LifeLock Review – Why You May Need It More Than Ever

Table of Contents
  1. About LifeLock
  2. How LifeLock Works
  3. What LifeLock Offers to Protect Your Identity
  4. LifeLock Pricing Plans
    1. LifeLock Standard
    2. LifeLock Advantage
    3. LifeLock Ultimate Plus
  5. Is LifeLock Worth Having?
  6. Can You Do It Yourself?

In the identity protection space, LifeLock is practically synonymous with the term. It's likely that most people who were or are considering purchasing an identity protection system are or have at least considered LifeLock as a contender for the job. And there's plenty of good reason why. LifeLock is simply one of the most effective identity protection systems ever devised.

And that's more important than ever. 16.7 million consumers were affected by identity theft in 2017, yet another record year in a long-term trend of steadily rising criminal activity.

LifeLock can help keep you from becoming one of them.

About LifeLock

LifeLock describes itself as a modern identity theft protection company. Their goal is to provide protection with convenience while keeping the user in control. They use a combination of unique data, science and patented technology to provide identity threat protection, as well as alerts and comprehensive remediation services.

LifeLock reports having 4.4 million members. They offer their services to financial institutions, insurance companies, employee benefits, data breaches and affinity and subscription services, as well as individual consumers.

How LifeLock Works

You can sign up for LifeLock by answering a few questions and then choose the plan you want.

Norton Security. This is the preferred device security system, and it can be installed on up to five devices.

Once your plan is up and running, LifeLock looks for the use of your personal information using proprietary technology. They will alert you if there are any potential threats to your identity.

If your identity is compromised, LifeLock will appoint a US-based Identity Restoration Specialist to work you through the process. And if a device is infected, you'll get help from a Norton expert to help keep it virus-free.

Mobile app download. LifeLock is available for iOS and Android apps (though Norton is not supported on Mac or iOS devices.)

What LifeLock Offers to Protect Your Identity

LifeLock offers many features and benefits to protect your identity, or to provide assistance in the event it is compromised. Exactly which tools and features you'll have available will depend upon the plan you select.

Some of those features and benefits include:

Personal expense compensation. LifeLock will cover you for personal expenses incurred as a result of identity theft. They will cover up to the maximum amount permitted under the plan you select. This can be anywhere from $25,000 up to $1 million.

Reimbursement of stolen funds. If money is stolen due to identity theft, LifeLock will reimburse you up to the maximum amount permitted under your plan. This can be anywhere from $25,000 up to $1 million.

Coverage for lawyers and experts. Each of the three LifeLock plans provides up to $1 million in coverage, to pay the cost of lawyers and experts if they are needed to help resolve your case. Identity theft can be an extremely complicated process to remedy, and often does require the services of third-party professionals.

Credit bureau monitoring and credit scores. In plans where one credit bureau information is provided, that will be from Equifax, using your VantageScore 3.0. If you subscribe to the Ultimate Plus Plan (see plans below), you'll have access to your VantageScore 3.0 from all three major credit bureaus, Equifiax, Experian and TransUnion.

Lost wallet protection. If your wallet is lost or stolen, LifeLock will help you cancel or replace credit cards, insurance cards, your Social Security card and your driver's license.

USPS Address Change Verification. LifeLock alerts you if there any change of address requests that are linked to your identity. Identity thieves will sometimes use this technique to divert mail and get valuable financial information on you.

Dark Web monitoring. The Dark Web is the name of hard-to-find websites and forums, where personal information has a way of ending up. LifeLock monitors this corner of the web, and notifies you if your information appears there.

LifeLock Privacy Monitor. This tool reduces public exposure of your personal information, helping to keep it private.

Bank and credit card activity alerts. This feature can give you alerts for cash withdrawals, balance transfers and large purchases. That will help you detect fraudulent activity in any of your accounts.

Investment account alerts. These extend to both investment and retirement accounts. LifeLock attempts to protect those accounts from cash withdrawals and balance transfers.

Court records scanning. LifeLock checks court records for matches of your name and date of birth to criminal activity. The purpose is to keep you from being falsely linked to arrests and convictions by others who have used your identity.

Sex offender registry reports. LifeLock will provide notification if your name and personal information appears on a sex offender registry.

Filesharing network searches. LifeLock monitors popular networks to see where your name, Social Security number, date of birth or contact information is being used. This can happen on music, photo and data filesharing networks.

Data breach notifications. LifeLock will alert you about large-scale data breaches, giving you a chance to protect your personal information.

Checking and savings account application alerts. LifeLock continuously searches your personal information for new bank account applications at banks across the country. This helps to prevent accounts being opened in your name by unauthorized third parties.

