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.
Term life provides coverage if you die within a certain period, such as 10, 15 or 20 years. Permanent insurance provides coverage for your entire lifetime as well, as a cash account that accumulates over time.