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.
When you shop for life insurance, you've got two basic options: term or permanent life insurance. Term life insurance covers you for a specific period of time, usually 10, 15, 20 or 30 years. If you live past your policy's term, there is no payout to your beneficiaries. Permanent life insurance, such as whole life, universal life or variable universal life insurance, covers you for the duration of your lifetime. It also offers a feature that's commonly viewed as a strong selling point: cash value.