Life Insurance Blog | Efinancial

The advantages to searching for and reviewing life insurance quotes online are numerous.  Not only does an online search provide quick access to quotes, but customers are free to browse options at their own pace and at times that are convenient to them. Here are three tips for comparing life insurance quotes in the virtual world, as well as how to make the best of your search.

Compare competitive coverage

Request quotes from an online brokerage to compare quotes from top-rated insurance carriers nationwide to find the most competitive coverage to fit your needs. While reviewing online quotes side by side, many prospective customers are tempted to go for the first or lowest premium they see listed before they take the time to research what that plan actually offers. While often this approach may yield a plan that is a good option, it’s nevertheless very important to understand why that quote is what it is.  Making sure you’ve completed quote questionnaires fully and truthfully is a great first step towards making sure you are receiving accurate quotes.

Consider your family's needs

Before you even begin comparing life insurance quotes, it’s essential that you take the time to evaluate how you are looking to protect your family financially and what type of coverage might best fit that need.  Establishing some important criteria beforehand can make the search through insurance quotes much easier. For example does your life insurance coverage need to cover mortgage payments should something happen to you? What about future college tuition or current debts?

In addition, decide if you are looking for term or whole life insurance. Term life insurance policies are set for an established period of time, but are significantly less expensive when it comes to premiums.  Whole life insurance provides lifetime coverage and potentially cash value on an account, however, premiums are set at a much higher rate and are generally cost prohibitive. To learn more about the differences between these two types of life insurance visit the Efinancial eLearning center.

Compare apples to apples

When comparing quotes from different carriers compare like policies for a true comparison. For example, compare two quotes with the same term length and coverage amount for a true apples to apples comparison to see which carrier provides you with the best quote. An online brokerage is an easy way to make these sort of comparisons.

There are a lot of options out there when it comes to picking the right life insurance.  It’s an important decision that affects your loved ones and you want to make sure you’re making the right choice to fit your family's needs and budget.

Don't know much about life insurance? Don't worry. Term life insurance is coverage  is designed for a set period of time. This means that term life insurance can be designed for terms such as 10, 20 or even 30 years periods. 

Let's be honest, life isn’t exclusively black and white. Things change, families grow and altering events take place. With term life insurance you have the opportunity to select a coverage amount and a term length to fit your specific needs. For example, if you have a 30 year mortgage, a 30 year term life insurance policy is a way to ensure your mortgage will be paid off should something happen to you. Similarly, if your children will have attended and graduated from college in the next ten years, a ten year term policy may be just what you need to ensure their college educations are paid for.

Term life insurance can also be customized based on specific coverage amounts to fit your families needs. And, since term life insurance is generally associated with significantly lower monthly premium rates than other forms of life insurance like whole life, it is often a great option for people looking for affordable coverage.

And although monthly premiums are generally lower with term life insurance coverage your family still receives the same great benefits. The benefits the beneficiaries receive from a term life insurance policy can be used for items like:

When considering term life insurance you can also consider riders. A rider, or an "add-on" is intended to provide an additional benefit to your coverage that is not normally included. For example, common riders include child riders or waiver of premium riders.  A licensed life insurance agent is a great resource to learn more about riders and better understand the terminology associated with life insurance.

So, how do you go about finding the right coverage for you and your family? Finding the right term life insurance coverage is as simple as speaking with an agent or requesting a free quote online. Visit www.efinancial.com to compare rates from top rated insurance carriers from the comfort of your home. Not quite ready to request a quote? That's okay, visit our e-learning center and find out everything you need to know about term life insurance.

Buying term life insurance has become easier than ever with the advent of websites that aggregate quotes from multiple carriers to allow consumers to easily compare life insurance premiums. But to make a decision like a pro, you still need to understand how to accurately determine the face value (death benefit) and term length that you need. You also should be aware of variations in term life policies.

