C) both I and II D) neither I nor II 31) Mark would like to save money for a comfortable retirement. He intends to buy a cash-value life insurance policy that has the following characteristics: The premiums are invested in separate investment accounts selected by the policyholder. Interest income and capital gains are not currently taxable to the policyholder. The frequency and amount of premium payments can be changed as financial circumstances change. A mortality and expense (M&E) charge is periodically deducted from the cash value account. A) A universal life insurance policy B) A variable universal life insurance policy C) A whole life policy D) A term life policy