Much of the information for LifeLock® reviews that you read on the web is out-dated. The following is an in-depth report on the most current available research.
The first thing you need to know about identity theft is that nothing can completely keep it from happening. Nothing.
Determined thieves can break into banks, casinos and museums even with the sophisticated alarm systems they’ve got installed. But it takes more than a run-of-the-mill thief to get though all the layers of security. So the idea behind identity theft protection of any kind, LifeLock or DIY, is to make your personal and financial information harder to get.
LifeLock is heavily promoted on television, radio and the newspapers. Their tagline is “Relentlessly Protecting Your Identity®“. Is this for real?
What is LifeLock?
It’s a company started in 2005 and is an award winning industry leader in identity theft protection. The company is growing each year as more people make it their choice. There were 3.52 million members at the close of the third quarter of 2014.¹
Why Worry About Identity Theft?
As reported by NBC News², id theft topped the list of consumer complaints in 2013. It even beat out complaints about debt collectors, banks/lenders and “free” prize entries. So this is a serious problem with approximately 290,000 people reporting it. It has been the #1 consumer complaint for 14 years in a row.
The Target data breach in December 2013 was a real eye opener and 2014 had huge breaches affecting millions(4). Cybercrime is growing and no matter what anyone does, they can still fall victim to a ruthless hacker.
Here’s some things a thief can do with an identity:
- Open new credit accounts including cell phone
- Rent a house or apartment and have utilities turned on in another name
- Buy a house, a car, a boat, a motorhome – create their dream lifestyle
- Use health insurance for their own treatment (medical identity theft)
- Wipe out bank accounts
- Commit crimes and use a false name when arrested. If they don’t show up for court, an arrest warrant is issued for the person’s whose name and info was used.
- Completely ruin someone’s credit and reputation.
What Does LifeLock Do?
You can choose between a couple of plans that have different levels of monitoring.
|LifeLock Protection Features||LifeLock® Standard||LifeLock Advantage®||LifeLock
|Identity Threat Detection and Alerts†||✓||✓||✓|
|Lost Wallet Protection*||✓||✓||✓|
|Address Change Verification||✓||✓||✓|
|Black Market Website Surveillance||✓||✓||✓|
|Reduced Pre-Approved Credit Card Offers||✓||✓||✓|
|Award-Winning Member Service 24/7/365||✓||✓||✓|
|$1 Million Total Service Guarantee‡||✓||✓||✓|
|Credit Card Activity Alerts||✓||✓|
|Bank Account Activity Alerts||✓||✓|
|Fictitious Identity Monitoring||✓||✓|
|Court Records Scanning||✓||✓|
|Data Breach Notifications||✓||✓|
|Investment Account Activity Alerts†||✓|
|Online Annual Credit Reports||1 Credit Bureau||3 Credit Bureau|
|Online Annual Credit Score||1 Credit Bureau||3 Credit Bureau|
What Do People Say About LifeLock?
With any type of membership plan, the best way to measure how satisfied people are is how members vote with their wallets. In other words, if someone is happy with the service, they will continue to pay for it.
Javelin Strategy & Research 2013 Identity Protection Services Scorecard named LifeLock the best in the category of detection.
From the BBB.org website, here are the 2 complaints as of the time this review was written in 2013.
– James H. wrote that someone opened an account with DISH network in his name. He was upset that LifeLock didn’t stop it and was dissatisfied with their service to resolve his problem.
– Jeff B. was upset because he enrolled when there was a free shredder offer. He didn’t get his shredder right away. He did not mention anything about the service. Kirk D. responded to the complaint by saying his own shredder took a while to get to him because of the popularity of that offer in 2012.
The ConsumerAffairs.com website had no complaints in 2011 and 8 complaints in 2012 of which 4 were written by actual members. There were various reasons: billing, blue-collar characters in TV commercials and that coverage was something they said they could do themselves.
Some people have expressed dissatisfaction with LifeLock because they advertise on the Rush Limbaugh talk radio show.
How Much Does LifeLock Cost?
The cost of LifeLock depends on whether you choose a monthly or yearly plan. If you use a promo code, you’ll get a discount and a free* trial to test it out with no obligations. You can always cancel at any time without hassle.
LifeLock Standard Plan
- $9.99 monthly or $109.89 yearly
- $8.99 monthly or $98.90 yearly + 30 day free* trial – use promo code ‘TEN30“
- $19.99 monthly or $219.89 yearly
- $17.99 monthly or $197.90 yearly + 30 day free* trial – use promo code ‘TEN30“
LifeLock Ultimate Plus
- $29.99 monthly or $329.89 yearly
- $26.99 monthly or $296.90 yearly + 30 day free* trial – use promo code ‘TEN30“
Applicable sales tax not included.
Can I Cancel LifeLock?
You can cancel at any time. If you paid a yearly membership, the unused balance is credited back to you. Each year when your membership is up for renewal, you will receive a letter with re-billing information.
Do I Really Need LifeLock?
Less damage is done when identity theft is caught quickly. Fraudsters act fast with stolen information of all kinds: credit cards, loans, bank accounts and mobile phone bills. Data breaches just keep happening. 25% of people who were notified that their info was stolen in a breach became a fraud victim.
Because of increased awareness, people are responding faster, too. Comprehensive and proactive monitoring are important to reduce the damage. Victims detected fraud themselves by using
- Credit monitoring
- Financial alerts
- Monitoring their accounts
- Identity protection services
Monitoring and setting alerts on financial account is a good idea. Consistent and dedicated to the routine of checking is the main key with this route.
For this reason, many people prefer to have a membership with an identity protection company. It’s combination of the convenience factor and types of monitoring that would be difficult for the average person such as black market website surveillance.
LifeLock has been around for many years and has large base of repeat customers. Besides monitoring your information, you also have a company to help you if your identity is stolen while being a member. Knowing there’s help at any time is very appealing to some people.
How to Get LifeLock
- Click the link to enroll online at https://secure.lifelock.com/enrollment/
- Call 1-800-LifeLock (543-3562)
† Network does not cover all transactions and scope may vary.
‡ The benefits under the Service Guarantee are provided under a Master Insurance Policy underwritten by State National Insurance Company. As this is only a summary please see the actual policy for applicable terms and restrictions at LifeLock.com/legal.