Making wise decisions about how much face value and term length to buy will allow you to protect your family without spending more than you need to. If you compare life insurance premiums for policies with more face value or term length than you need, you stand a good chance of paying more for a policy than necessary, while if you’re looking at policies with not enough of either, you could end up putting your family’s security at risk.

Fortunately for consumers, top quote-aggregation sites also feature various calculators to help you figure out the appropriate face value and term length.

Factors to consider when determining the amount of coverage you need as well as the term length of coverage include:

Age. Since the primary purpose of term life insurance is to prevent financial hardship for your loved ones should you pass away, your age—as well as the age of your family—plays a crucial role in deciding how long the term should be. The term should be at least as long as you expect your children to be wholly or partially dependent on you. And if you are young enough that you will still be working when your children become independent, you may want to extend the term until your retirement age to provide security for your spouse.

Debt. Your coverage should cover all outstanding debts to prevent them from falling onto your loved ones should you pass away.

Anticipated Income. Your anticipated income also impacts the estimation of how much will be lost financially if you were to pass away. It seems somewhat counterintuitive that as you grow older and gain more assets, you gain less from life insurance than when you were young and had relatively little wealth. But that’s exactly what life insurance does—it insures against the loss of what you don’t yet have but most likely will attain. Therefore, you’ll need to determine how many more years you expect to work and how much you expect to make each of those years.

Assets That Need Protecting. Determining how much insurance you need involves all aspects of your family’s financial situation. For example, if you still have a mortgage on your home, term life can enable your family to keep the home by providing the funds to pay off a mortgage, as well as to pay the necessary estate and property taxes. Likewise, if you own a business, you’ll need enough face value to allow your heirs to continue operating the business.

Spouse’s Earning Power. Replacing your lost income is important whether your spouse works or not. However, the amount you need to replace may not be as much if your spouse can be self-supportive, and you also may decide the term length doesn’t need to extend beyond your children’s independence.

Cost-of-Living Increases. As you measure your expected income against future needs, you’ll of course have to account for inflation.

Large anticipated expenses. When looking at the income you’ll need to replace, you may want to consider expenses beyond basic living expenses. For example, you may consider the cost to put your children through college, caring for an elderly parent, or continued support of a special-needs child.

To sufficiently compare life insurance premiums, you’ll also need to research and be aware of available riders—such as conversion riders, which allow you do switch to a permanent policy at the same health rating (adjusted for age) that you received for your term policy. This rider can save you a substantial amount of money if your health worsens during the term.

You also should pay attention to the financial strength of each carrier you consider. Look for an A- rating or better from a service such as A.M. Best.

Fortunately, leading quote-aggregation sites also include educational resources to help you best compare life insurance premiums.

Becoming a small business owner is certainly no simple task. Chances are it’s an undertaking you’ve poured your very life into. Achievement, however, doesn’t keep reality away, and we never know when the unexpected may happen. Life insurance coverage is even more important for business owners because the livelihood of the business literally hangs in the balance. Insufficient funds for those left behind to settle affairs and continue your work after you depart can be the end of your small business leaving your family with no income.

Life Insurance Coverage offers peace of mind.

 A 2007 study by the National Association of Insurance Commissioners found that in 75 percent of small businesses, one or two key individuals determine the success of the business. This leaves a strong possibility you as an owner are key to your businesses’ success on a financial and functional level. Your loved ones will need time to bring things back to neutral after you’re subtracted from the equation. Life insurance coverage can offer that time without financial worry and dramatically increase the chance your business will continue to provide support for those you love.

What expenses might your small business owner life insurance coverage cover?

-Your debts. As a small business owner you probably rely on some form of credit for aspects of your business. Perhaps you have an existing bank loan used to fund the business initially, or a line of credit you use to buy materials, any debt you incur personal or for your business will have to be settled by those who are left behind.

-Your absence. It may be odd to consider your own absence an expense, but the time and skill you place into your business will have to be replaced. This could leave those inheriting your business with the need to hire or promote an employee, train new people, buy stock control of the business from partners, or even reformulate the very structure of the business operation. In the time that takes, income from the business may also diminish temporarily requiring funds to prevent debt.

