\nEmpathy, the leading technology company transforming how the world plans for and manages life\u2019s toughest moments, announced today a collaboration with Voya Financial to offer Empathy LifeVault\u2122 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\u2019s most recent annual research report, The Grief Tax<\/a>, 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.\n<\/p>\n
\nThrough 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.\n<\/p>\n
\n\u201cThis is a defining moment for Empathy and for the future of legacy planning,” said Ron Gura, Co-Founder & CEO of Empathy. \u201cWhat 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\u2019s 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.\u201d\n<\/p>\n
\nLifeVault 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.\n<\/p>\n
\n“We are committed to supporting our policyholders and employees in meaningful ways, and that includes giving them resources to plan for all of life\u2019s transitions,\u201d said Maleiha Russell, VP, Life, Absence & Disability Product at Voya Financial. \u201cCollaborating with Empathy allows us to provide more than just financial protections\u2014we 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.”\n<\/p>\n
\nDespite the growing importance of estate and legacy planning, many Americans still do not have the necessary legal documents in place. In fact, only 241<\/sup> percent of U.S. adults report having a will\u2014a number that is even lower among middle and lower-income families. As the country approaches the largest wealth transfer in history, with $84 trillion expected to pass from baby boomers to younger generations over the next two decades, the need for accessible planning tools is increasing. LifeVault and Voya are setting a new industry standard for legacy planning as it becomes an integral part of life insurance adoption.\n<\/p>\n \nWith the anticipated success of LifeVault, Empathy is expanding beyond its initial focus on bereavement care, to be a trusted technology provider for helping financial institutions, life insurance carriers, employers, and families around the world prepare for their financial future. Empathy helps financial institutions and insurers expand their breadth of care services with technology that modernizes legacy planning and loss support making them more intuitive and accessible to all.\n<\/p>\n \nFor more information about LifeVault and Empathy\u2019s services, visit www.empathy.com<\/a>.\n<\/p>\n About Empathy<\/b><\/p>\n \nEmpathy is a leading technology company transforming the way people plan for and navigate life\u2019s toughest moments. Available to over 40 million people across North America, Empathy currently partners with seven of the top ten U.S. life insurance carriers and serves one in five life insurance claims nationwide. With $90 million in funding from top-tier venture firms including Index Ventures and General Catalyst, as well as strategic investment from global insurance leaders including Allianz, MassMutual, MetLife, New York Life, Securian, and Sumitomo, Empathy combines cutting-edge innovation with compassion to provide unparalleled support for bereavement, estate management, legacy planning, and more. Recognized by Apple, Google Play, and Fast Company, Empathy is setting the standard for modern family care and workplace benefits. Learn more at www.empathy.com<\/a>.\n<\/p>\n About Voya Financial<\/b>\u00ae\n<\/p>\n \nVoya Financial, Inc. (NYSE: VOYA) is a leading health, wealth and investment company with approximately 10,000 employees who are focused on achieving Voya\u2019s aspirational vision: \u201cClearing your path to financial confidence and a more fulfilling life.\u201d Through products, solutions and technologies, Voya helps its approximately 15.7 million individual, workplace and institutional clients become well planned, well invested and well protected. Benefitfocus, a Voya company and a leading benefits administration provider, extends the reach of Voya\u2019s workplace benefits and savings offerings by engaging directly with approximately 11.9 million employees in the U.S. Certified as a \u201cGreat Place to Work\u201d by the Great Place to Work\u00ae Institute, Voya is purpose-driven and committed to conducting business in a way that is economically, ethically, socially and environmentally responsible. Voya has earned recognition as one of the World\u2019s Most Ethical Companies\u00ae by Ethisphere; a member of the Bloomberg Gender-Equality Index; and a \u201cBest Place to Work for Disability Inclusion\u201d on the Disability Equality Index. For more information, visit voya.com<\/a>. Follow Voya Financial on Facebook<\/a>, LinkedIn<\/a> and Instagram<\/a>.\n<\/p>\n \nGroup Term Life Insurance is issued by ReliaStar Life Insurance Company (Minneapolis, MN) and ReliaStar Life Insurance Company of New York (Woodbury, NY). Within the State of New York, only ReliaStar Life Insurance Company of New York is admitted, and its products issued. Both are members of the Voya\u00ae family of companies. Voya Employee Benefits is a division of both companies. Product availability and specific provisions may vary by state. Lifetime Life Insurance is not approved in New York.\n<\/p>\n
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