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.
Most articles about life insurance tell you that there are basically two kinds. Term insurance covers you for a set number of years, and then it's gone. Permanent insurance covers you for life, which is why the traditional permanent policy is called whole life. You also build equity in the policy over the years, rather like buying a house. In fact, you could think of it as taking out a mortgage on he amount of your policy's death benefit.