-Your loved ones. Should you pass away life insurance coverage can protect your family from financial hardship in more ways than one. On top of protecting your business a well designed policy can provide for your families daily living expenses. Similarly, it can be used to pay off your family's mortgage or can be set aside for you child's future college tuition. The nice thing about life insurance is that you can design it with coverage amounts to fit your needs as well as those of your family and your small business.

Is it worth it?

In the end when considering whether or not to buy life insurance coverage as a small business owner it really comes down to what everything in life does—money.  Chances are you’ll shop around for a life insurance policy, research the various types of life insurance available to you, and begin running the numbers in your head. You’ll be stuck between deciding whether a monthly or annual premium is worth it when considering the benefits and risks of a policy. How much coverage and what type you need is certainly up to you, but there is no question, every small business owner needs life insurance coverage.

It’s easy to become so caught up in the day-to-struggle to earn money that you forget about the long-term big picture. As long as you have income to meet living expenses, everything seems alright.

But you can become so focused on meeting current needs (or perceived needs) that you make irrational financial decisions. As evidence of this, consider that 46% of Americans have more credit-card debt than savings—shortsighted management of personal finances at its worst.

It’s not that Americans don’t know it’s important to be financially smart. Research shows that nine out of 10 Americans believe they could manage their financial future better. But many people apparently don’t consider financial planning to be vital enough to do it.

The tendency to neglect financial planning is understandable because financial planning involves thinking about the distant future or unexpected events—not about what’s going on now. But that neglect can come back to haunt you. Consider the following reasons why financial planning now—not later—is crucial.

Have Enough for Future Needs, Including Retirement

Far too many Americans are not adequately saving for retirement, and the result is more and more seniors are forced to work beyond retirement age, a trend that unfortunately is likely to continue. Retirement is the reward at the end of working life, but it doesn’t just happen. For most people, it takes careful financial planning and wise investing, beginning at as early an age as possible, to prepare for retirement.

Protect Your Family In Case of Death

Life insurance is critical in any financial planning because without it your loved ones are exposed to financial risk should something happen to you.

Consider the following expenses that are often left behind upon one's passing:

• Replacement of lost income
• Mortgage
• Debt
• Medical expenses
• Burial and funeral costs
• College for children
• Caring for elderly parents
• Caring for a special-needs child

The thought of leaving behind these financial burdens for your family should be more than enough motivation for you to buy sufficient life insurance if you don’t already have it.

Gain Peace of Mind

If you’re like most Americans, you realize that two essential responsibilities in caring for your loved ones are preparing financially for the future and providing financial security in the event you pass away. To fulfill those responsibilities, financial planning that includes retirement planning and adequate insurance is necessary.

Once you develop a realistic, suitable financial plan, you’ll be able to sleep much easier knowing your family’s future is provided for.

Many people dream of retirement and the point in their lives when they can let go of many obligations they have carried during their working years. The house is paid off, the kids are out of college and you can finally cancel that term life insurance coverage. Wait, what was that last one?

Many retirees make the mistake of canceling their life insurance policies once they enter retirement citing any number of reasons. They're now "self-insured" through savings and investments. Their kids are grown and no longer need the safety net of life insurance coverage in case they die. However, retirement is not the right time to let your life insurance coverage lapse. Let's break down some of these myths surrounding retirement and life insurance.

"I'm Self-Insured"
A common reason for retirees to allow their life insurance to lapse is because they have become "self-insured" through their savings and investments. They assume they have enough money to cover their living expenses throughout retirement and then have enough left over to cover end of life costs, any outstanding medical bills and leave a small legacy to their heirs or to provide income to a surviving spouse.

However, several studies have found that most retirees haven't saved enough for retirement or haven't truly calculated how much their retirement will cost. The most recent news says retiring baby boomers will need at least $240,000 saved for their medical costs alone.

