Last Updated: July 26, 2016
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LifeLock is the top identity theft protection company in the United States. It’s ranked #1 on many different top 10 lists and it offers some of the best benefits to its customers.
It’s a company that can help anyone, even if you only have $9.99 a month to spend on protection.
So, if you want to save time in reading this full review and you trust our expert teams, just join LifeLock now. If not, please read on …
What is LifeLock?
LifeLock is the premier identity and credit monitoring company. They offer many different options for individuals, families, and businesses.
Here’s a quick look at each of their identity theft plans …
We rated it #1 on our Top 10 Identity Protection Services List, and we have many reasons for this.
First, it’s affordable. Second, you can choose your level of protection and are not forced into a single type of protection. Third, it has some of the most extensive features offered by a fraud prevention company. Further, you can cover your children, keep track of your banking and credit accounts, and ensure your information never gets compromised on the Web. It’s truly the full package for identity theft prevention purposes.
How Much Does LifeLock Cost?
LifeLock has many different plans available for people.
The lowest level, no-frills identity protection suite is $9.99/month. It offers a few key benefits, such as black market monitoring, SSN monitoring, and the most basic of credit services.
If you want better credit monitoring, you will need to upgrade to their $19.99/month plan.
Their $29.99/month plan is their premier offering and gives you access to much more features that will make identity theft monitoring and protection so much easier for you.
Is LifeLock Worth It? How Can I Cancel It?
You might be asking yourself if LifeLock is worth it. Before you can say that, you must understand what you are paying for.
Most of the poor reviews that you might find were from customers who did not understand what they were offering. Fortunately, here at Elite Personal Finance, we will tell you exactly what you will get 100% legit from LifeLock.
First and foremost, LifeLock cannot prevent all identity theft. No service can, and any service that claims that they can is trying to scam you. What LifeLock does is prevent against some forms of fraud by detecting strange activities on your credit, scanning websites that have your personal information on them, and looking for people who are using your Social Security Number (SSN) in order to take out loans or make large purchases.
This is extremely effective for protection against, detecting, and resolving the most common causes of identity theft.
If something does happen and LifeLock is unable to resolve it, you have access to $1 million in coverage for out-of-pocket costs with the fraud, including lost income and legal fees. So, in short, you’re paying for peace of mind and you’re getting it from the world’s #1 credit and identity fraud prevention company.
But in case you do want to cancel …
To cancel your LifeLock subscription, call 1-800-LIFELOCK (543-3562) or make the request in your member portal. Any erroneous charges afterward can be charged back easily. According to their terms, you’ll even get a pro-rated refund for the part of the month you’re not there after the cancellation request goes through.
Does LifeLock Work? Is It Legit or a Scam?
If you want LifeLock to work for you, you have to understand what it does.
As said before, it has a variety of features that make it harder for someone to successfully steal your good name.
Their protection plans offer features like:
- $1 Million in Identity theft insurance,
- Up to $1 million in stolen fund replacement,
- Bank account and credit card monitoring,
- Black-market and file-sharing network monitoring,
- Social Security Number and court record scanning, and,
- Instant fraud alerts and 24/7 resolution services.
These things put your identity on ‘high alert’ and LifeLock acts as the security system, letting you know if there is an ‘intruder’ in your identity.
You can monitor your identity yourself, but it will take hours of your time and it may cost you out of pocket. By buying one of LifeLock’s plans, you are saving both time AND money by having their trained specialists do it for you.
Do you want to quickly compare plans? Check out this chart to get a quick overview!
Or you can keep reading to get into the differences. We’ll even help you decide which package is right for you!
LifeLock Standard: The No-Frills Proactive Identity Protection
LifeLock has a plan that nearly anyone can afford. For $9.99/month (or $9.16/month billed annually), your identity can be protected from different kinds of fraud.
LifeLock Standard has the following features available to you:
- Identity Alert System: If anything suspicious is found, you will be alerted to your phone or e-mail.
- Black Market Website Surveillance: LifeLock will survey thousands of ‘darknet’ sites and Web sites looking for your identity, and will alert you if something is found.
- Lost Wallet Protection: If your wallet is lost or stolen, you can call their customer service representatives and they will help you cancel and replace your cards, including credit cards and identification pieces.
- Address Change Verification: If someone attempts to change your address, you will be alerted so you can determine if it’s fraudulent.
- Pre-Approved Credit Reduction: Many people get pre-approved credit cards in the mail. LifeLock will reduce the amount of offers sent to your address.
- Top-Notch Customer Support: If you have any questions or if your identity is compromised, you can talk with a representative who will help you through the process.
- $1 Million Total Service Coverage: If your good name has been tarnished, you’re covered for out-of-pocket costs up to $1 million.
Is LifeLock Standard for Me?
