Efinancial Review

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Products  |  Price  |  Quote Process  |  Complaints  |  Bottom Line

Efinancial Overview

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.

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Insurance Products

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:

  • Health Insurance
  • Auto Insurance
  • Life Insurance

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.

Quote Process

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:

  • Name
  • Gender
  • Age
  • Address
  • 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.

Quote Options

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.

Bottom Line

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.

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Review Information

Eric Stauffer
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  1. 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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