Efinancial is an online insurance broker that provides information on auto, health, and life insurance. They were founded in 2001 by Michael Rowell, who is the current CEO, and are headquartered in Bellevue, Washington. Their health and auto insurance quote system is run through SureHits, which is a third-party advertiser. Efinancial actually has nothing to do with any of the results that show, they simply get paid for every click generated by a visitor.
While they can put consumers in touch with companies that provide personal insurance products, their main focus appears to be quotes for term life insurance. Efinancial has an entire system for term life insurance that can pull quotes from multiple insurance companies. Since the main service Efinancial provides is life insurance quotes that will be the focus of this review.
As mentioned in the introduction, Efinancial’s core business is life insurance quotes for major providers across the US. Through a third party they can also get customers quotes for the following:
Efinancial Insurance Rates
As an independent broker, Efinancial does not set any of the rates associated with the products they sell or refer customers too. As a middle-man, their primary focus is to connect clients with numerous quotes and allow them to compare. Once a list of quotes from third parties have been generated, each individual quote should be reviewed for total coverage and rates. That being said, there is no evidence of inflated prices between what the underwriting insurance company is charging at what Efinancial is claiming. Therefore, customers can be assured they are getting the same price as if working with the insurance company directly.
The process for obtaining quotes on Efinancial’s website is fairly simple and can be handled from the homepage or from the term life insurance tab on the top. You simply fill out your personal information, which is standard for any online life insurance broker. One completed they will ask you to verify the information to ensure accuracy. Once submitted, the system comes back with a bunch of different quotes based on the information you provided.
The information required to start the quote includes:
- Phone Number
- Tobacco Use
Depending on the underwriting guidelines, they may ask for additional information. The more the policy amount you are asking for, the more information the insurance company will probably want and the more thorough the application process will be. Once it gets to the application process, you will be working primarily with the insurance company that is underwriting the policy.
The companies that Efinancial works with are top rated companies, but they are by no means the only options available. Most are national brand names that will be familiar to many customers already.
The companies listed for a quote in California (area code tested) are top-notch businesses, however, the number of quotes was less than other online brokers provide. That being said, almost every company listed on Efinancial’s results page were household brand names with top ratings.
Steps After Quote
Once a life insurance company is selected and an application is requested, Efiancial provides you with a list of things to expect.
- Step One – You will be contacted by an account executive to help facilitate the process.
- Step Two – There will be a medical exam required if you selected a fully underwritten policy.
- Step Three – How long you can expect the process to take and what Efinancial will do to keep you informed along the way.
This list of what to expect is actually very useful and not always found on a term life insurance broker’s website. The process for a life insurance policy is a lengthy one, and many consumers, especially those applying for the first time, are not prepared for the amount of time it takes to complete the entire process. By listing the next steps, Efinancial is helping to keep their customers expectations in line with what will actually happen.
Efiancial Better Business Bureau (BBB) Rating
Efinancial has been accredited with the Better Business Bureau since 2000, which is interesting since their own website says they were founded in 2001. They currently maintain an A+ Rating despite having 12 complaints in the past 3 years and 4 in the last 12 months.
According to the BBB, nine of the complaints were solved with the assistance of the Better Business Bureau. With the remaining three complaints, it was determined that Efinancial made a good faith effort to resolve the problem, even though the customer did not accept the outcome.
Efinancial is an OK website that provides access to an OK set of insurance companies. They act more as a middle-man than an actual broker, since they are pretty hands-off during the application process. If you are someone who is familiar with life insurance and just want something to simplify the comparison process, Efinancial can help you with that. If you are in need of an actual broker that can show you comparisons and also help you along during the application process, you may want to check elsewhere.
For a list of companies that we recommend, visit our Best Insurance Companies page.