In general, you must begin receiving minimum distributions by April 1 following the later of (1) the year in which you reach age. 70Â½ or (2) the year in which you retire from service from the employer maintaining the Plan.
Permanent insurance provides lifelong protection, and the ability to accumulate cash value on a tax-deferred basis. Unlike term insurance, a permanent insurance policy will remain in force for as long as you continue to pay your premiums.
Permanent life insurance is designed to provide insurance protection for as long as you live, assuming your premium payments are made as required. This is in contrast to term life insurance, which provides protection for a set number of years, or âterm.â. Permanent life insurance offers two other important benefits.