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.
Whole life insurance1 is permanent insurance that can provide insurance protection for a lifetime, as long as policy premiums are paid per the terms of the contract. You may access your cash value generally income tax-free3 to help with a loss of income, mortgage costs, educational expenses or other needs.