Has anyone heard of EFinancial?

On Efinancial you said on the medical term the starting commissions were listed and at certain percents Efinancial bumps you up. What are the increases for each level or just what are the average of the increases?

You also stated they don't have a virtual agent on their non-med products, so you can't do business with them if you are in a different state?

I am new to the business so I am just trying to figure things out on what is out there.

I'm not sure of the exact percentages. I'm assuming about 5% each time.

You don't need the virtual agent on the non med products because the non med application is submitted directly on the carriers website. The virtual agent is for the applications that require a medical exam, to have someone else scrub your paperwork to make sure it's right, order your paramed exam, submit everything to new business, follow up with the underwriter and any new requirements, mail the application for signature if needed, follow up phone and emails, etc. On a non med product you don't have all that. Some are instant issue. Others take 2 to 3 days or so to issue. Not much follow up. You can do business with them in any state you hold a license in.

You may want to talk to Efinancial and also talk to some of the other agents that are using the Automated Life Insurance Sales System ALISS from Efinancial, but have their contracts with another marketing organization. It's always best to check out all of your options and see what fits best for you.
 
Last edited:
Thank you for clearing that up. Right now I am like a sponge soaking up every little bit of information.

Efinacial sounds like they may have pretty good leads available.
 
SalemInsuranceGuy, thanks for the clarification and the information on the commission break downs. I am seriously considering going with Efinancial because in addition to ALISS which seems awesome, I like that their non med commissions are almost 100%.

My question is does Efinancial require E&O for the non med carriers...or require that you subscribe to ALISS (mandatory) if you go with them? I am trying to get in with as little start up costs and one of the things that is attractive about another company I am considering is not needing e&o, HOWEVER their commision is 60%. I have like 15-20k of ap (approximately) already sold so to speak with my friends and family who have agreed to support my business. I dont want to lose so much of the commission when I am bringing in all my own business. I have searched all over for this answer so any info is APPRECIATED GREATLY!!
 
Last edited:
SalemInsuranceGuy, thanks for the clarification and the information on the commission break downs. I am seriously considering going with Efinancial because in addition to ALISS which seems awesome, I like that their non med commissions are almost 100%.

My question is does Efinancial require E&O for the non med carriers...or require that you subscribe to ALISS (mandatory) if you go with them? I am trying to get in with as little start up costs and one of the things that is attractive about another company I am considering is not needing e&o, HOWEVER their commision is 60%. I have like 15-20k of ap (approximately) already sold so to speak with my friends and family who have agreed to support my business. I dont want to lose so much of the commission when I am bringing in all my own business. I have searched all over for this answer so any info is APPRECIATED GREATLY!!

As far as I know it's the carriers that require E&O and not Efinancial. In this crazy litigious society I would carry it anyway even if they said I didn't need it. I have too much to lose. I actually just got my E&O through IHIAA which is only $440 a year. In fact right now it's only $207 to pay in full through the end of the contract year. After that you can pay in full or they have monthly payment options too. I can't remember the guys name off the top of my head, but he has the IHIAA logo on his screen name. Or I can send you the link if you need it. Plus they have a lot of good info they offer too. I'm really happy with it. Their membership fee is like $19 something a month. So I wouldn't take a commission cut just for E&O. In fact almost every carrier requires it now. So maybe the company you're talking to is paying it for you. But do the math. $440 a year to lose thousands in commission?

As far as ALISS being mandatory I don't know. I didn't ask because I never considered not using ALISS. It's only $60 a month for ALISS and I think it's well worth it for everything it does. All the way from feeding your leads into you, to quoting clients, to contacting clients, sending automated emails etc. It's like your own little mini call center. In fact it's the same exact system Efinancials agents use in their call center.

I'd also recommend that you talk to Len, WFS on here. He is with another company that uses ALISS. They do pretty much the same thing Efinancial is doing and pay a higher commission. I still haven't decided which company I'm going with yet. So I'd recommend you talk to him too so you can make an informed decision and get with the company that fits you best the first time. I think both deals are good, but they both have their little areas where I like one over the other. But both top notch in my opinion.

It's great that your family is supporting you. It will put you off to a great start.
 
Last edited:
Hey Salem, thanks so much for the info. I would love that link for the E&O insurance, since its that cheap I can swing it and you are right, makes no sense not to have it..I know all too well about litigation...im in law school..lol. I also plan to use ALISS eventually but just to get started since I need to get in with as little upfront I was going to wait until I placed a few deals first. But I have seen it in action and can attest to its greatness :)

Anyway I will definitely check out WFS as well. Do you know what his company name is so I can check it out until he gets back to me? Thanks
 
My E&O costs $460 and includes annuities, etc. Guess I just beat the price - what do I win?

Rick

Looks like you win a rate hike come renewal time. It's $595 for life, health, and annuities from what they show on the app. Still a good price though.

Oh wait, that's the "non-member" app I was looking at. So the member price is $460 then. I guess you do win.
 
Last edited:
Back
Top