P: 800-543-6922 | F: 866-271-8172 | E: info@tavgroup.net | H: M-F 9a-5:30pm EST

 

What we do for financial

and insurance professionals

The Tavenner Agency is an independent brokerage firm offering insurance expertise, case design, application processing, and all other back office support. We are your resource to help you find the right product to cover your client's needs, and then we are your solution to get the coverage in place. Our website was designed to be intuitive and mobile friendly. Navigating to our website from a mobile device provide all the same solutions available from a desktop computer, with a streamlined layout for efficient functionality  while access from you smart phone or tablet. If you do not consider yourself "techy", then no problem. We can run proposals, send you paperwork, and provide more personal involvement.

 

​As an independent producer, we know you have options when it comes to working with an insurance brokerage firm. That's why we want to earn your business. We will earn your business by showing you we care about your clients and will always go the extra step to help you place your business.

 

When working with our firm, we will provide whatever level of support you require. Whether that includes preparing paperwork, helping you explain coverage by conference call to your customers, or offering industry training with CE credit. Our goal is provide you with an advantage over other insurance and financial professionals. That advantage is working with a firm that has over 70 years experience, knows how to get your tough cases through the underwriting process, and provides meaningful sales tools that actually work!

Serving Independent Insurance Producers for over 70 years!

Who We Are

Our History

Our origins go back to 1940, when William Tavenner & Associates was founded by William Frank Tavenner. William Frank instilled strong family values, honest business practices and hard work within his organization. Now operating as The Tavenner Agency by the third generation, these three principals continue to be the foundation for our operation. William James Tavenner, son of William Frank Tavenner, continues to work in the agency with his wife Marilyn Tavenner, daughter Billie Jo Fetherolf, and son Thomas J. Tavenner

 

Our Vision

The Tavenner Agency is a consolidated organization created to provide a quality level of services to insurance and financial professionals. We incorporate technology, expertise, experience, and personal attention ( the "human element") within every level of our agency. Our mission is to provide a superior level of brokerage services, measured by our own standards and set far above what our customers would consider as quality service.

 

 

Our Services

The Tavenner Agency is a brokerage general agency, servicing independent producers and financial professionals for life, annuity, disability, and long-term care insurance. From sales strategies and case design to application processing and underwriting negotiation, we help you protect your clients and their families. Personal attention is important to our firm as is providing you with the latest technology resources. Whether you download quotes and submit your business by e-App, or request our office creates the proposal and sends you the application kit, we work the way you prefer to do business because we work for you.

​Securing life insurance coverage doesn't need to be overly complicated or take months to secure. Start by knowing the type of coverage available and selecting the right policy to fulfill the intended purpose. Then work with us to execute the plan and secure this invaluable protection.

 

Term Insurance

The most affordable life insurance available, term life insurance is often a good fit form families just starting out. Given higher amounts of death benefit can be secured at a lower cost as compared to other life policies, many individuals first life insurance policy is term life. As an added benefit of newer term insurance policies, some plans allow for the death benefit to be accessible if the insured suffers a critical or chronic illness. This feature could provide funds to the insured while still living and when bills start to add up due to an accident or unforeseen event.

 

Term insurance does not build cash value and is guaranteed for only a specified number of years, which is typically no more than 30 years. Therefore, term insurance is not the best option for those looking for permanent protection and cash value in later years.

 

Universal Life Insurance

Flexible premium payment, potential for cash value growth, and availability to policy riders, including additional term insurance and long term care coverage, are all features of universal life insurance. The most flexible type of insurance coverage, universal life protection can be designed to fulfill multiple purposes. Estate equalization, tax-free distributions in retirement, lifetime guaranteed benefits, and pension maximization are just a few instances where universal life insurance could be a good fit.

 

The guarantees within universal life often account for the highest possible cost and lowest interest rates that could be realized, therefore this type of coverage might not be suitable for individual who desire conservative growth potential.

 

Whole Life Insurance

Individuals seeking conservative, guaranteed, growth with more assured returns, may find whole life insurance as a good fit with their lower risk tolerance. Whole life coverage provides a guaranteed growth of value with potential of slightly higher returns based on the "dividends" (not interest) applied to the policy. Dividends are not guaranteed, but cash value growth is guaranteed within a whole life policy.

 

Premiums are not flexible within a whole life contract, and guaranteed cash value growth creates higher internal cost as compared to other type of insurance coverage. Due to higher cost, a whole life contract might not be suitable when higher death benefits are a necessity.

 

According to longermcare.gov, 2 out of every 3 individuals turning 65 today will need some form of long term care before they die. Planning for long term care is an imperative task when any financial and retirement decision are being made. One of our relationships is with a successful financial planner who tells her clients, "If we don't plan for long term care first, what is the point of coming up with an investment plan? We cannot reasonably establish any investment time horizons, as you may need access to those funds tomorrow for long term care expenses."