Funeral costs are quite high as well. The average funeral or memorial service costs about $10,000. That sum can really take a bite out of your savings. Additionally, many of today's retirees have found themselves paying for their parents' memorial services as well if their parents didn't save enough or had high medical costs. You want to save enough for your spouse's services as well, so really, you need to have at least $20,000 saved up. Life insurance is a way for your family to cover these expenses should you pass away.

"My Kids Are Grown"
In our younger days, we have life insurance to protect our families and children in case we die. But in retirement, our kids have grown up, moved on and started lives of their own and they don't need help from their parents anymore. So why have life insurance?

Sadly, today's empty nesters are often finding their nest isn't so empty after all. The weak economy has sent many young adults back home to their parents as they struggle to find work. A recent report from the Pew Research Center found that three out of 10 young adults between the ages of 25 and 34 have moved back home for a period of time. Young adults today are taking longer to get established, get married and have children of their own and in the interim, they are turning back to their parents for help and assistance.

"Social Security Will Take Care of My Spouse"
Will it? We have all read the news about the stability of Social Security and concerns about benefits once the wave of baby boomers begins to retire. Social Security survivor benefits and your spouse's benefits might not provide enough income in retirement. Additionally, if you were to die unexpectedly, the benefits would have to last that much longer further affecting your spouse's income during retirement.

You have worked hard, supported your family and realized some of your dreams. Retirement is about enjoying the fruits of your labor and pursuing new dreams and ambitions, not worrying about whether you'll have enough money. Hang on to the peace of mind you had in your working years and maintain your life insurance coverage through retirement.

If you are like many Americans, your days are spent rushing around from here to to there with no time to waste. There are deadlines, children to chauffeur, and a long list of weekend activities. If this sounds like your life, and you are looking for life insurance, then applying for no exam life insurance could be the right choice for you.

With no exam life insurance, you can apply for coverage without the hassle of a medical exam and without waiting the traditional four to six-week underwriting period. If you've been avoiding the life insurance application process because of time constraints,  consider applying for no exam life insurance.  The process is fast, simple and - depending on your situation - you can get a decision within 24-hours of applying for coverage.

Similar to traditional forms of term life insurance, no exam life insurance provides a death benefit to your beneficiaries in the event you pass away during the course of your policy. 

The application process is simple. You can apply for coverage through a quick and easy online application that can be completed from the comfort of your own home. You will be asked some questions about your age, health status, and lifestyle. Things like whether or not you use tobacco products and your medical history will all be considered in the application process. 

It's important to note that premiums for no exam life insurance are generally slightly higher than for traditionally underwritten term life insurance.  This is because by choosing to forgo a medical exam, the carriers have less information to calculate your risk on. However, many applicants find the ease of applying to be worth the potential cost.

For many people, No Exam life insurance is an easy way to apply for the coverage they need to protect their family. If you're interested in getting a head start and learning how much coverage you may need check out Efinancial's Online Life Insurance Calculator. When calculating your need, consider financial obligations like your mortgage, car loans, credit card balances, and college tuition.

To apply for no exam life insurance request a quote online or call to speak with one of our licensed agents.

We have a few basic needs in life and it is easy enough to know when these needs have been met. When we get hungry, we eat. When we get tired, we sleep. When it rains, we seek shelter. These are easy to figure out and easy to take care of.

Other times, it is more difficult to tell when our needs have been met, like when looking for life insurance. Many people buy life insurance haphazardly simply because they know they need it. But it's important to consider a few key questions before buying life insurance. How much coverage do you need? What kind of insurance works best for you? These are important considerations for purchasing life insurance and it's not always easy to know the answers. Here are three tips to ensure you are buying life insurance to truly meet your needs.

Do the Math
The level of life insurance coverage you need varies from person to person and family to family. Life insurance is meant to replace lost income after you die so your family has a measure of financial security and time to recover emotionally. Life insurance often covers end of life costs as well including medical expenses and funeral costs. The ultimate amount of differs from person to person but there are some general rules of thumb.

