LifeLock Family Plans Review

There is nothing worse than learning that someone stole your identity.

As long as another person has some basic information like your social security number, date of birth and current address, that person can take out loans, open new lines of credit and even use your insurance to pay for his or her medical bills.

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How Does It Work?

LifeLock offers three programs that can protect your identity as well as a plan for the younger members of your family, and you can pick and choose from those programs to create your own family plan.

What is Identity Theft?

Identity theft is a crime that occurs when one person uses the private and confidential data of another to steal or otherwise use that person’s identity. This can result in the person opening multiple credit cards, taking out a car loan or borrowing money in other ways in your name. Identity theft costs American citizens millions of dollars every year.

How Does it Compare to Medical Identity Theft?

Though you may not realize it, there is a chance that someone can use your identity to either fraudulently obtain health care insurance or use your own insurance. This often requires the use of a team who work together. Many teams have someone working inside a hospital or a doctor’s office who can steal your insurance information and use that insurance to get treatments elsewhere.

The main problem with medical identity theft is that you may not even know it happens until you get a bill in the mail. Your insurance company may send you a bill for the remainder of your treatment, which lets you know that someone else used your insurance. Even if you file charges, the insurer may still hold you responsible for that balance.

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Potential Identity Theft Problems

When you learn that you were a victim of identity theft, you must contact law enforcement and file an official complaint. The police will then investigate and decide whether to press charges or find more evidence. Though you might think the process is easy, there are a number of potential problems and issues that can arise.

The main problem is that the creditor may not believe your claim. Creditors will often ask for proof that you are who you say you are and that you did not take out that line of credit, which is often hard to prove. If the creditor does not believe your claim, it may hold you responsible for paying back the money borrowed.

Each of those debts will also appear on your credit report, and when the identity theft stops making payments, those missed payments and defaults will cause your credit score to slowly drop. This can make it difficult or even impossible for you to obtain credit of your own in the future.


Packages

  • Standard Package
  • Advantage Package
  • Ultimate Plus Package
  • Junior Package

Of the programs and packages that LifeLock offers, the most basic is the Standard package, which you can sign up for online. The company charges a fee of less than $10 per month for this service. It comes with $25,000 worth of stolen funds protection that will help you replace the funds that you lost up to this total amount.

Purchasing this package also provides you with the company’s Identity Alert System that will send out alerts every time it finds your name or social security number used somewhere in credit records. You decide how you want to receive those alerts, and the company will send alerts via email, a phone call or a text message. Its Privacy Monitor tool can monitor the web for usage of your name and let you know about those mentions to increase your privacy online.

You might hear the term black market and wonder what it means. This refers to the dark web, which is the criminal portion of the web. Shoppers can buy everything from illegal drugs and weapons to social security numbers and credit cards on the back market.

With LifeLock Standard, you get black market website surveillance. LifeLock will use patented computer technology to search for your name and personal information on more than 10,000 black market websites. If it finds any of your information, it will automatically notify you.

Your package comes with lost wallet protection too. When you lose your wallet or have your wallet stolen, you need to contact every credit card company to turn off your old cards and issue you new cards. You may need to replace your social security card, driver’s license or other personal documents too, but LifeLock offers a service designed to make replacing all those cards easier.

One common reason why identity theft occurs is because of the pre-approved credit card offers you get through your mail because identity thieves can use those offers to open credit lines in your name. LifeLock can help you get your name off those lists to receive fewer offers through the mail. You’ll also learn what to do when someone takes out a credit card in your name.

Another helpful feature is the $1 guarantee offered by the company. LifeLock guarantees that if anyone steals your identity while you are a paid member that it will spend up to $1 million of its own money to pay attorneys, legal fees and other expenses that can come out as you fight back against that thief.

LifeLock offers plenty of support too like identity restoration support that can help you more easily restore your identity when someone steals it. With live member support, you can also go online and contact customer support 24/7, including on holidays and weekends. All other packages available from the company come with these services and others too.


Building a Family Plan Package

Now that you know more about the plans available, you can build a plan based around your family. While the company does not offer dedicated family plans, it gives you the option of picking a plan for you, a plan for your spouse and then signing up for a Junior plan for each of your minor children. You can create a family plan for less than $30 a month that covers both you and your child, or you can purchase additional coverage for other members of your home.

Though you already know that you need a Junior plan, you may need some help picking the best adult plan that will cover and protect you. All plans come with great features like lost wallet protection, black market web surveillance, a $1 million service guarantee and live support.

Each plan also comes with address change verification to let you know when someone requests an address change in your name, which identity thieves often do to keep new bills from coming to your home.

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You may want to look at the maximum amount of stolen funds replaced with each program. The basic plan will only give you back up to $25,000, but the Advantage plan will replace up to $100,000 of the money that you lose. With the Ultimate Plus plan, they will give you up to $1 million to cover the funds that you lost.

Though no one call tell you exactly which plan is right for you, you should really build a family plan around what you can afford to spend. Paying the entire fee upfront can help you save over the cost of paying a monthly fee. With a family plan that you build yourself, you can protect every member in your family from both traditional identity theft as well as medical identity theft.