Efinancial Review

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Created as an online marketplace for life insurance, EFinancial provides insurance customers with the opportunity to shop for life insurance, auto insurance, and home insurance in one place. With a network of chosen insurers, EFinancial doesn’t sell insurance directly, but rather selects trusted insurers and offers customers their choice of policies.

EFinancial Summary

EFinancial was founded in 2001 in Bellevue, Washington, and was part of the early shift towards the purchase of insurance products on the Internet. The company doesn’t write any insurance policies directly, but instead provides customers a one-stop online source for insurance policies in over 100 companies.

Since it was founded, the company has gone on to add health and auto insurance to the roster, offering customers quotes and products from various different companies. EFinancial has developed relationships with some major insurers, allowing them to create policies designed specifically for EFinancial customers.

Life insurance remains the main focus of EFinancial business, and they act as an online broker for both term and whole life policies. Everything is handled online. They also offer online quoting for auto and health insurance policies. Quoting is also available over the phone.

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Insurance Products

EFinancial doesn’t have its own products, but is instead a broker for products written by other insurance companies. As a result, product breakdown is difficult, since there are dozens of different companies each with their own product lineup.

Life Insurance

EFinancial is primarily a life insurance broker. Their main goal is to allow customers to compare life insurance policies and premiums online and to obtain same day coverage. As a result, the type of products available are typically term and whole life that are considered “simple” policies, with some not even needing a medical exam.

Since this type of policy usually has more restrictions and lower death benefit options, it may not be enough coverage for everyone. EFinancial also offers more comprehensive plans with higher benefits, although these may require a medical exam to obtain and thus can’t be issued the same day over the Internet.

Among the companies offering life insurance products through EFinancial are:

Auto Insurance

As with life insurance, EFinancial doesn’t write any auto insurance policies. Instead, they offer a quote comparison search engine similar to that available in a wide variety of other locations online. They are not involved in the sourcing of quotes.

Home Insurance

EFinancial provides quoting services for homeowner’s insurance through their network of insurance companies. There is no indication as to whether they assist with condo, renters, landlord, or other types of home insurance. Like the auto results, EFinancial has no involvement with the quotes that are returned.

Additional Products

Health Insurance

Again, EFinancial helps customers to obtain and compare quotes, but doesn’t write health insurance directly. This comparison search engine allows customers to search for the type of coverage they need and narrow it down by cost and company. Again, EFinancial doesn’t source quotes.

Financial Products

EFinancial also offers some other financial products, primarily home loan assistance. Like everything else, they serve as a broker for home loans and don’t offer any products directly.

EFinancial Process

EFinancial processes most quote requests online, but then has agents available who can walk customers through the process of selecting their policy. As a broker, the company’s focus is on providing insurance customers with assistance and working on their behalf to ensure the best possible selection, balancing coverage and price.

Quotes can be obtained within a few minutes, and from there the process varies depending on the type of policy.

EFinancial promises to send out weekly update emails during the application process for those who have selected more complex life insurance policies that can’t be issued the same day. These emails are designed to let the customer know where the application is at and what might be needed.

All of the EFinancial staff handling this process are licensed insurance agents, allowing them to provide qualified advice and professional policy processing.

Once the policy is issued, the insurance company will take over, handling all aspects of administration and claims. EFinancial isn’t responsible for any difficulties or issues with policies once issued, but is a catalyst for selecting and obtaining coverage.

As far as other products go, EFinancial has no involvement beyond providing a quotes search engine.

Consumer Feedback

EFinancial is BBB accredited and has been for as long as the company has been doing business. They have an A+ rating with only eight complaints in the past three years, three of which were closed in the past 12 months.

Since EFinancial doesn’t actually underwrite any policies, it’s difficult to separate the reviews that may pertain to problems with the insurance company itself and not with the broker. That said, there are a few reviews out there that do seem to pertain directly to EFinancial’s services.

On various consumer websites, customers have complained about persistent phone calls from the company or the application process taking many months. While the delay could have been on the underwriting side and thus an issue with the insurance company, it’s also possible EFinancial was not living up to their promises of quick service and regular updates. However, the total number of complaints are not high enough to be of major concern.

Bottom Line

The main service provided by EFinancial is access to a number of life insurance quotes in one place, and assistance with the selection and application process. That’s something any insurance broker can do, although an online broker generally has access to more companies at one time. Those who are in need of a lot of guidance with making a decision on life insurance are better off going with a personal agent or broker who can provide more in-depth service. EFinancial’s services might be beneficial if you’re in search of quick access to a simple insurance policy.

EFinancial acts as a liaison between consumers and insurance agencies, but doesn’t really offer any service to make them stand out from the crowd. For the most part, the same policies and rates can be obtained directly from the insurance companies with far more personal service. As a result, EFinancial doesn’t have a lot to offer to most insurance customers that can’t be better provided elsewhere.

For a list of companies that we recommend, visit our Best Insurance Companies page.

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  1. James and Tara Pauley says

    My husband and I received several quotes for life insurance from other companies but we couldn’t find a policy that we were comfortable with or could afford. Morgan not only found us a fantastic policy but it was extremely affordable, he was so helpful and personable. The application and approval process was extremely easy, the nurse came out to our house and worked around our busy schedule, she was really great. The whole application and approval process was very easy. A big thanks to Morgan for all of his help, great customer service!

  2. Theresa says

    What are the reviews/complaints and process regarding actual pay-out if and when a spouse becomes deceased?

    • Eric Stauffer says

      Hi Theresa,

      Efinancial primarily serves as a broker. So your actual policy will be through a separate insurance company. In the event of a death, you would contact the actual insurance company that the policy is through.

      Eric Stauffer

  3. G BAUER says

    You list items that this company were to ask at first. Well the one question they asked me was how much money I made. Since I am also in the insurance business, this question sent me a bad message, that they act like used car salespeople. They are very bad, and should be out of business. To start off a life insurance process with how much money do you make is despicable to say the least.

    • Eric Stauffer says

      Hello G BAUER,

      I can understand the hesitation at answering personal questions, such as how much money you make.

      When working with a life insurance broker, they often use that metric to determine how much life insurance coverage you will need. So while it may feel like an invasion of privacy, it is very normal to discuss with a broker.

      A person who makes $40,000 a year has different needs than someone who makes $250,000 per year when it comes to life insurance coverage.

      Eric Stauffer

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