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.
Individual life insurance can be temporary (for example, term) to cover a certain number of years, or permanent (for example, whole or universal life), which is intended to provide coverage until a personâs death. Permanent policies typically have a savings element that is referred to as a cash value.