Empathy LifeVault™ Is Taking Off: Voya Financial Reimagines Legacy Planning for Millions
Legacy planning isn’t just for the wealthy; it is a way to ensure wishes are honored, loved ones are protected, and values are passed on, regardless of net worth. Proper planning can help families avoid unnecessary financial burdens or delays by streamlining and preparing before the inevitable happens. It is something every family deserves access to, but too often, it’s put off because it feels complicated, expensive, or overwhelming. That’s why well over two-thirds of Americans still don’t have a will. 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.
As $84 trillion is expected to pass from baby boomers to younger generations over the next two decades, the lack of planning is set to become a real problem.
That’s changing in a big way.
We’re proud to share that Voya Financial is integrating Empathy LifeVault into its broader benefits ecosystem, making it available to policyholders, employees, and beneficiaries. As we continue to expand on partnerships by bringing LifeVault to more markets, we further cement our place as a leader in helping families prepare for and manage before, during, and after loss.
LifeVault Is Making Its Mark
LifeVault will change the way individuals plan ahead for one of life’s most challenging moments. And together with Voya, we’re bringing a new standard of legacy planning to even more people and taking another step closer to making our vision a reality.
LifeVault will now be available to employees enrolled in Voya’s Group Term Life Insurance and Lifetime Life Insurance and will serve as a useful tool as they work through and document important legacy decisions and preparations for themselves and their families.
With this partnership, millions of people will have access to an intuitive and secure platform that will help them:
Create essential legal documents like wills, healthcare directives, and power of attorney in minutes.
Organize critical information and imperatives for loved ones to ensure that often difficult decisions are documented, created, and stored.
Lighten some of the emotional burdens of having hard conversations, which can be a blocker for planning, so families can move forward with legacy planning, no matter what stage of life they may be in.
Provide families a secure solution they can trust to hold onto vital information for years to come.
This isn’t just another product add-on. This is further proof that the industry is evolving—and that financial institutions and insurers are stepping up to offer real and lasting support.
A Reflective Moment for Empathy’s Growth
Voya’s decision to integrate LifeVault is the latest collaboration building on Empathy’s recent momentum:
More than 40 million people are now covered through Empathy’s services
One in five life insurance claims in the U.S. processed with Empathy’s platform
Partnering with seven of the top ten U.S. life insurers, including MetLife and New York Life
Helping Fortune 500 companies like Paramount and AT&T rethink employee benefits
With 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.
We’re honored and excited for this next phase of our work and extremely motivated to expand our support for millions of families leading up to and through their moments of need.