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.
Term insurance is pure insurance, and as such, its only benefit is the death benefit. Permanent insurance includes whole life, universal life and variable life, and has living benefits â foremost of which is the accumulation of cash value.