What Are the Benefits of Identity Theft Insurance?

Identity theft occurs when a criminal steals another person’s information to commit another crime or for financial or personal gain. Personal information commonly stolen by criminals includes social security numbers, addresses, driver’s license numbers, and insurance policy information. Unfortunately, many people don’t even know that their information has been stolen until it is too late. To best protect against identity theft, then, it is best to be proactive by buying insurance.

Common Types of Identity Theft

  • Financial Identity Theft: Criminals usually steal another person’s credit card or bank information so they can make unauthorized purchases. Financial identity theft is often committed so the thief can open new credit cards, bank accounts, or loans in another name.
  • Medical Identity Theft: These cases involve criminals using another person’s insurance information for medical services. Governmental privacy laws often make these cases very difficult to resolve when the thief's medical information gets mixed up with your information.
  • Criminal Identity Theft: When a criminal uses another person’s name or personal information during an interaction with law enforcement, they have committed criminal identity theft.
  • Employment Identity Theft: Illegal immigrants and people with criminal records sometimes steal credentials to secure employment.

Why Do I Need Identity Theft Insurance?

Having your identity stolen can be a traumatic and expensive ordeal that can leave you financially ruined. That is why it is crucial to take precautions that will keep your sensitive personal information out of the hands of criminals. If you are concerned about your identity being stolen by cyber thieves, you should consider taking out an identity theft insurance policy.

Some of the benefits of identity theft insurance include:

  • With identity theft insurance, you receive the benefit of ongoing monitoring to detect improper usage of your identity. This includes periodic checks of your credit reports and notifications for any new changes that have been detected.
  •  Most identity theft insurance plans offer policyholders monitoring services for their Social Security numbers and suspicious loan activity. Some plans include services that protect property records, postal addresses, and databases from identity theft.
  • Identity theft polices will reimburse your financial losses for these types of crimes. Depending on the type of coverage you select, you can be reimbursed for all sorts of costs associated with ID theft.

Are you ready to protect your personal information with identity theft insurance? Then call Insurance Specialists, Inc. today at (888) 451-0883 to schedule your consultation with our insurance program administrators.