Identity Theft Protection as an Employee Benefit

With so many huge data breaches making the news in the last couple of years, I’ve found myself giving more thought to identity theft monitoring or protection.  One company in particular, LifeLock, seems to be advertised everywhere for individual purchase.

Less commonly known are such services being offered as part of an employee benefits package.  A few group life and disability insurance companies, always looking for ways to differentiate themselves, have had ID theft protection included in their lists of “value added” services.  Examples are Unum, Reliance Standard, Mutual of Omaha, Principal, and Standard.  Our review of some of these products seems to show a range of services from the “check the box” variety to something much more comprehensive.

Unfortunately these value added services are often overlooked or not communicated well to employees.  This might be a good time to take an inventory and remind your employees what’s included in their plans.

A couple of the ID theft protection companies have built benefits divisions to distribute their product directly to employees through their employers.  The product can be employer paid or voluntary, and most employers would qualify based on their employee count.

We recently got quotes for ID protection for one of our clients.  One of the better proposals assumed the plan would be employer paid, and it gave the option of just covering the employees or including family members as well.  Family members could be employer paid or the employees could elect to cover family members at their expense.  Here are some of the items included in the quote:

  • Identity monitoring
  • Internet surveillance
  • Monitoring of checking, savings, and credit card accounts
  • Compromised credential monitoring including email addresses
  • Monitoring new loan applications
  • Portability if the employee leaves the employer
  • Credit monitoring
  • Social media montioring
  • $1,000,000 insurance for ID theft losses

Pricing varies by size with this vendor, but the quote we saw was $5.25/month/employee or $7.25/month/family.

I’m not sure what the demand for these products will be, but it seems like this might be a good time to consider the idea.

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