Is LifeLock worth it?

Identity theft is a growing concern in the digital age. With data breaches becoming increasingly common, individuals are seeking ways to protect their personal information. LifeLock, now owned by Norton, is one of the most well-known names in identity theft protection. But is LifeLock worth the cost? This comprehensive review will delve into LifeLock's features, pricing, pros, cons, and alternatives to help you make an informed decision.

What is LifeLock?

LifeLock is an identity theft protection service that monitors your personal information and alerts you to potential threats. It aims to detect fraudulent activity early, allowing you to take action before significant damage is done. LifeLock offers a range of plans with varying levels of protection, catering to different needs and budgets.

LifeLock Plans and Pricing (2024)

LifeLock offers several plans, each with different features and pricing. It's crucial to understand the differences to choose the plan that best suits your needs. Keep in mind that prices can fluctuate, so it's always a good idea to check the official LifeLock website for the most up-to-date information.

Current Plans: (Note: These are examples, verify actual plans/pricing on the official website)

• LifeLock Standard: This is the entry-level plan, typically offering basic monitoring and alerts.
• LifeLock Advantage: This plan includes more comprehensive monitoring, such as bank and credit card activity alerts.
• LifeLock Ultimate Plus: The most comprehensive plan, offering the highest level of protection, including credit monitoring from all three major credit bureaus and social media monitoring.

Each plan offers different features, and the cost increases with the level of protection. It's important to compare the features of each plan carefully. Keep an eye out for introductory offers or discounts that may be available.

A Closer Look at Key Features Across Plans:

• Identity Monitoring: This is a core feature of all LifeLock plans. It involves monitoring your personal information across various databases and online sources for suspicious activity.
• Credit Monitoring: The level of credit monitoring varies depending on the plan. Some plans monitor your credit report at one bureau (Experian), while others monitor all three (Experian, Equifax, and TransUnion).
• Dark Web Monitoring: LifeLock scans the dark web for your personal information, such as email addresses, passwords, and Social Security numbers.
• Social Security Number (SSN) Monitoring: LifeLock monitors the use of your SSN to detect fraudulent activity.
• Bank Account Activity Alerts: Some plans provide alerts for suspicious activity on your bank accounts.
• Lost Wallet Protection: LifeLock can help you cancel and replace lost or stolen credit cards and IDs.
• 24/7 Member Support: All LifeLock plans include access to 24/7 member support.
• Million Dollar Protection Package: This includes reimbursement for expenses incurred as a result of identity theft, as well as compensation for stolen funds. The exact amount varies by plan.

LifeLock: Pros and Cons

Like any service, LifeLock has its advantages and disadvantages. Weighing these pros and cons carefully will help you determine if it's the right choice for you.

Pros:

• Comprehensive Monitoring: LifeLock offers a wide range of monitoring services, including credit monitoring, dark web monitoring, and SSN monitoring.
• 24/7 Support: Access to 24/7 member support can be invaluable in the event of identity theft.
• Million Dollar Protection Package: The Million Dollar Protection Package provides reimbursement for expenses and compensation for stolen funds.
• Brand Recognition: LifeLock is a well-established and recognized brand in the identity theft protection industry.
• Ease of Use: LifeLock typically offers a user-friendly interface, making it easy to monitor your accounts and access support.

Cons:

• Cost: LifeLock can be expensive, especially for the more comprehensive plans.
• Not a Guarantee: LifeLock cannot guarantee that you will never become a victim of identity theft.
• Overlapping Services: Some of the features offered by LifeLock may overlap with services provided by your bank or credit card companies.
• Potential for False Alarms: You may receive alerts for legitimate activity, which can be frustrating.
• Privacy Concerns: Entrusting a company with your personal information always carries a certain level of privacy risk.

How LifeLock Works: A Deeper Dive

To understand if LifeLock is right for you, it's essential to know how it works behind the scenes.

Monitoring and Alerts:

LifeLock continuously monitors various data points, including:

• Credit Reports: Monitoring changes to your credit report for new accounts, inquiries, or address changes.
• Public Records: Scanning public records for fraudulent use of your information.
• Dark Web: Searching the dark web for compromised credentials and personal data.
• Social Security Number: Tracking the use of your SSN for fraudulent activity.
• Financial Accounts: Monitoring bank and credit card accounts for suspicious transactions.

When LifeLock detects suspicious activity, it sends you an alert via email, text message, or phone call. The alert will typically provide details about the potential threat and instructions on how to take action.

Identity Restoration:

If you become a victim of identity theft, LifeLock provides identity restoration services. This may include:

• Assistance with filing police reports.
• Help with contacting creditors and financial institutions.
• Assistance with disputing fraudulent charges.
• Access to a dedicated case manager.

The Million Dollar Protection Package:

The Million Dollar Protection Package provides reimbursement for expenses incurred as a result of identity theft, such as:

• Stolen funds.
• Legal fees.
• Lost wages.
• Travel expenses.
• Childcare expenses.

The exact amount of coverage varies depending on the plan you choose. It's important to read the terms and conditions carefully to understand the limitations of the coverage.

Alternatives to LifeLock

LifeLock isn't the only identity theft protection service available. Consider these alternatives before making a decision:

• Identity Guard: Offers similar features to LifeLock, with various plans and pricing options.
• Experian IdentityWorks: Provided by one of the major credit bureaus, offering credit monitoring and identity theft protection.
• Aura: Competitor that combines identity theft protection with antivirus software and VPN services.
• Complete ID: Offered to Costco members, providing identity theft protection services at a discounted rate.
• Credit Karma: A free service that provides credit monitoring and alerts, although it doesn't offer the same level of comprehensive protection as paid services.

It's also possible to take steps to protect your identity without subscribing to a paid service. These steps include:

• Monitoring your credit report regularly.
• Setting up fraud alerts with the credit bureaus.
• Freezing your credit.
• Using strong passwords and enabling two-factor authentication.
• Being cautious about sharing your personal information online.

Who Should Consider LifeLock?

LifeLock may be a good option for individuals who:

• Have been victims of identity theft in the past.
• Are concerned about the risk of identity theft.
• Want comprehensive identity theft protection.
• Are willing to pay for peace of mind.

However, it may not be necessary for individuals who:

• Are comfortable monitoring their own credit report and taking other proactive steps to protect their identity.
• Have limited financial resources.
• Are already protected by other identity theft protection services.

Final Verdict: Is LifeLock Worth It?

The answer to whether LifeLock is worth it depends on your individual circumstances and needs. LifeLock offers comprehensive monitoring and identity restoration services, but it comes at a cost. It's crucial to weigh the pros and cons carefully and consider alternatives before making a decision. If you are highly concerned about identity theft and want the peace of mind that comes with comprehensive protection, LifeLock may be worth the investment. However, if you are comfortable taking a more hands-on approach to protecting your identity, you may be able to achieve similar results without paying for a subscription service.

Ultimately, the decision of whether or not to subscribe to LifeLock is a personal one. Consider your own risk tolerance, budget, and needs before making a decision.