You might be wondering if this plan is really for you. It’s primarily for people who do not want to spend extra money on protection, but also do not want to have to worry about their identity being stolen.
If you are:
- A university student
- A bachelor with no dependents
- In a lower-income
…then LifeLock Standard is the protection you should be getting.
Check out our full LifeLock Standard review here on Elite Personal Finance!
LifeLock Advantage: The Best Value for $19.99/Month!
The second offering is LifeLock Advantage, their value-based package meant for people who need protection and want to be sure that they’re getting a good bang for their buck.
The Advantage plan has all of the benefits that Standard has, but with better and easier protection. It especially adds more credit monitoring features, and credit fraud is the most common form of identity theft out there. By investing in Advantage, you are protecting yourself from a potential drop in credit score, which can ruin your chances of buying the home that you want.
The added benefits of the Advantage plan include:
- Credit Card and Bank Account Alerts: Allows you to easily review any activity on your cards or bank accounts, and alerts you to potentially odd activity.
- Data Hacking Alerts: If a big institution has been hacked, you will be alerted right away in case you may be affected by it.
- Fictitious Alias Scan: Your SSN is scanned to check to see what names and addresses are associated with that number, in case your number has been used in a fraudulent way.
- Court Record Scan: Your good name might be linked to criminal activity that you had no part in. LifeLock will scan records for any criminal activity that happened in your name.
- Annual Credit Report and Score: LifeLock will provide you with a credit report and score based on information from a major credit bureau, and you can access this every year free of charge.
LifeLock Advantage offers more in terms of credit monitoring, allowing you to detect activity on your cards.
Is LifeLock Advantage for Me?
If you are:
- Shopping around for identity theft protection
- Wanting many features for an excellent, affordable price
- Concerned about your credit cards and bank accounts primarily
…then LifeLock Advantage is what you need to protect yourself.
Check out our full review of LifeLock Advantage to learn more!
LifeLock Ultimate Plus: The Best Identity Theft Protection Of 2015
This is the premier service package offered by LifeLock. It’s the best suite available on the market and has more features than you will know what to do with.
For less than $1/day, you can have the best protection that LifeLock has to offer. And if you want to feel the most secure in your peace of mind, then you need to sign up for this service.
Here are LifeLock Ultimate Plus’ powerful features (and yes, you get ALL of Standard and Advantage’s features as well!):
- Bank Account Application Alerts: If someone is attempting to open up an account in your name, you’ll be notified via email or phone.
- Account Hacking Alerts: If your bank account may have been hacked, you will be alerted to the strange activity, such as adding account holders.
- Investment Account Activity Monitoring: You will be alerted in case one of your investment accounts, such as your Roth IRA or 401k has been hacked. This could save you thousands of dollars!
- Credit Application Alerts: If someone makes an inquiry to your credit account, you will be notified so you can check for fraud.
- Annual Tri-Bureau Credit Scores: You can easily check online for your Experian, Equifax, and TransUnion credit scores with Ultimate Plus. You can also check your report to see your history in one convenient place.
- Track Your Credit Score: With this service, you can easily track your credit score changes that happen month by month.
- Sex Offender Registry Alerts: LifeLock will inform you if a registered sex offender moves near you and your family.
- Peer-To-Peer Network Scan: If your information is being shared via BitTorrent or another file sharing protocol, you will be notified via email or phone.
Is LifeLock Ultimate Plus For Me?
- Are a middle-to-high income earner;
- Have been a victim of identity fraud in the past;
- Want more than just protection for your good name, but also want other personal security features
…then LifeLock Ultimate Plus is the right choice for you.
LifeLock Family Plans – What Covers the Whole Family?
Unfortunately, there are no current protection plans from LifeLock that offer coverage for everybody in your household or family. This might be offered in the future, but right now your only option is to purchase individual protection plans and add on the junior package to cover the children.
We also suggest you invest in Ultimate Plus particularly, because it offers the greatest level of coverage. Being a family means you have many “windows” into your life and this makes it easier for thieves to find ways in. If you use a comprehensive coverage plan, which also covers your credit account monitoring needs, then you are more likely to avoid any identity theft attempts.
Even better, in 2015 the official release of LifeLock’s privacy monitoring feature was announced. This made it possible for all LifeLock subscribers — those who pay for LifeLock Standard, Advantage, and Ultimate Plus — to enjoy complete identity protection. With this feature, LifeLock subscribers get their information out of phone directories and search engine sites — this is a huge plus, because many children are attacked through their parent’s information first.
If you need coverage for the whole family, read our review on LifeLock’s family protection abilities!
LifeLock Junior: Your Children Need Protecting, Too!
If you’re looking into transferring the benefits of your LifeLock plan to your children, it’s quick and easy. All you have to do is add them to your subscription with LifeLock Junior.
