 2004 - Conseco, Inc. (NYSE: CNO) today announced the
completion of its $800 million bank debt refinancing. The new bank debt
represents the final step in the company's previously announced
recapitalization. In May, the company completed the offering (including
over-allotments) of 50,600,000 shares of its common stock at $18.25 per share
and 27,600,000 shares of its 5.50% class B mandatorily convertible preferred
stock at $25 per share.

The new bank debt is an $800 million senior secured facility with a floating
interest rate equal to LIBOR plus a margin of 4.00%. The interest margin will
decrease from 4.00% to 3.50% when the company receives a senior credit rating of
B2 from Moody's Investors Service.

Net proceeds from the new bank debt and common and mandatorily convertible
preferred stock offerings, totaling approximately $2.343 billion, were used to:
(1) redeem all of the issued and outstanding class A cumulative convertible
exchangeable preferred stock; (2) repay all of the $1.3 billion existing senior
bank debt; and (3) enhance risk-based capital ratios by redeeming certain
inter-company preferred stock investments held by Conseco's insurance
subsidiaries.

Conseco's Chief Executive Officer, Bill Shea commented, "We are very pleased to
complete our recapitalization. As a result of the recapitalization, our annual
cost of debt and preferred stock has been reduced by approximately $90 million,
after-tax. We can now focus even more on providing superior insurance products
to senior and middle-income Americans. We appreciate the confidence which the
investment community and capital markets have placed in us, and we intend to
prove that their confidence is deserved."

Banc of America Securities LLC and J.P. Morgan Securities Inc. were the lead
arrangers for the new bank debt facility. The company will file a Form 8-K with
the Securities and Exchange Commission containing the full text of the new bank
debt agreement.

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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