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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 does not 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.
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.
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, and a third option that is common is no medical exam life insurance.
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:
As with life insurance, eFinancial does not 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.
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.
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.
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.
eFinancial is BBB accredited and has been for as long as the company has been doing business. They have an A+ rating with only five complaints in the past three years, one of which has been 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.
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.