Exhibit 99.1

For Release   Immediate


Contacts     (News Media) Mark Lubbers, EVP, Corporate Affairs 317.817.4418
             (Investors) Tammy Hill, SVP, Investor Relations 317.817.2893



              Conseco's Senior Lenders Extend Forbearance Agreement

     Indianapolis, Ind.: November 27, 2002 - Conseco, Inc. (OTCBB:CNCE)
announced today that the company and its senior lenders have extended the
existing Forbearance Agreement with respect to the company's $1.5 billion credit
facility. The Forbearance Agreement was initially executed on October 16, and
has now been extended to January 11, 2003, provided that other customary terms
of the agreement are met. Similar agreements were also extended on the various
loans guaranteed by the company under the 1997, 1998 and 1999 Directors and
Officers (D&O) Loan Programs.

     The agreements provide that the participating lenders will forbear from
exercising remedies arising from various breaches, including those previously
subject to the waivers originally granted on September 8, 2002.

     Conseco, Inc. entered into financial restructuring discussions with its
debt holders in late August. Those discussions are continuing.

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     Note on forward-looking statements: All statements, trend analyses and
other information contained in this report and elsewhere (such as in filings by
Conseco with the Securities and Exchange Commission, press releases,
presentations by Conseco or its management or oral statements) relative to
markets for Conseco's products and trends in Conseco's operations or financial
results, as well as other statements including words such as "anticipate,"
"believe," "plan," "estimate," "expect," "project," "intend," "may," "will,"
"would," "contemplate," "possible," "attempts," "seeks," "should," "could,"
"goal," "target," "on track," "comfortable with," "optimistic" and other similar
expressions, constitute forward-looking statements under the Private Securities
Litigation Reform Act of 1995. Forward-looking statements are subject to known
and unknown risks, uncertainties and other factors which may cause actual
results, performance or achievements to be materially different from the future
results, performance or achievements expressed or implied by the forward-looking
statements. Assumptions and other important factors that could cause our actual
results to differ materially from those anticipated in our forward-looking
statements include, among other things: (i) general economic conditions and
other factors, including prevailing interest rate levels, stock and credit
market performance and health care inflation, which may affect (among other
things) Conseco's ability to sell its products, its ability to make loans and
access capital resources and the costs associated therewith, the market value of
Conseco's investments, the lapse rate and profitability of policies, and the
level of defaults and prepayments of loans made by Conseco; (ii) Conseco's
ability to achieve anticipated synergies and levels of operational efficiencies,
including from our process excellence initiatives; (iii) customer response to
new products, distribution channels and marketing initiatives; (iv) mortality,
morbidity, usage of health care services and other factors which may affect the
profitability of Conseco's insurance products; (v) performance of our
investments; (vi) changes in the Federal income tax laws and regulations which
may affect the relative tax advantages of some of Conseco's products; (vii)
increasing competition in the sale of insurance and annuities and in the finance
business; (viii) regulatory changes or actions, including those relating to
regulation of the financial affairs of our insurance companies, regulation of
financial services affecting (among other things) bank sales and underwriting of
insurance products, regulation of the sale, underwriting and pricing of
products, and health care regulation affecting health insurance products; (ix)
the outcome of Conseco's efforts to sell assets and reduce, refinance or modify
indebtedness and the availability and cost of capital in connection with this
process; (x) actions by rating agencies and the effects of past or future
actions by these agencies on Conseco's business including the impact of recent
downgrades; (xi) the ultimate outcome of lawsuits filed against Conseco; and
(xii) the risk factors or uncertainties listed from time to time in Conseco's
filings with the Securities and Exchange Commission; and (xiii) the outcome and
timing of our restructuring activities including the efforts of Conseco Finance
to sell assets. Other factors and assumptions not identified above are also
relevant to the forward-looking statements, and if they prove incorrect, could
also cause actual results to differ materially from those projected.