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By Dustin, October 22, 2009 10:34 pm

I pay $12.50 every month for identity theft insurance. Some may say it is crazy, but I have my reasons:

1. It makes my wife relax. Sometimes my wife can be overly paranoid. This is one item she worries about. For this fact alone it is worth paying $12.50 per month just to help her relax!
2. I hate talking on the phone. I know know that if my identity was stolen, by law I would not be liable for any of the financial charges. That is not why I have the insurance. In the case that it is stolen (heaven forbid), I don’t have to spend the time cleaning up the mess. Someone with experience in that area will do it for me.
3. Time is my most valuable asset. I have heard that it could take hundreds of hours of work to clear things up after an incident of identity theft. Honestly, I don’t know how long it does take, but whatever time it takes, it is definitely not where I would want to spend my time. I would rather spend it with my family and working, and my normal daily routines. I don’t want a thief to take that away from me.
4. I’m not overly cautious. I surf the net a lot. I use my real name on the internet. I don’t shred every credit card offer that comes in my mailbox. I don’t like being paranoid. Having this insurance allows me to relax a bit too.
5. It fits in the budget. Really it is only $12.50 to cover my family of 5. That’s $2.50 per person per month. We budget for it each month and it’s not a problem.

That’s about it. I know identity theft insurance is not for everyone. You are certainly fine without it. You can be caution about what you do and monitor your credit to prevent identity theft. You can spend the time to clear up your good name in the event of an incident. I just chose to let someone else handle that stuff for my family.