UNITED STATES SECURITIES AND EXCHANGE COMMISSION
 WASHINGTON, D.C. 20549
 FORM 5
 ANNUAL STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
( ) Check box if no longer subject to Section 16.
Form 4 or Form 5 obligations may continue. See Instructions 1(b).
( ) Form 3 Holdings Reported
( ) Form 4 Transactions Reported
1. Name and Address of Reporting Person Sabl, John J.

11825 N. Pennsylvania Street
Carmel, IN 46032
USA
2. Issuer Name and Ticker or Trading Symbol
Conseco, Inc.
 CNC
3. IRS or Social Security Number of Reporting Person (Voluntary)
4. Statement for Month/Year December 31, 1998
5. If Amendment, Date of Original (Month/Year)
6. Relationship of Reporting Person(s) to Issuer (Check all applicable) ( ) Director ( ) 10% Owner (X) Officer (give title below) ( ) Other
(specify below) Executive Vice President, General Counsel and Secretary
7. Individual or Joint/Group Reporting (Check Applicable Line) (X) Form filed by One Reporting Person ( ) Form filed by More than One Reporting Person

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 Table I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned                                                 |
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1. Title of Security         |2.    |3.  |4.Securities Acquired (A)         |5.Amount of        |6.Dir |7.Nature of Indirect       |
                             |Transaction|  or Disposed of (D)              |  Securities       |ect   |  Beneficial Ownership     |
                             |Date  |Code|                                  |  Beneficially     |(D)or |                           |
                             |      |    |                  | A/|           |  Owned at         |Indir |                           |
                             |      |    |    Amount        | D |    Price  |  End of Year      |ect(I)|                           |
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 Common Stock                |      |    |                  |   |           |80,000             |D     |                           |
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 Common Stock                |      |    |                  |   |           |76                 |I     |By 401(k) Plan             |
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 Table II -- Derivative Securitites Acquired, Disposed of, or Beneficially Owned                                                   |
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1.Title of Derivative   |2.Con   |3.   |4.  |5.Number of De |6.Date Exer|7.Title and Amount  |8.Price|9.Number    |10.|11.Nature of|
  Security              |version |Transaction rivative Secu |cisable and|  of Underlying     |of Deri|of Deriva   |Dir|Indirect    |
                        |or Exer |Date |Code| rities Acqui  |Expiration |  Securities        |vative |tive        |ect|Beneficial  |
                        |cise Pr |     |    | red(A) or Dis |Date(Month/|                    |Secu   |Securities  |(D)|Ownership   |
                        |ice  of |     |    | posed of(D)   |Day/Year)  |                    |rity   |Benefi      |or |            |
                        |Deriva  |     |    |               |Date |Expir|                    |       |ficially    |Ind|            |
                        |tive    |     |    |           | A/|Exer-|ation|   Title and Number |       |Owned at    |ire|            |
                        |Secu    |     |    |           | D |cisa-|Date |   of Shares        |       |End of      |ct |            |
                        |rity    |     |    |  Amount   |   |ble  |     |                    |       |Year        |(I)|            |
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 Options to Purchase    |$50.69  |5/14/|A   |125,000    |A  |5/14/|5/13/|Common Stock|125,000|       |125,000     |D  |            |
                        |        |98   |    |           |   |01   |08   |            |       |       |            |   |            |
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 Options to Purchase    |$50.69  |5/14/|A   |62,500     |A  |5/14/|5/13/|Common Stock|62,500 |       |62,500      |D  |            |
                        |        |98   |    |           |   |02   |08   |            |       |       |            |   |            |
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 Options to Purchase    |$50.69  |5/14/|A   |62,500     |A  |5/14/|5/13/|Common Stock|62,500 |       |62,500      |D  |            |
                        |        |98   |    |           |   |03   |08   |            |       |       |            |   |            |
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 Options to Purchase (1)|        |     |    |           |   |     |     |            |       |       |200,000     |D  |            |
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 Stock Units (2)        |1-for-1 |3/31/|A   |1475.7     |A  |(2)  |(2)  |Common Stock|1475.7 |       |            |D  |            |
                        |        |98   |    |           |   |     |     |            |       |       |            |   |            |
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 Stock Units (2)        |1-for-1 |4/1/9|A   |4.1        |A  |(2)  |(2)  |Common Stock|4.1    |       |            |D  |            |
                        |        |8    |    |           |   |     |     |            |       |       |            |   |            |
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 Stock Units (2)        |1-for-1 |7/1/9|A   |3.8        |A  |(2)  |(2)  |Common Stock|3.8    |       |            |D  |            |
                        |        |8    |    |           |   |     |     |            |       |       |            |   |            |
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 Stock Units (2)        |1-for-1 |10/1/|A   |6.9        |A  |(2)  |(2)  |Common Stock|6.9    |       |            |D  |            |
                        |        |98   |    |           |   |     |     |            |       |       |            |   |            |
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 Stock Units (2)        |1-for-1 |1/4/9|A   |6.9        |A  |(2)  |(2)  |Common Stock|6.9    |       |1497.4      |D  |            |
                        |        |9    |    |           |   |     |     |            |       |       |            |   |            |
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Explanation of Responses:
(1) Represents stock options held by the Reporting Person as previously reported.
(2) Granted under the Conseco, Inc. 1994 Stock and Incentive Plan.

SIGNATURE OF REPORTING PERSON

/s/John J. Sabl by Karl W. Kindig, Attorney-in-Fact
DATE
February ___, 1999