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.
One of these is universal life insurance (UL). By definition, a UL policy is a form of permanent insurance that offers extreme flexibility in premiums. While it's similar to a whole life policy, it's better described as a flexible premium adjustable life policy.