LifeLock, Inc. a leading provider of proactive identity theft protection services, announced a service enhancement that provides members with even more protection in the event that they become victims of identity fraud. The new benefit, Stolen Funds Replacement†, provides reimbursement for funds stolen due to identity theft up to the limit of the member’s plan.
With the addition of Stolen Funds Replacement, LifeLock’s expanded insurance coverage† now includes protection for three areas of potential financial exposure:
Stolen Funds Replacement:
If a member loses funds due to identity theft, and the LifeLock restoration service is unable to help recover the funds, the insurance provides coverage for the member’s losses up to his/her plan limits. This includes everything from fraudulent bank and investment account withdrawals to tax returns filed using a member’s name.
Personal Out-of-Pocket Expenses:
If a member incurs expenses such as document fees, lost wages and travel costs relating to identity theft,the insurance provides coverage for the member’s losses up to his/her plan limits.
$1 Million Dollar Service Guarantee:
In particularly complex cases, LifeLock’s efforts may require outside legal counsel and subject matter experts to assist our members in the restoration of their identity. In these situations, LifeLock will obtain the necessary services on behalf of the member.
LifeLock offers three levels of service for its members, LifeLock® StandardTM ($9.99/mo.), LifeLock AdvantageTM ($19.99/mo.), and LifeLock Ultimate PlusTM ($29. 99), plus applicable sales tax. The company’s premier plan, Ultimate Plus, offers up to $1 million in coverage for each of the three areas of potential losses.
With a new identity fraud victim every two seconds, identity theft is a growing problem for many consumers. A recent study by Javelin Strategy & Research found that fraudsters stole $15 billion from 13.1 million U.S. consumers last year.1
† Insurance coverage for State of New York members are provided under a Master Insurance Policy underwritten by State National Insurance Company. Insurance coverage for all other members are provided under a Master Insurance Policy underwritten by United Specialty Insurance Company. Please see the policy for terms, conditions and exclusions at LifeLock.com/legal.
Source: LifeLock Press Release