First, there are several websites with information about average cost of funerals. In general, you should expect to spend somewhere between $8,000-$10,000.  Then, consider your income. Many in the insurance industry suggest having coverage equal to six to ten times your annual salary. That seems like a lot, but consider the needs your family will have after you're gone and you quickly realize that money can go quickly.

Add the Family
Life insurance for yourself is not always enough. To truly meet your life insurance needs, consider if you need to cover your whole family. Most couples today both have careers and incomes that contribute to the family's income. It isn't always enough to look for life insurance for just yourself. If you have children, you can also consider covering them under your policy.

The Type of Life Insurance
Now you have an idea on how much insurance you need and who in your family may need coverage, consider they type of coverage you need. Out in the insurance marketplace, you will hear a wide variety of terminology about the different kinds of life insurance coverage — term, whole, universal, variable, cash value. Which one will best meet your needs? While term life insurance is one of the most common and affordable types out there, speak to a licensed life insurance agent today to see which type of insurance is right for you.

For more information on life insurance or to apply contact Efinancial today!

In life we want to protect all that we hold dear, and that is why so many people who enjoy life to the fullest also buy life insurance online. When your make the choice to buy life insurance online, you can enjoy the unexpected joys and challenges of life without worry.

Many things in life are unexpected. A holiday bonus, a rainbow on a sunny day or the winning lottery ticket. Illness is often unexpected as well. When we are young and healthy, we often assume we will stay this way well into the foreseeable future. However, illness does not discriminate or happen only to those who have lived full lives. Even if you have lived a full life, you may not expect to become ill after a life of relative health. Illness occurs when you least expect it no matter your age.

While you cannot plan for what unexpected illness you or your loved ones might get, you can prepare for how you will respond to illness. Prolonged illnesses can take a toll on family finances through medical costs and end of life costs as well as wreak emotional havoc. Should the insured pass way at the end of a prolonged illness, life insurance can make the financial part less stressful by covering medical costs, funeral expenses and by providing income to beneficiaries.

Similarly, one thing we know about life is that it will always surprise you. Imagine the surprise of many empty nesters when their adult children began returning home during the current economic turndown. In fact, nearly 16 million young adults moved in with their parents during the recession. You just never know what life will bring your way. Should something happen to you, a properly designed life insurance policy can help cover daily expenses for your children as well as your spouse.

Life insurance is simply designed to protect your loved ones from financial hardship should something unexpected happen to you.

Life should be full of surprises, excitement, risk and reward. Protect everything that matters to you with life insurance. Request a free quote at www.efinancial.com.

Buying life insurance is perhaps one of the more important decisions you can make.  Why?  Because life insurance protects your loved ones from financial hardship should you pass away.  Yet, for many people living on a tight budget, buying life insurance isn't a priority, not because they think it's unimportant (they know it is very important) but because they think they can't afford it.  If you are living on a strict budget with limited resources, it may be tempting to look at buying life insurance as an unnecessary expense in your life. Of course, the problem with this thought process is that by the time you think you truly need life insurance, it may be too late.

Take a look at these 6 tips to help you find affordable coverage when living on a budget:

1. Don't procrastinate. There is no time like the present to buy life insurance. When it comes to life insurance the earlier in life you apply and the healthier you are the more likely you are to receive lower rates.
2. When buying life insurance, know what you can afford. If your budget only allows for a small amount of coverage don't apply for coverage with a huge face amount. Keep your premium payments low with more modest coverage. You can always apply for supplemental coverage if your financial circumstance change. 
3. Customize a coverage amount and term length based on a combination of your specific needs and your budget. Remember that life insurance is often used as income replacement.  Understanding that, calculate the annual income that will be required by those you leave behind to pay off your debts, cover the costs associated with your funeral and putting your affairs in order.  Carefully analyze not only your current financial situation but, more importantly, the likely condition of the financial situation you'll be leaving your loved ones in.  
4. Shop around.  No matter how comfortable you may be with your golf buddy's agent or the broker your aunt swears by, you may be ill-served if you purchase the first package you are presented just to get the process over with.  Shop around to see which insurance carrier can save you the most. 
5. Know the pros and cons of the life insurance products available to you. If you're on a budget, consider term life insurance as an affordable option that can be customized to provide adequate coverage for you and your loved ones. 
6. If you already have insurance but are finding it increasingly difficult to meet the cost, consider what other options you have.  Review your policy and consider applying for a policy with a smaller face amount or a shorter term with lower premiums.

