1
00:00:00,500 --> 00:00:06,000
It's estimated more than a million consumers 
purchased universal life insurance policies 
since 1980.

2
00:00:06,010 --> 00:00:08,100
At least 100,000 of them in florida,

3
00:00:08,110 --> 00:00:14,300
Our reporter Jackie Calloway found these 
policies now threaten the retirement plans 
of those who paid into them.

4
00:00:14,310 --> 00:00:22,900
Retired corporate executive Hans Johnson 
bought a universal life insurance policy 
in 1999 as protection for his wife Mick

5
00:00:22,910 --> 00:00:31,800
Hans: We chose life insurance for $110,000 
put in a down payment of $17,000.

6
00:00:31,810 --> 00:00:37,050
The Johnsons estimate they paid $85,000 in 
premiums over the years.

7
00:00:37,050 --> 00:00:40,950
Now, they have nothing to show for it...

8
00:00:40,950 --> 00:00:45,100
Hans: All that money is gone says the insurance 
company.

9
00:00:45,110 --> 00:00:51,800
Mick: I was Very Dissapointed and Angry that 
this could be done to us.

10
00:00:51,810 --> 00:00:56,300
What happened to the Johnsons is effecting 
countless universal life policy holders across 
the country.

11
00:00:56,310 --> 00:01:02,100
David Cannon: I'm getting angry phone calls 
every day saying what does this mean?

12
00:01:02,110 --> 00:01:09,200
Insurance Advisor David Cannon says policy 
holders will find the explanation in thier 
FINE PRINT.

13
00:01:09,210 --> 00:01:10,800
The bottom line?

14
00:01:10,810 --> 00:01:15,990
These policies unlike Whole and TERM LIFE, 
are tied to interest rates.

15
00:01:15,990 --> 00:01:19,200
David: If you purchased the policy when interest 
rates were high in the 80's and 90's

16
00:01:19,210 --> 00:01:24,200
The chances are that you will lose your coverage 
and ALL the money you paid in.

17
00:01:24,210 --> 00:01:28,900
Dave, who owns GULF COAST INSURANCE ADVISORS 
in Seresota, FL. estimates this will effect 
the

18
00:01:28,910 --> 00:01:33,800
retirement plans of 10's of 1,000's of floridians 
just like the johnsons.

19
00:01:33,810 --> 00:01:39,700
Hans: That insurance is gone down the drain.

20
00:01:39,710 --> 00:01:46,100
If interest rates dont rise soon, policy 
holders will have to kick in more money to 
maintain coverage.

21
00:01:46,110 --> 00:01:52,000
The concern, that policy holders are not 
aware that thier insurance is near death.

22
00:01:52,010 --> 00:02:00,000
Hans: Everyone who has this insurance should 
REALLY look into thier insurance.