Todd, age 28, would like to save money for a comfortable 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 policy holder.
• The policy does not guarantee a minimum interest rate or minimum cash value.
• The investment risk entirely falls on the policyholder.
• The policy has relatively low expense charges.

Based on these characteristics, what type of life insurance is Todd considering purchasing? Explain your answer.