Traditionally, a standard insurance portfolio starts with home and auto insurance. However, identity theft protection services—such as ID Shield—are creeping into the conversation. In 2021, 42 million Americans were hit with identity fraud, which equates to about 12% of the United States population. If this trend continues, there is a 75% chance that you will be hit with identity fraud within the next 10 years. So, essentially, it’s not IF identity fraud will happen to you, it’s WHEN it will happen to you. And when it does inevitably happen to you, the only question will be: Do you have an identity theft protection company that will help you restore your identity?
In 2021, American victims of identity fraud lost $52 billion. That breaks down to an average financial loss of $1,238 per victimized American. For most people, the financial impact isn’t that severe. It’s more about the time and effort that is spent to help restore your identity. On average, it takes 9–16 hours to resolve identity fraud. But beyond the financial and time/effort impact, there are other unforeseen repercussions that a victim may incur:
- Problems securing loans
- Harassment from debt collectors on debts they do not owe
- Possible arrest for crimes committed by an identity thief
- Red flags on background checks
- Difficulty focusing at work
- Increased absenteeism from work
How does ID Shield work?
1. Sign up for ID Shield by reaching out to your risk advisor.
2. You will be granted an online portal where you can enter your personal data for monitoring, which includes:
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- Full Name
- Date of Birth
- Social Security Number
- Driver’s License
- Passport Number
- Mailing Address
- Phone Numbers
- Bank Account Numbers
- Credit/Debit Card Numbers
- Retail Card Numbers
- Medical ID Numbers
- Investment Account Numbers
- Username and Password Combinations
- Mother’s Maiden Name
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3. ID Shield provides 24/7 monitoring of your identity and emails you about alerts of potential fraud.
4. If fraud has occurred, there is a $1,000,000 limit used for licensed investigators, lawyers, and experts needed to help restore your identity to its pre-theft status.
How much does coverage cost?
The good news is that ID Shield pricing starts at $14.95 per month for individuals and $29.95 for families. No other form of coverage is this affordable for the protection ID Shield offers. Please reach out to your agent or to me with any questions!