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ID Theft Plan alternatives

I got a comment on my previous post from someone in Davidson County who said he signed he and his wife up for LifeLock at $10/per person/per month, because of their restoration services. That is $240/month. Here is my reply to him:

You should also check out Zander Insurance’s ID Theft Plan. Their plan also provides complete restoration and is almost half the cost…in addition to being local. I heard about it on Dave Ramsey since he endorses it. I have been told that the LifeLock guarantee is very limited and more hype than substance. I checked their website and it says that the guarantee only pays if the ID Theft occurred through the fault of their program and since all they do is place fraud alerts on your credit report how much do they really help. I know Zander’s plan covers all types of ID Theft just not credit situations (and it’s only $140/year per family, or $70/year per person). Hope this helps!

2 Comments

  • Anonymous

    You can also choose to establish an idfreeze or trustedid. Some of those services even place security on medical records, to prevent medical theft. Med ID theft isn’t just nasty, it could be lethal if the thief mixed his medical info with yours.

  • Esa

    From what I have learned about ID Theft all these services that tout prevention are sold with great marketing plans but little substance. ID Theft is so far reaching, Medical ID Theft is just one example of risks that most people never consider, and the reality is that most plans mentioned have only limited potential in stopping the event. Credit Freezes do lock down your credit report but it can get expensive freezing and thawing every time you apply for a loan, cell phone, apartment, credit card, etc and you have to do it with each different credit bureau…only adding to the cost. And that only protects you against credit related fraud if the lender checks your report before issuing credit. If a credit card company issues a card without checking your credit report, as many do, then credit freezes, fraud alerts are useless (Trusted ID, LifeLock, etc). Zander’s approach helps people with preventative measures but basically says if you become a victim they will take care of the work to prove it wasn’t you and clean up the mess…regardless of the type of event…credit, medical, social security, benefit, etc. It’s like having fire insurance for your house vs. buying a smoke detector. Fire insurance takes care of the problem once it occurs, in it;’s entirety while a smoke detector is helpful in some preventative cases but once the fire starts it’s useless. Thats why Dave Ramsey recommneds Zander’s plan.

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