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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
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.
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.
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.
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.
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.
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.
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.
Long Term Care
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.
ANNUITY QUOTE REQUEST
Disability Quote Request
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!
4910 Old Mechanicsburg Road
Springfield, Ohio 45502
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