Polls prepared by market research companies have revealed the crippling effects of the crime of identity theft. Their Surveys seem to indicate that identity fraud is the fastest growing crime in the U.S.A. and that the number of victims continues to increase each year. Thus, the FTC recommends getting an identity protection plan.

There is an identity protection service, Lifelock, that guarantees to protect your good name. Apart from all the benefits that LifeLock offers such as placing fraud alerts, eRecon internet scanning, stopping junk mail, free credit reports, etc., it also has a $1 Million Total Service Guarantee to protect its consumers. Read all about their other services by reading this Lifelock Review, this article is about their service guarantee.

The service guarantee is simple, but limited. The company pays up to one million dollars in order to deal with the failure or defect of the identity protection plan. This one million dollars is given per client, per lifetime for all total incidents as long as you are a member in good standing. Their guarantee doesn’t cover everything. The service guarantee does not reimburse special, incidental, indirect or consequential damages like lost wages, profits, opportunities, etc. Their guarantee is the backbone of their identity protection service and can be seen in the Terms and Conditions Agreement which you can read at Lifelock.com.

There are different situations when Lifelock’s service guarantee is activated. If you are a member and a criminal uses your personal information to commit identity theft, Lifelock will hire experts to help in the restoration of your credit and will reimburse you for all losses and expenses. Clients of Lifelock must be upfront and truthful and communicate to them that their private information was used to commit identity fraud within 30 days of finding out.

Lifelock will be in charge of repairing all damage caused due to defect or failure of their identity protection service. However, they will appoint and pay for the wages of experts who have official permission to work in the jurisdiction of the place where the crime happened. If the financial loss is over the guaranteed amount, Life Lock will only be responsible for one million dollars. If after an investigation by LifeLock it is determined that your personal information was used without your permission to commit an illegal fraud, the company will honor the terms and conditions agreement. However, if the identity protection company, notices intentionally misrepresented damages or an attempt to deceive in which the client was involved, they will be required to pay back upon demand everything Lifelock has paid for the restoration, including any other cost the company sustained.

To fully understand Life Lock’s terms of service consult a lawyer as this is not legal advice nor a recommendation for or against Lifelock’s guarantee. An identity protection company is only as good as their guarantee so I attempted to present my understanding of it for you so you could make an informed decision.

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