“You’re identity is your most precious possession.” It isn’t just a cheesy line from a Disney movie, it has become a major part of protecting your finances.
With ID theft continuing to rise services like LifeLock have stepped in to help people protect their information.
How Does LifeLock Work?
LifeLock is a platform that offers its users identity theft monitoring, alert and recovery services in case of identity theft.
It is important to keep in mind that it doesn’t prevent identity but helps you monitor your accounts to avoid any suspicious activity.
LifeLock’s three main services are monitoring your credit files for any signs of identity theft, alerting you in case of potential problems and helping you recover if something goes wrong.
It is easy to install, after which LifeLock looks for the use of your personal information and alerts you to a range of potential threats to your identity.
In case your identity is stolen or a device is infected, LifeLock works towards fixing it. The company offers a number of different compensation and recovery options as well, along with coverage for lawyers and experts.
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Plans Available
LifeLock offers three different options for you to choose from:
- LifeLock Standard – This is the most basic package and costs $9.99 monthly and $109.89 annually. If you opt for LifeLock with Norton, it will cost you $12.99.
- LifeLock Advantage – The second option, with more features, costs $19.99 monthly and $219.89 annually. As was the case with the Standard subscription, LifeLock with Norton will cost you more – $24.99.
- LifeLock Ultimate Plus – The premium option offered by LifeLock, Ultimate Plus can be bought for $29.99 monthly and $329.89 annually. LifeLock with Norton costs $34.99 per month.
Service Features
Now that you know about the three different options available to you, lets delve into greater depths of each subscription and what it offers.
Credit Scores and Monitoring
The LifeLock subscriptions offer monitoring of one or three bureaus of credit scoring, depending on the plan that you choose. With the Standard subscription, you are eligible for one credit bureau monitoring.
One step above the Standard subscription is the Advantage variant, which offers credit monitoring from one bureau along with an annual credit report as well as the credit score from that one bureau.
Finally, the most expensive subscription entitles you to credit monitoring through all three bureaus.
LifeLock also gives you the credit report annually and the credit score from all three bureaus. In addition to this, you will also be eligible for a monthly credit score tracking from Equifax.
Most experts maintain that it is important to cover all three bureaus as having only one bureau monitored is like locking the front door of your house but leaving the back entrances open.
Insurance and Other Services
LifeLock offers different amounts of coverage for different packages.
With the Standard subscription, you are eligible to receive $25,000 in stolen fund reimbursement and personal expense compensation. In addition to this, you are eligible for coverage of up to $1 million of costs for lawyers and experts.
For the Advantage subscription, the amount goes up to $100,000 each for the former two factors and up to $1 million for lawyers and experts.
Similarly, for the Ultimate Plus, you can recover up to $1 million each for stolen fund reimbursement and personal expense compensation and as was the case with the others, up to $1 million for the latter.
Notifications and Alerts
The LifeLock subscription entitles you to a wide range of alerts and notifications that differ from package to package.
With the LifeLock Standard package, you receive alerts when your personal data is used in credit applications or when it is seen on the dark web.
You also receive alerts if there is any fake personal information connected to your identity or in case of an address change.
With the LifeLock Advantage, you get all of the alerts mentioned above and some more.
There are alerts in case of significant cash withdrawals, transfers and purchases, along with large-scale breaches and if your personal information is found on arrest records.
If you take another step up with the Ultimate Plus, you are eligible for all of the above along with new bank account applications, any investment or 401(k) account activity or in case your name comes up on a sex offender registry.
Interface and Utilities
LifeLock has an extremely easy-to-use mobile app that lets you control all your identity theft problems from your smartphone.
It allows you to get notified about any suspicious activity even when you are on the go and respond to all alerts that come your way. With the LifeLock’s in-app messaging feature, you have access to support right from your phone.
With the Advance and Ultimate Plus packages, you can also check your credit score at any time just by opening the app. The application is available on the Apple App Store as well as the Google Play Store.
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Life Lock Alternatives
Credit Sesame – A really basic set of services, but Credit Sesame is the only id theft service that is 100% free.
Experian – One of the tree credit bureaus that make up your credit score, Experian’s id theft service is now a top provider.
Identity Guard – One of the most well known providers, Identity Guard is a highly competitive service.
Pros
- Monitoring Made Easier – LifeLock is a great investment if you don’t have the expertise to manually monitor your credit and accounts. Even if you do know how to monitor your accounts, this tool just makes it much easier because of its wide-ranging features and alerts.
- Specialized Expertise Means More Efficiency – It is tough for a lay man to compete with the expertise provided by LifeLock, especially some services like the dark web monitoring that can’t be replicated if you have an in-depth knowledge of the field.
- $1 Million Protection Package – The company offers an attractive package to cover the personal expenses that you may have incurred as a result of identity theft. LifeLock also offers reimbursement up to the amount given by your plan, in addition to coverage for lawyers and experts.
- Helpful for Those Who Find Themselves Vulnerable – If you have misplaced your Social Security card or exposed information in any possible way, LifeLock can be very helpful in checking that all your data is safe and take remedial steps.
Cons
- Very Expensive – The cost is a major drawback as the LifeLock Ultimate Plus is the one that gives you the best service. The reason behind this is that it offers monitoring at all three major credit bureaus – Equifax, Experian and TransUnion.
- Lack of Family Coverage – There is no single plan for the entire family. While your children can be added to the plan for a small additional cost, your spouse will be required to buy a whole separate package. This means shelling out quite a bit of money every month for each family.
LifeLock Review Bottom Line
Getting competent id theft protection should be a part of any financial plan. LifeLock is one of the top names in the id theft industry and should be a consideration for anyone in the search for a plan.
While they have taken some bumps in the past, the service has come through and improved to be a top competitor for your business.
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