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.
For term policies, once you pass the companyâs maximum age, you lose coverage. Permanent life insurance, sometimes called whole life or cash value insurance, covers policyholders for life, but is subject to the insurance companyâs rules as to policyholdersâ age at issuance.