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.
Universal life is a form of permanent insurance. This type of insurance provides the security of a guaranteed death benefit. However unlike whole life policies, universal life accumulates a return on a portion of the paid premiums. After you pass, the benefit is paid to your beneficiaries tax-free. One of the many benefits of universal life is its flexibility.