Wednesday, February 11, 2009

Employers offering ID Theft Services as a Voluntary Benefit. Finally!!

Below, I share a small portion of a recent article written in Business Insurance Magazine. You will find in this article additional statistics and quotes that backup our findings in "The Silent Crime" in regards to more employers and employees today are seeking identity theft services as a voluntary benefit.
The article also shares a new survey that states more people see identity theft as more then just a financial problem, they actually see it as a legal issue. As our subscribers know we have been trying to educate the consumer for many years of this fact, in our books, on our blog, and in our workshops around the world.
Maybe collectively we are all starting to make a difference.

"Continue to educate the masses one at a time and we will make a difference."
Employers offering ID theft protection as voluntary benefit
Legal service plans also becoming more common choices
Reacting to national crime statistics and marketplace demand, many group life insurers and legal service plans are offering identity theft protection as a voluntary employee benefit, experts say.
ID theft protection began turning up in voluntary benefits plans about five years ago. It's typically bundled with other types of coverage or offered as a rider, but it also may be sold as a stand-alone product.

The Society for Human Resource Management's 2008 Employee Benefits Survey showed that 24% of employers offered legal assistance among other voluntary benefits ...

In a soon-to-be-released national consumer survey, 34% of employees cited identity theft as a top personal finance event in which they were personally concerned from a legal standpoint.

"When the economy goes bad, typically we see crime go up," said Michael McCoy, a consultant to Pre-Paid Legal Services Inc. in Des Moines, Iowa, and co-author of "The Silent Crime: What You Need to Know About Identity Theft." The thieves are getting smarter, too, he said. Instead of robbing banks, they're hacking into computers and they're grabbing purses for more than the cash. "You might have a hundred bucks in there, but I just made several thousand from stealing your identity," Mr. McCoy said.

Providers cited prices for employees ranging from lows of $8 to $16 per employee per month to highs of $23 to $26, depending on the employer's size, demographics and range of services in the policy. The higher-priced products often include other legal services, such as will preparation. While most of the business is employee-pay only, some employers share the cost.

full article found at:

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