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.
Definition - What does Straight Life Insurance mean? Straight life insurance is a type of permanent life insurance policy that has a guaranteed death benefit and fixed premiums. As long as the insured keeps paying their monthly premium, this type of policy does not expire. It is also known as ordinary life insurance or whole life insurance.