Keep Your Identity to Yourself!
Are Identity Protection Plans Worth Your Money?
With great power comes great responsibility. Likewise, with more technology comes more risk, especially when it comes to identity theft.
With an ever-growing world of technology, online users are constantly in danger of having their identity stolen. Thankfully, there are companies out there designed to protect you from these risky exposures. But are these sometimes costly protection plans worth it?
Let’s look at the pros and cons when it comes to Identity Theft Protection plans.
Pros of an Identity Theft Protection Plan
A product would not exist if there were not some purpose to its creation. It is more than evident that all of us risk our identities by spending time online, each and every day. By ordering with a credit card online, posting to social media, or simply perusing a website, there are many ways your identity can be stolen.
Some benefits of having a protective service include:
Monitoring for You: Life is busy, and it can be hard to remember to check on your credit, bills, and the use of your identity. While there are free services on the market to do so, finding the time and remembering to do so can be tough. Having a service do it for you takes that burden off of your shoulders.
Financial Coverage: Many who fear identity theft seek a protection plan so that, should an issue arise, they are covered financially. The loss of identity can cause costly issues - from bills in your name to plummeting credit scores. The costs of theft can hurt your pocket for a long time to come.
Handling Thefts: In addition to covering you financially, most plans also will assign a case manager to your issue, should a problem arise. This again keeps the workload off of your back and lends you a helping hand to restore your good name.
Many find these pros enough to put out the monthly cost to protect their identity. No matter your income or your credit score, you could be put through some very tough times if your identity is stolen. Having a plan can help!
Cons of an Identity Theft Protection Plan
While there are good reasons to have one, every coin has its flip side. In the case of identity theft protection plans, that “con” side can include a few concerns, such as:
Protection After the Fact: Many complaints about such coverage plans include the fact that most can only help you AFTER you’ve already been the victim of identity theft. Few programs have the tech (and continual updates and changes) to truly monitor all of the many ways your identity can be stolen. Instead, some plans focus simply on covering and helping you regain your identity after it's already gone.
A Monthly Cost: The other downside, of course, is that nothing comes for free. In order to have a plan, you are charged a monthly or annual fee. These services can largely on your own via free services, such as credit bureau monitoring, security protection of your personal information, and careful password protections. Some web surfers have an issue paying for something that they can do on their own for no cost but their time.
The Fine Print: Like most complicated insurance plans, the legal jargon and fine print can be a mess of confusion. It can be difficult to understand what is being monitored, what is covered, and what is not. No one wants to hire a legal firm just to understand a plan, but on your own, you may be left exposed to confusing terms.
Reputable Companies for Identity Theft Protection
A challenge with any identity theft plan is simply finding one that works best for you and your needs. There are plenty of options, including family plans and individual coverage, as well as a checklist of items monitored.
The long laundry list of choices can be daunting, but we’ve narrowed down the top choices, considered the best in the business for safety, customer satisfaction, and success. Those top programs include:
IdentityForce
Identity Guard
ID Shield
Identity IQ
LifeLock
Trusted ID
ID Watchdog
We encourage you to research each company to decide the plan that is best tailored to your unique needs!
