The word from the US, where a new partnership aims to help people deal with the loss of a loved one;
Empathy, the leading technology company transforming how the world plans for and manages life’s toughest moments, announced today a collaboration with Voya Financial to offer Empathy LifeVault™ to its clients. Voya is the first financial institution to implement LifeVault, providing policyholders, employees, and beneficiaries an innovative and robust platform for planning ahead. Empathy’s most recent annual research report, The Grief Tax, revealed the costs of loss and unveiled the extent and impacts of the lack of preparation in legacy planning. Two out of three of those surveyed reported they did not have access to essential and legal documents and details needed after the loss of a loved one, extending timelines for finalizing affairs to up to 20 months.
Through this collaboration, Empathy and Voya will be positioned to help people prepare their families ahead of loss. LifeVault will now be available to employees enrolled in Group Term Life Insurance and Lifetime Life Insurance and will serve as a useful tool as they work through and document important legacy decisions for themselves and for their families. LifeVault is designed to integrate with trusted financial institutions like Voya, providing families with a secure solution they can trust to hold on to critical information for years to come.
“This is a defining moment for Empathy and for the future of legacy planning,” said Ron Gura, Co-Founder & CEO of Empathy. “What the Grief Tax uncovered is the very real impact a lack of preparation can have on the next generation. We built LifeVault so that everyone, no matter their financial situation, can take care of their families and proactively plan for the future. Voya’s decision to bring this to their vast network, including their own organization, speaks volumes about the growing demand for compassionate technology solutions that help families at every stage, before, during, and after loss.”
LifeVault offers an intuitive digital platform designed to comprehensively store affairs, quickly create legal documents like wills, healthcare directives, and power of attorney, and securely share essential information with loved ones. Through LifeVault, Voya will offer people a streamlined way to prepare for the future, ensuring that important, and often difficult decisions are documented, created and stored. In doing so, families can feel prepared in their legacy planning, no matter what stage of life they may be in.
“We are committed to supporting our policyholders and employees in meaningful ways, and that includes giving them resources to plan for all of life’s transitions,” said Maleiha Russell, VP, Life, Absence & Disability Product at Voya Financial. “Collaborating with Empathy allows us to provide more than just financial protections—we are offering proactive steps and peace of mind for families who want to be prepared for whatever the future holds. By combining our group insurance offerings with Empathy’s human-centered technology, we are able to offer comprehensive support that truly makes a difference.”
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