This is a severe enough deficit that I think it has to be considered a bug.
There are four security options for logging into Identity Safe:
1. No password - kind of pointless, but nice for a desktop with a user who wants to store all his log-on info.
2. Log on - you turn on your computer, log in to Identity Safe and that's it until you reboot. To me, this is virtually indistinguishable from number 1. In fact, I would drop 1 and keep 2. (But that's not the issue here)
3. After a computer break of x minutes. This makes some sense. If you leave your computer alone and someone comes along and tries to access your credit card account, you would be protected .... after x minutes. x cannot be smaller than 15, so you have no protection if someone comes along when you leave your desk to go to the bathroom or to get some coffee.
4. You can require a password for each log in to an account.
So what is missing? An obvious option available in most other password managers.
The option that if I close my browser that is equivalent to logging out of Identity Safe.
This provides a different level of security and requires no clicking or remembering. When I leave my computer, it is automatic for me to close my browser. Now I suppose it would make more sense to simply suspend the computer into standby with a restart password (I used to do this when my computer was in a vulnerable environment, but for the moment I just like closing the browser as do a lot of people.