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.
The temporary protection of the term insurance is changed to permanent coverage, and the face value would be reduced based on the insuredâs age and premium payment. Universal life is a flexible premium, adjustable death benefit (face value) insurance which accumulates cash value.