It's estimated more than a million consumers purchased universal life insurance policies since 1980.

At least 100,000 of them in florida,

Our reporter Jackie Calloway found these policies now threaten the retirement plans of those who paid into them.

Retired corporate executive Hans Johnson bought a universal life insurance policy in 1999 as protection for his wife Mick

Hans: We chose life insurance for $110,000 put in a down payment of $17,000.

The Johnsons estimate they paid $85,000 in premiums over the years.

Now, they have nothing to show for it...

Hans: All that money is gone says the insurance company.

Mick: I was Very Dissapointed and Angry that this could be done to us.

What happened to the Johnsons is effecting countless universal life policy holders across the country.

David Cannon: I'm getting angry phone calls every day saying what does this mean?

Insurance Advisor David Cannon says policy holders will find the explanation in thier FINE PRINT.

The bottom line?

These policies unlike Whole and TERM LIFE, are tied to interest rates.

David: If you purchased the policy when interest rates were high in the 80's and 90's

The chances are that you will lose your coverage and ALL the money you paid in.

Dave, who owns GULF COAST INSURANCE ADVISORS in Seresota, FL. estimates this will effect the

retirement plans of 10's of 1,000's of floridians just like the johnsons.

Hans: That insurance is gone down the drain.

If interest rates dont rise soon, policy holders will have to kick in more money to maintain coverage.

The concern, that policy holders are not aware that thier insurance is near death.

Hans: Everyone who has this insurance should REALLY look into thier insurance.