To learn more about affordable options contact an Efinancial agent today.

Life insurance.  No matter how unencumbered our life may appear, very few of us have absolutely no financial obligations.  Perhaps you have financial obligations to members of your family.  Did parents help with the down payment on your house?   Did your older sibling help pay for your education?  Remember, too, that any debt that remains outstanding at the time of your passing (e.g., student loans) may be passed on to surviving family members.  And, even if not the most  common obligations, more and more of us are assuming responsibility for providing financial support for parents or siblings. 

What about your funeral?   Are you leaving enough money behind to cover the costs?  The National Funeral Directors Association estimates that the average funeral costs over $7,000.   Is that money there for your next of kin (and, while we're at it, will it be readily accessible for them when the time comes?).   Perhaps there are traveling expenses for family members who want to come together in their time of grief over your passing.  If you suffer a major illness that results in substantial medical bills, those bills may become a burden on your loved ones.  There are other costs related to moving your belongings and otherwise tying up the loose ends of your life.

Another thing you might want to consider is what legacy you'll be leaving for those you leave behind. Term life insurance is the perfect vehicle for you to leave a legacy for your family.  The insurance proceeds can go a long way towards meeting the educational or health needs of your designated beneficiary.  Providing your loved ones with financial security is as thoughtful a gift as you can give. 

So, now that we've illustrated some reasons why you might want to purchase term life insurance, the question becomes:  Should you buy it now?  If you are young and healthy, life insurance seems unnecessary.  However, the very fact that you are young and healthy is why you should buy term life insurance now.  The younger you are, the less expensive life insurance is.  The healthier you are, the less expensive life insurance is.  Put the two together and its clear that the best time to apply for term life insurance is now.

For more information on term life insurance rates from the nations top-rated insurance companies request a free quote from Efinancial and compare rates instantly.

The vows have been said, the honeymoon tan is fading and the thank you cards have been mailed. Now it's time to get down to the business of starting your marriage. For most couples, this means learning how to live and love together as you build your new life. It should also be a time when you apply for life insurance coverage to protect the union you have just created.

Life insurance coverage might not be on the minds of every newly married couple. In fact, we are pretty sure it's not. However, now is the perfect time to apply for life insurance and there are several reasons why.

Timing is Everything
When it comes to meeting your life partner, timing is everything. The same is true when it comes to getting the best life insurance coverage on the market. Newly married couples have timing on their sides as they look to apply for life insurance. They are often still in their young adulthood with the average age of marriage at 27 for women and 29 for men.

Being younger gives you several advantages when applying for life insurance.

A Safety Net
Since most newlyweds are still in their 20s, many have not yet had the time or resources to save significant amounts of money for savings or retirement. And there may be other priorities for your savings right now like a down payment for a home or paying off student loans. If you choose to have children, that is another significant cost including everything from diapers and daycare to cars and college.

Over time, you and your spouse will build up savings and a retirement account to help out with unexpected costs. In the meantime, life insurance coverage provides a safety net to protect the life you and your spouse are building should something happen to one of you.


Most young couples and households require two incomes. When one spouse passes away, the other spouse is left trying to knit back together a life you once shared and with fewer resources. Life insurance policies can protect your spouse should you pass away in a number of ways, including:

• Avoiding foreclosure by paying for the mortgage;
• Covering medical bills from an unexpected illness;
• Paying for funeral or memorial service costs;
• Cover daily living expenses

Protect your spouse, protect your future family and protect the life you are building together with life insurance.