 

We represent and support a number of options for long term care protection, which includes both traditional and non-traditional coverage. Several carriers have begun to offer hybrid policies which are built upon a Life and/or Annuity contract, and include a qualified long-term care rider (filed as 7702b). These type of contracts may be more suitable for your affluent clients and those clients who want to secure guaranteed LTC charges.

 

 

 

Coverage Types

​Below is a description of the various types of LTC coverage we support and offer. Note that all information on this page refers to "qualified" long term care filed under US Code 7702b. There is a difference between qualified long term care and accelerated DB riders filed under US Code 101g. Call our office so we can explain further.

 

 

 

Life/LTC Hybrid

Several insurers have recently introduced Life insurance contracts with linked LTC benefits. Some of these products are more focused on the death benefit whereas other products are more weighted towards the LTC benefit. The common feature for life/ltc "linked benefit" products is a guaranteed return of principal when coverage is purchased as a single premium (some carriers require a 3-5 year rate for 100% ROP) and a death benefit that can be used for long-term care protection upon qualification (2 of 6 ADLs or cognitive impairment). We work with insurers who offer a single pay, 10 to 20 pay, and life pay schedule of premiums.

 

The accessibility of principal through single pay schedule with return of premium feature, allows funds used to purchase coverage to remain as an asset within your client's portfolio. One could conceptually describe the transaction as showing your client how to leverage their funds by taking money out of their right pocket and putting it into their left pocket. Note how the image demonstrates $125k cash remaining within the client's portfolio while offering double its value in death benefit and long-term care coverage.

 

​​Selecting the most suitable linked benefit product will depend on on your client's available funds, his or her desired objectives for coverage, and the number of insureds to be covered under the policy. Some instances when these plans may be suitable for your clients are listed below.

 

  • ​Desire for guaranteed return of premium
  • Maximized leverage potential for conservative investments (CD's, Money Market accounts, Savings accounts)
  • Available cash in permanent life insurance products for 1035 exchange
  • Guarantee that the cost of LTC benefit will never increase
  • Protection against loss of premium should insured pass away before needing long term care benefit
  • Need for life insurance death benefit and convenience of addition LTC protection
  • Available qualified money, not needed for retirement income, used to turn taxable money into tax-free long-term care and life insurance benefits.

 

Be aware that not all products and features are approved in all states. Contact our office for further information and list of available products within your state.

 

 

 

Annuity/LTC Hybrid

The Pension Protection Act of 2006 (PPA) provided for individuals to take cash value withdrawals, from specially designed and PPA approved non-qualified annuities, for long-term care expenses income tax-free. This provision took effect for all withdrawals made after January 1, 2010 and is available regardless of contract cost basis. Please note that deferred annuities offering a waiver of surrender charges for a long term care event may not be PPA approved. This may results in taxation of funds considered as gains within the contract.

 

Consider clients who currently have non-qualified annuities with a potential tax burden due to growth within the contract. Would this individual like to avoid annuitization, position funds to possibly elimination any tax implications on their gains, double, triple or even quadruple the value of the contract towards LTC protection, and protecting their estate from the rising cost of a long-term care event? The answer is an emphatic YES!

 

​State Life Insurance Company, a OneAmerica company, has allowed producers to provide a "win-win" solution to thousands of insureds and their families for over 20 years. The company has the experience and stability your clients are looking for when considering options to protect their loved ones and estate. Contact our agency for more produce information.

In addition to State Life, we offer similar PPA compliant Annuity/LTC products through Lincoln National, Guaranty Income Life, and ForeThought. Product comparison and competitive analysis are available upon request.

 

Traditional LTC Insurance

Most individuals associate a traditional long term care product when discussing LTC insurance. Traditional long term care insurance offer the most flexibility for creating specific benefits within a policy. An individual can choose from multiple benefit periods, inflation protection, daily or month benefit amounts, and have the option to add several riders to the policy. Some of these riders offered by the insurer are unique to their products, while other are standard within the industry.

 

The common misconception is that traditional long term care insurance only pays for nursing home expenses. This is not true. Most traditional long term care insurance products will provide payment of several benefits received within the home. In fact, coverage may provide the insured with the option to stay in the home whereas a placement would have been necessary without coverage. Long term care insurance is the PLAN that can PAY for the COST, associated with a long term care event.

 

Each individual insurer defines expenses that are payable under the terms of their contract, but several policies provide the below.

 

  • Adult supervision and daycare
  • Assistances with daily activities (administration of medication, meal preparations, bathing, dressing, ect.)
  • Most care facility expenses
  • Some homemaker services, such as light housekeeping
  • Home modifications
  • Respite care
  • Caregiver training

 

We consider long term care planning a serious matter that must be discussed not only with your clients, but with your friends and family as well. The potential risk can be financially and emotionally devastating. Considering the significant impact of this risk exposure, we have aligned with those carriers possessing financial strength, experience, and commitment within the LTC marketplace.

