Q: How Does Zander Insurance’s ID Theft Plan Compare to LifeLock?
This is one of our most common questions since Lifelock is such a frequent advertiser on many media outlets. The primary differences in the Zander ID Theft Solutions product and Lifelock are integrity, price, and a continued effort to emphasize service and value to our members.
LifeLock has been difficult to follow over the years since they have changed their program many times – often to comply with FTC (Federal Trade Commission) settlements and other class-action lawsuits. Their initial product touted their ability to “prevent” ID Theft, and in 2010 the FTC fined them $12million for false and misleading advertising. They then had to pay an even larger fine to the FTC in 2015 in the amount of $68million for violating the terms of their original settlement. You can read more about Lifelock’s troubles with the FTC in the links below.
Over the years, LifeLock has consistently tried to convince their customers that ID theft could be prevented, creating a false sense of trust and hope, and resulting in the aforementioned legal issues and dissatisfied clients. As part of the settlement, the FTC required Lifelock to establish and maintain a comprehensive security program to better protect its users’ sensitive data, as well as note in all of their advertising that they cannot, in fact, prevent identity theft.
In our opinion, they also misrepresent the scope of their plan by labeling one type of service with many different names in an attempt to lead people to believe that their benefits are more extensive than they actually are. For example, their bank alert programs leads clients to believe that they monitor your bank for suspicious activity but that only applies to a handful of banks. The last we heard, they included 6 out of 10 of the top national banks but did not include thousands of regional and community banks, nor did they include credit unions. In the end they spend a lot of money on advertising but deliver a product that is not as extensive as it appears, and they charge more money for it.
Since the inception of the Zander ID Theft Protection program, which Dave Ramsey helped us develop to meet their needs of his listeners, the price for membership has never changed. We have been driven to constantly find new ways of enhancing the value of our program, as evidenced by the addition of benefits related to bank stolen funds protection as well as monitoring services, child protection and lost wallet assistance, just to name a few, without ever increasing the cost of membership. We accomplished this while covering all types of ID Theft – not just financial fraud.
The Zander ID Theft Solutions product is more affordable than any individual or family plan offered by our competitors; in fact, our family plan includes up to ten dependents through age 18. Lifelock does not include children in any of their standard plans – they charge an additional $5.99 per child for a “junior” version of their product, capitalizing on parents’ fears to generate more revenue. We believe that our clients should have the most cost-effective option on the market so that the money they’re saving can be used to attack debt and grow wealth. Spending more money doesn’t mean better protection.
We at Zander ID Theft Solutions know that no one can prevent ID theft from happening, so we have always chosen to focus on helping our clients with restoration. Dave’s emphasis and endorsement of our plan is based on his opinion that you need to focus on the true risk of ID Theft, which is the time and effort it takes to clean up the mess. We cover all types of ID Theft, including Social Security fdraud, Tax Refund Fraud, Medical ID Theft, Employment and Insurance related Fraud, Benefit and Family Fraud (the only plan to do so), as well as criminal acts committed in your name. Most importantly, we take over all the work to restore your identity to the pre-theft status and have had a 100% success rate in restoring people’s identities. This provides peace of mind to our clients, knowing that someone is going to work for them if their personal information is ever compromised or stolen.
Overall, Lifelock’s plan may look similar to ours on paper, but we feel that our company, team members, and commitment to excellent service sets us apart in a very positive way. Our program is a balanced approach of thorough protection, proactive steps at prevention, and affordable pricing which makes it the smarter way to protect yourself. That’s why Dave had endorsed our program for over a decade.