a 6. Todd, age 28, would like to save money for a com- fortable retirement. He is considering purchasing a cash-value life insurance policy that has the following characteristics: The premiums are invested in separate investment accounts selected by the policyowner. Interest income and capital gains are not currently taxable to the policyowner. The frequency and amount of premium payments can be changed as financial circumstances change. A mortality and expense (M&E) charge is periodi- cally deducted from the cash value account. Based on the above characteristics, what type of life insurance is Todd considering purchasing? Explain your