• Report: #748135

Complaint Review: eFinancial

  • Submitted: Fri, July 01, 2011
  • Updated: Thu, December 29, 2011

  • Reported By: Scott — Valencia California United States of America
13810 SE Eastgate Way, Ste 300 Bellevue, Washington United States of America

eFinancial AVOID eFinancial and Fidelity Life Insurance companies! Bellevue, Washington

*UPDATE EX-employee responds: Consumer is right, efin pulls bait and switch

*UPDATE Employee: Efinancial cares about its customers

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Do NOT BUY INSURANCE FROM FIDELITY LIFE INSURANCE or use their agent/broker:  eFinancial! They play the bait and switch game!  I applied for $300,000 in term life insurance at a

premium of $1,259 per year.  After I had already paid, and filled out

my application, low and behold I get the policy from the insurance

company which said, since you weigh X you coverage will be HALF of

the $300,000 I applied for!  What!?  I conveyed my current weight from

day 1 of my conversations with their agent.  He NEVER said I would

have to lose 30 pounds to get a $300,000 policy for the premium of

$1,259.    I have since gone with another insurance company and have

the full $300,000 coverage now for about the same premium and I am

still at the same weight!



This report was posted on Ripoff Report on 07/01/2011 02:34 PM and is a permanent record located here: http://www.ripoffreport.com/r/eFinancial/Bellevue-Washington-98005/eFinancial-AVOID-eFinancial-and-Fidelity-Life-Insurance-companies-Bellevue-Washington-748135. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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#1 UPDATE EX-employee responds

Consumer is right, efin pulls bait and switch

AUTHOR: EX- insurance agent with Efin - (United States of America)

Efinancial used to be a great independent brokerage offering multiple carriers to help consumers shop for the best rate. Although that was the past, Mike Rowell, the owner of Efin sold out to Fidelity Life Association, a life insurance company and therefore the life insurance company wants to sell their products over their competition. Fidelity created this product called "hybrid" and its basically offering a policy that does not require a medical exam, and therefore the company doesn't truly know the health of the proposed insured. The product is not all life insurance. Its a blend of 30% life insurance and 70% accidental death insurance. The company will offer to make the policy 100% life insurance if the proposed insured takes and passes a physical within 6 months of policy issue. So what happens is thhe agent at Efinancial does not disclose all of this info to the client, the client thinks they are buying $300K of coverage without an exam, and then one year down the road they realize they only have $100K life insurance and $200K of accident coverage. And they are over paying for it!

Its a scam folks, and now Efin and Fidelity are pushing this product all over the country, I love taking a call from a consumer who has spoken to them, because I can polk holes in what they told the consumer and help them get adequate coverage at the best rates!

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#2 UPDATE Employee

Efinancial cares about its customers

AUTHOR: BrianG - (United States of America)

At Efinancial, we care about getting consumers the right amount of Life Insurance at the right price.  Were very glad to hear that youve succeeded in getting life insurance protection
for your family.  This is critical to their financial well being. 

However, we regret that we could not complete this process for you.  Were eager to explain the details of your individual situation by phone, if you would call Lori at 866-703-2491.   Until then, here are a few general comments about shopping for life insurance: 

No matter where a consumer shops on the Web, the prices viewed online are illustrative.  Insurance companies finalize the price youll pay for coverage, based on the information they have collected
about you  during the underwriting process. This is information thats not available when you get your online quote.   Its true that sometimes there will be changes to the coverage or premium amount at the end of the process.  We do our best to explain these to you, so that you can make an informed decision.

Since insurance rates are regulated by the state, an individual with a profile that matches yours should receive a similar rate.  If not, it means that you may have purchased a different
type of coverage, or that a different company put you in a different rating category. 

Again, were here to help respond to any additional questions you have.  Thanks for your feedback.
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