LifeLock Junior gives your children some of the protection that you have, all for an additional $6 per month (per child).
Your child gets the following benefits:
- Identity Alerts for your Child
- Lost Wallet Protection
- Credit File Detection
- Black Market
- Customer Support Available
By purchasing a plan for your child, you make sure that in case their info gets into the wrong hands, you can keep their credit profile clean and set them up for their adult life.
LifeLock Wallet: Log In and Control Your Identity On Your Phone – Anytime, Anywhere, For FREE.
A lot of companies have an app, but LifeLock’s Wallet app allow you to do much more than control your account.
It is security in technology. It keeps digital copies of your credit cards, ID cards, SSN card, health cards and more in a military-grade encrypted cloud storage accessible from your phone at any time. And, if your actual wallet is lost, you’re protected.
You also get access to a quick LifeLock credit score for only $.99.
This app is FREE to everyone, but for LifeLock members, you get the added ability to control your account easily from your mobile device.
LifeLock vs. Other Top Services: Identity Guard, TrustedID, and ProtectMyID!
Along with LifeLock, these three companies are consistently rated as the top identity theft companies. Identity Guard is offered by Costco, TrustedID has powerful family protection, and ProtectMyID has some of the best protection out there.
However, LifeLock still stands out in many ways.
So, what does LifeLock have that none of these services simply do not have?
- *$1 Million Total Service Guarantee: All of these companies offer $1 million in coverage… but only LifeLock promises that $1 Million of ALL out-of-pocket costs (yes, including airfare, legal costs, and time off work) incurred due to fraud will be covered.
- LifeLock Wallet App: LifeLock Wallet, as explained before, allows you to carry copies of your credit cards, ID cards, and health insurance cards on the cloud through LifeLock’s cryptographically secure cloud application. In addition, you can get access to your credit score direct from the app AND access to your Lifelock account services.
- Investment Account Protection: Your investment account is your nest egg and is what you will use to live comfortably during retirement. And yet, only Lifelock promises to keep this safe! How can any other service not promise to keep your future safe in such a way?
*Disclaimer: “Service Guarantee benefits for State of New York members are provided under a Master Insurance Policy issued by State National Insurance Company. Benefits for all other members are provided under a Master Insurance Policy underwritten by United Specialty Insurance Company. Under the Service Guarantee LifeLock will spend up to $1 million to hire experts to help your recovery. Please see the policy for terms, conditions and exclusions at LifeLock.com/legal.”
Guaranteed cost coverage, a secure mobile app to access credit card information, AND a protected nest egg: three things that matter most to you and your family and yet other companies do not offer this.
I Want It: How To Sign Up and Login To LifeLock?
It’s simple to sign up.
Then log in from the website. Simple!
Now you have no excuse. Sign up for LifeLock today!
The various LifeLock plans available include:
LifeLock Standard – a basic protection plan that includes all you would need to assume your identity is kept safe from bad actors.
LifeLock Advantage – a basic protection plan that includes everything from LifeLock Standard, plus more identity theft features and credit monitoring help.
LifeLock Ultimate Plus – a full package deal, including the best credit monitoring and identity theft features money can buy.
LifeLock Junior – a basic add-on that allows you to extent identity theft protection to your children, not bad considering estimates say around 10% of kids become victims.
LifeLock Wallet – a simplified protection plan in the form of an app, which allows you to keep safe and track your credit score through your smartphone.
LifeLock Family – a run-through on the best identity theft prevention features and how you can best sculpt a family-oriented protection plan.
[November 22, 2015] Update: New Plan Feature Added (see below)
From time-to-time, LifeLock introduces new services to pre-existing plans as a way to ‘keep up with the times’ and make sure their protection is top-notch. The most recent example of this is the new Privacy Monitoring feature. It is available in LifeLock Standard, LifeLock Advantage, and LifeLock Ultimate Plus. According to this press release it will protect your details from data mining services, local phone directories, and the likes.
[June 17, 2016] Update: New Plan Feature Added (see below)
LifeLock subscribers now also receive up to $1 million in stolen fund replacement protection. This breaks down as follows: $25,000 stolen fund replacement protection for Junior and Standard subscribers, $100,000 for Advantage, and $1 million for Ultimate Plus.
[July 26, 2016] Update: New Disclaimer Added (see below)
In regards to the $1 million service guarantee,
“Service Guarantee benefits for State of New York members are provided under a Master Insurance Policy issued by State National Insurance Company. Benefits for all other members are provided under a Master Insurance Policy underwritten by United Specialty Insurance Company. Under the Service Guarantee LifeLock will spend up to $1 million to hire experts to help your recovery. Please see the policy for terms, conditions and exclusions at LifeLock.com/legal.”