 

Life Insurance

Long Term Care

Fixed Annuities

The common feature of all annuities is that they provide income to the contract owner and defer taxation on gains until income begins. The differences between the various types of annuities is based upon when income is needed (now or a future date), and whether the client wants to purchase an annuity with guaranteed return or is willing to accept a lower minimum guaranteed return for potential higher gains (fixed Indexed annuity).

 

​Below are a few examples of the various annuity contracts we can offer you and your clients. The information we provide on this page is very basic and you should call our office for further training if you have limited experience with annuities. In addition, most states have adopted the NAIC Annuity Training Model Act. If you resides in one of these states that adopted this regulation, you are required to complete this training prior to solicitation. We can help you identify if your state requires this special training as well as other product specific training required by the carrier.

 

 

Single Premium Immediate Annuity (SPIA)

SPIAs provide guaranteed lifetime income that begins soon after the purchase of the product. Life only, cash refund, and guaranteed certain periods can be selected to provide your client with the guarantee he or she requires. Some SPIAs provide for a cost of living adjustments, early single withdrawal of funds at a higher amount than the stated benefit amount, and liquidity feature should your client's financials change since the time the contract was purchased.

 

 

Fixed Deferred Annuity (FDA)

FDAs provide a guaranteed interest rate return. The longer the surrender period, the higher the interest rate will be offered by the insurer. Some FDAs allow for additional or ongoing deposits into the contract. Most FDAs provide a penalty free 10% yearly withdraw and/or "interest only" free withdraws. If the time horizon is 3 or more years, FDAs could be a better option than CDs as credited interest will be higher and taxation on gains will be deferred.

 

 

Fixed Indexed Annuity (FIA)

FIAs provide a capped return based upon market performance (typically the S&P 500), with a floor or minimum return so the contract owner does not participate in losses within the market. Many FIAs provide a lifetime income rider, which continues to pay income even after the annuity value has been exhausted. FIAs offer a lower guaranteed credited interest rate as compared to FDAs, but provide greater upside potential based upon an annual point to point or monthly average return of the market the FIA is tied to.

 

Lifetime Income Riders are a popular feature of FIAs. These riders guarantee a minimum annual income for the life of the annuitant, without requiring annuitization (loss of remaining annuity value). Income riders should be carefully examined when considering the purchase of a FIA.

 

 

​Qualified Longevity Annuity Contracts (QLAC)

QLACs are deferred annuities purchased with qualified funds (typically from Individual Retirement Accounts or IRAs). Qualified funds within an IRA general require that payments begin at age 70 1/2, with respects to a portion of their retirement savings. In July 2014, the US Treasury Department removed significant impediments related to required payment from IRA accounts, by allowing deferment of payments from QLAC past age 70 1/2 and up to age 85. For an individual who has no need to draw income from their IRA, a QLAC could provide further deferment.

ANNUITY QUOTE REQUEST

Annuities

Disabilities

Studies have shown individuals are more likely to suffer loss of income due to a disability rather than an untimely death, during his or her working years. Disability income protection can provide your client time to develop a plan for future income.

 

Most disability income quotes are calculated for the maximum benefit based upon the client's income. Consider quoting a modest monthly benefit amount of perhaps $750 to $1,000 which could satisfy your client's mortgage payments and possibly a monthly auto loan payment as well. If your client finds the premium requirement meets his or her budget constraints, then you could discuss the option for increasing the monthly benefit to a higher amount or to the maximum allowed based upon income.

 

We can help you secure short term and long term disability, as well as business overhead and disability buy-out protection. If you would like a proposal, please complete the below DI Quote Request form and return to our office.

Disability Quote Request

The Insurance Professionals Fast and Simple Way to Apply for Life Insurance

 

 

As an insurance professionals, your customers come to you to secure the best life insurance solution for their family or business needs. They rely upon your expertise to determine the appropriate amount, identify the best solution, and quickly put this protection in place. Whether your focus is on insurance or other areas of financial planning, the reality is you may not have all the tools to put together a solution that is appropriate and competitive, while efficiently managing your time.

 

TAVTRAX provides you with the tools to secure the life insurance protection your customer needs, without bogging you down in paperwork purgatory. Our complete online process allows you to calculate benefit needed, quote coverage, and submit a request for insurance in less time than it would take you to locate and print the application packet!

 

If you prefer pen over keyboard, no problem! We have a TAVTRAX packet that will collect the information we need to provide you with a recommendation and illustration. Once you give us the green light, we submit request to the insurance company to begin their process. No client signatures are needed to start the process!

Contact Us

 

Phone:

800-543-6922

 


Fax:

866-271-8172

 


Email:

info@tavgroup.net

 

 

Address:

4910 Old Mechanicsburg Road

Springfield, Ohio 45502

 

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