Just wanted to update this thread. After my original post, I did immediately cancel LifeLock. But now 2yrs later, I saw a competitor being recommended by myFICO called Trusted ID. I just signed up for it for 3 month trial ($8/month) and so far I like the service. Protect all bank accounts, credit cards, social security and even your health insurance.
The other things I liked are the Lost Wallet section and the Protection Pack which generates all these pre-filled letters to send out to the telemarketing agencies, credit reporting agencies, etc...to get your name of their mailing lists. And also you can easily place fraud alerts on your 3 credit reports. All you have to do is do it once on one agency and that one will then forward on your request to the other 2.