She recently purchased a cash-value life insurance policy that has the following characteristics: The frequency and amount of premium payments are flexible. The insurance and saving components are separate. The interest rate credited to the policy is tied to current market conditions, but the policy guaran tees a minimum interest rate. The policy has a back-end surrender charge that declines to zero over some time period. Based on the above characteristics, what type of life insurance did Megan purchase? Explain your answer.