Exhibit 99.1

news

For Release     Immediate

Contacts        (News Media) Tony Zehnder, EVP, Corporate Communications
                   312.396.7086
                (Investors) Lowell Short, SVP, Finance 317.817.2893

            Conseco closes private offering of convertible debentures
                      and amendment of its credit facility

Carmel, Ind., August 15, 2005 - Conseco, Inc. (NYSE:CNO) today closed its
previously announced private offering of 3.50% Convertible Debentures due
September 30, 2035 and completed the amendment of its senior secured credit
facility.

The initial purchasers in the convertible debenture offering exercised their
option to purchase an additional $30 million of debentures, bringing the total
principal amount of the offering to $330 million. Net proceeds from the offering
of approximately $320 million were applied to repay term loans outstanding under
the company's senior credit facility.

The amendment of the senior credit facility provides for, among other things:

     o    A reduction in the principal amount of the facility from $767 million
          to $447 million, using proceeds from the convertible debenture
          offering described above

     o    A reduction in the interest spread on the term loan from 350 basis
          points over LIBOR to 200 basis points over LIBOR, with a further
          reduction to 175 basis points over LIBOR when the company's credit
          facility is rated Ba3 by Moody's Investor Services, Inc.

     o    Relaxed financial covenants and increased flexibility for the company
          to enter into capital markets transactions

The Company expects to recognize an after-tax expense of $2.0 million to $3.0
million during the third quarter of 2005 for the write-off of certain debt
issuance costs related to the reduction of the principal amount borrowed under
the senior secured credit facility.

The debentures and the common shares issuable upon conversion thereof have not
been registered under the Securities Act of 1933 or any state securities laws,
and may not be offered or sold in the United States absent registration or an
applicable exemption from registration requirements.

This press release shall not constitute an offer to sell or the solicitation of
an offer to buy any of the debentures, nor shall there be any sale of debentures
in any state in which such offer, solicitation or sale would be unlawful.

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 futures.

                                   - # # # # -