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 Insurance. Whole life provides permanent protection with premiums and coverage that are guaranteed to remain the same for your lifetime. 2 Like most permanent insurance, whole life insurance builds cash value over time similar to building equity in a home. You can access your cash value through policy loans.