Is LifeLock Worth It?
Credit monitoring services have become invaluable in this age of data breaches and identity theft. One of the more popular anti-identity theft protection services is LifeLock.
LifeLock, which is owned by Tempe, Arizona-based software brand Symantec, offers several paid plans for identity theft protection, including Standard and Ultimate Plus for individuals and families.
But before you shell out any money, you should know that LifeLock doesn't prevent ID theft, rather, it sends alerts after you've been victimized. No one service can definitively prevent ID theft, although money expert Clark Howard says one free option comes the closest:
"A credit freeze is the best way to protect yourself from identity thieves," says Clark.
Still, you may be interested in knowing about LifeLock’s many services.
In this article, we’re going to explain what LifeLock offers, how much it costs and whether Clark thinks it is worth the price.
Quick Links: LifeLock ID Theft Protection
What Is LifeLock by Norton?
LifeLock by Norton is an anti-identity theft service that does credit monitoring and alerts to customers who subscribe.
LifeLock launched in 2005 and was bought in 2017 by Symantec, which now bundles it with the Norton 360 online security suite. The latter claims to safeguard your computer from viruses and all types of malware.
LifeLock’s Troubled Past
Although LifeLock sells a suite of products that claim to help you when companies get in trouble, LifeLock itself was in trouble in the past.
The company ran afoul of consumer laws a number of years ago for deceptive advertising and having done, ironically enough, a poor job protecting the information they had on you. They reached a $100 million settlement with the Federal Trade Commission.
In 2018, Experian reported that a bug exposed the email addresses of LifeLock's customers. But that was then: It seems LifeLock has righted its ship these days.
How Much Does LifeLock Cost?
LifeLock has four introductory price tiers: Standard, Advantage and two Ultimate Plus (Individual and 2 Adults). All of them increase in price after the first year. Let’s take a look at them:
| Plan Type | Paid Monthly | Paid Annually |
|---|---|---|
| Standard | $7.50 a month (first year) | $11.99 a month (first year) |
| Advantage | $14.99 a month (first year) | $22.99 a month (first year) |
| Ultimate Plus | Individual | $19.99 a month (first year) | $34,99 a month (first year) |
| Ultimate Plus | 2 Adults | $32.99 a month (first year) | $69.99 a month (first year) |
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In addition to the plans listed above, you can also upgrade any tier you choose into a Family Plan, which covers two adults and up to five children.
Let’s look at LifeLock’s Standard and Ultimate Plus subscription plans in more detail. Here are some of the best features:
What Services Does LifeLock Offer?
| Standard Plan | Ultimate Plus (Individual) | Ultimate Plus (2 Adults) |
|---|---|---|
| Up to $1,050,000 Coverage | Up to $3,000,000 Coverage | Up to $3,000,000 Coverage Per Adult |
| Up to $1 million for lawyers and experts. | Up to $1 million for lawyers and experts. | Up to $1 million for lawyers and experts per adult. |
| Up to $25,000 in stolen funds reimbursements. | Up to $1 million in stolen funds reimbursements. | Up to $1 million in stolen funds reimbursements per adult. |
| Up to $25,000 in personal expense reimbursement. | Up to $1 million in personal expense reimbursement. | Up to $1 million in personal expense reimbursement per adult. |
| Identity and Social Security number Alerts | Identity and Social Security number Alerts | Identity and Social Security number Alerts for each adult. |
| One-bureau credit monitoring | Three-bureau credit monitoring | Three-bureau credit monitoring for each adult. |
| Identity Lock, TransUnion Credit File Lock, Payday Loan Lock | Identity Lock for each adult, TransUnion Credit File Lock, Payday Loan Lock | |
| Phone Takeover Monitoring | Phone Takeover Monitoring for each adult. | |
| Alerts on crimes in your name | Alerts on crimes in your name for each adult. | |
| Buy Now Pay Later Alerts | Buy Now Pay Later Alerts | |
| One-Bureau Credit Reports & Scores, Unlimited (updates available daily) Three-Bureau: Annual | One-Bureau Credit Reports & Scores for each adult, Unlimited (updates available daily) Three-Bureau: Annual | |
| 401(k) & investment account activity alerts | 401(k) & investment account activity alerts for each adult. | |
| Home Title Monitoring | Home Title Monitoring | |
| Social Media Monitoring | Social Media Monitoring for each adult. | |
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What Is LifeLock’s Refund Policy?
LifeLock offers two refunds in writing: One is a 60-day money back guarantee on an annual memberships. It must be requested within 60 days of your purchase. The other is for a monthly membership, which will be refunded if requested within 14 days of purchase.
What Are Some Free LifeLock Alternatives?
Instead of paying LifeLock hundreds of dollars a year for one of its various plans, Clark says you should save your money by getting a free credit freeze and free credit monitoring.
Here are some LifeLock alternatives that will make your wallet smile.
"Want more meaningful protection from identity theft than LifeLock has to offer? Do a credit freeze," he says.
Here is a two-step approach to identity theft protection that is FREE:
- First, sign up for free credit monitoring with Credit Karma or Credit Sesame. The reason you need to do this step first is that you'll need these free tools to monitor your credit going forward to make sure no one is opening accounts in your name. Don't pay for credit monitoring!
- Then, freeze your credit with all three main credit reporting agencies: Contact Equifax, Experian and TransUnion to have your credit frozen.
Is LifeLock Worth It?
If you see value in having a cybersecurity plan bundled with your credit monitoring, you may prefer LifeLock, but Clark doesn’t share those sentiments. He wants to be clear on what LifeLock is and isn’t though:
“LifeLock is not a scam, it’s just wasted money,” Clark says. “I don’t see the value of paying a subscription for a credit monitor.”
“That’s like having a burglar alarm. You’re much better off being able to keep the burglars out simply by having the credit freeze that you have.,” he adds. “A credit freeze does not cover everything in your life, but it will prevent criminals from applying for credit as if they were you, which is one of the most painful parts of identity theft that occurs.”
Bottom Line
Because every U.S. consumer is entitled to free credit reports, can freeze their credit for free and can take advantage of free and robust credit-monitoring services elsewhere, the money you spend on LifeLock could be better spent elsewhere.
The post Is LifeLock Worth It? appeared first on Clark Howard.
