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Explorer ○○○

My wife and I are in our 70s, own our home and a couple of vehicles.  We are invested approx 80/20 (Equ/Fixed and we live reasonably healthy and happy lives.

How concerned should we be about buying ID Theft Protection Insurance?  Our only experience with financial related fraud over the years has been a couple of compromised Credit Cards, which were quickly and efficiently handled by the Credit Card company. We were issued new credit cards and we moved on.

Do you use it, and what sort of experiences have you had as a result?

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Explorer ○○○

Thanks for all the replies.  I'll hold off on buying an insurance for the present and consider this thread as "solved".

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Frequent Contributor
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Participant ○

Freeze your credit accounts with the big 3 , Experian, Transunion, Equifax. Unfreeze for a week if you need to in the future i.e. you want a new credit card or a loan etc...  DONE    No need for ID insurance IMHO.

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Participant ○○

Over the years, I've had this insurance many times. Several times it was offered because of a data breach at some company or hospital had occurred and my data may have been breached. Never had to use the insurance part - which I am really happy about, but which means I cannot really say how helpful they are when your identity is stolen. A few years back I did a credit freeze with all 3 bureaus - cost me a modest $10-15/bureau/person. In March, I applied for a HELOC - asked the bank which bureau they use and then unlocked only that bureau for a 10 day period.  At this point, I don't have identity theft insurance.

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Explorer ○○○

Thanks for all the replies.  I'll hold off on buying an insurance for the present and consider this thread as "solved".

View solution in original post

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Frequent Contributor

I froze all 5 credit bureaus a few years ago when it was free because of a large breach.  The added bonus is the wife can't open new cards at retail stores anymore.  At 74, I'm hoping to never use credit again, except my CC, and DC.


@SJ60 wrote:

Over the years, I've had this insurance many times. Several times it was offered because of a data breach at some company or hospital had occurred and my data may have been breached. Never had to use the insurance part - which I am really happy about, but which means I cannot really say how helpful they are when your identity is stolen. A few years back I did a credit freeze with all 3 bureaus - cost me a modest $10-15/bureau/person. In March, I applied for a HELOC - asked the bank which bureau they use and then unlocked only that bureau for a 10 day period.  At this point, I don't have identity theft insurance.



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