Bank account takeover alerts. LifeLock monitors changes in your bank accounts in the event identity thieves use computers to take over your accounts, or add new account holders to existing accounts.

Fictitious identity monitoring. LifeLock scans names and addresses that are connected with your Social Security number. This is to prevent thieves from building fictitious identities using your information to commit fraud and other crimes.

Priority life member support. This is available only on the LifeLock Ultimate Plus plan. But it effectively “moves you to the front of the line”, to speak with an identity protection agent should a theft occur.

Once again, which of these features and tools will be available will depend upon which LifeLock plan you select.

LifeLock Pricing Plans

LifeLock offers three different plans:

LifeLock Standard

This is LifeLock's most basic plan.

For $9.99 per month, you get the following protections:

  • Reimbursements of stolen funds of up to $25,000
  • Personal expense compensation of up to $25,000
  • Up to $1 million coverage for lawyers and experts
  • Social Security number and credit alerts
  • U.S.-based restoration team
  • Lost wallet protection
  • Address change verification
  • Dark Web monitoring
  • LifeLock Privacy Monitor
  • Credit bureau monitoring through one credit bureau

LifeLock Advantage

For $19.99 per month, you get the following protections:

  • Reimbursements for stolen funds of up to $100,000
  • Personal expense compensation of up to $100,000
  • Up to $1 million coverage for lawyers and experts

You get all other features included in LifeLock Standard, plus the following:

  • Bank and credit card activity alerts
  • Alerts on crimes committed in your name
  • Data breach notifications
  • Fictitious identity monitoring
  • Annual credit report and score from one credit bureau

LifeLock Ultimate Plus

This is LifeLock's top-of-the-line plan.

For $29.99 per month, you get the following protections:

  • Reimbursements for stolen funds of up to $1 million
  • Personal expense compensation of up to $1 million
  • Up to $1 million coverage for lawyers and experts

You get all the features of LifeLock Advantage, plus the following:

  • Credit bureau monitoring with three credit bureaus
  • Annual credit reports and scores from all three major credit bureaus
  • Monthly credit score tracking with one bureau
  • 401(k) and investment activity alerts
  • Bank account takeover and new account alerts
  • Filesharing network searches
  • Sex offender registry reports
  • Priority life member support

Whichever LifeLock plan you choose, you'll have a 60-day money back guarantee if you're not satisfied with the service.

Is LifeLock Worth Having?

Identity theft is one of those problems that you don't think about, until it happens to you. And if and when it does, it's a game changer. It can limit your ability to access your accounts and even cause you to incur liabilities you did not create.

Identity thieves have been known to use all kinds of methods with stolen identities, including applying for mortgages, perpetrating income tax fraud, and even obtaining employment. The best way to protect against a large number of threats is by using a comprehensive identity protection system. And that's what LifeLock provides.

No identity theft prevention program is 100% effective against all threats, including LifeLock. But by having the service in place, you'll dramatically lower the chances of becoming a victim of identity theft.

Can You Do It Yourself?

With the exception of the insurance policy and dark web monitoring, yes.

This is our guide to building your own identity theft protection system and it's straightforward. The only thing it will cost you is time – you can do it yourself though.

If you'd like more information, or if you'd like to sign up for the service, check out the LifeLock website.

If you'd like to learn about one of their competitors, here's our Identity Guard review.

LifeLock

$9.99 - $29.99 /mo
8

Overall

8.0/10

Strengths

  • Extensive monitoring of credit reports (at highest tier)
  • Dark web monitoring
  • $1mm insurance coverage for recovery

Weaknesses

  • Cost
  • FTC settlement in 2015 for data security
  • No family coverage option

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Kevin Mercadante

About Kevin Mercadante

Since 2009, Kevin Mercadante has been sharing his journey from a washed-up mortgage loan officer emerging from the Financial Meltdown as a contract/self-employed "slash worker" – accountant/blogger/freelance blog writer – on OutofYourRut.com. He offers career strategies, from dealing with under-employment to transitioning into self-employment, and provides "Alt-retirement strategies" for the vast majority who won’t retire to the beach as millionaires.

He also frequently discusses the big-picture trends that are putting the squeeze on the bottom 90%, offering workarounds and expense cutting tips to help readers carve out more money to save in their budgets – a.k.a., breaking the "savings barrier" and transitioning from debtor to saver.

Kevin has a B.S. in Accounting and Finance from Montclair State University.

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These responses are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.

  1. DNN says

    Jim,

    I agree with you that LifeLock is a good plan for anyone to have. There’s so much scams happening today that it’s no laughing matter. Moreover, LL is good because it protects your credit; something everyone should be concerned about, especially if you’re seeking to be a 1st time homeowner and own a decent piece of real estate.

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