Empathy Launches LifeVault, Bringing Trusted and Personalized Legacy Planning to Life Insurance Clients Across the U.S.
The new offering will enable clients and their families to create and share personalized estate planning documents, an expansion of Empathy’s industry-leading loss support
NEW YORK, Oct. 15, 2024 (GLOBE NEWSWIRE) — Empathy, the world leader in helping families deal with loss, has announced the launch of its newest product offering, LifeVault™ which makes it easier than ever for Americans to build comprehensive legacy plans. LifeVault represents the next phase of Empathy’s mission to change the way Americans manage the loss of a loved one by making personalized, holistic legacy planning and support more accessible.
“At Empathy, we support families during some of life’s most challenging moments, starting with our first-in-class product for support after the loss of a loved one, and now with LifeVault which puts the focus on planning ahead,” said Empathy co-founder and CEO Ron Gura. “LifeVault is the next phase of Empathy’s mission — making personalized, holistic legacy planning and support possible for even more families.”
Most families perceive estate planning as complex, time-consuming, and costly. For these reasons, 67 percent of Americans have no estate plan in place—a number that disproportionately affects middle- and lower-income families.
With LifeVault, Empathy further establishes its deep understanding of what families need to handle loss in America, leveraging corporate partnerships to support millions of families in their time of need. Empathy’s LifeVault is a white-labeled solution that increases access to estate planning services via thoughtful tailored integrations with trusted life insurance carriers and agents, empowering families with the legacy planning tools they need to make informed choices and move forward in confidence following the loss of a loved one.
LifeVault will be available to families via financial institutions, empowering them to take control of their legacy with tools and guidance to create more comprehensive roadmaps. By working with trusted and enduring financial institutions, individuals can ensure that their families will be taken care of both financially and administratively––a streamlined experience that will pay dividends to countless families in the years to come as they cope with a new reality following loss.
Clients will be able to revisit their plans and choices to make updates to a variety of integral legacy planning documents, including:
- Last Will & Testament
- Health Care Directive
- Power of Attorney
- Funeral Directive
New York Life, the largest mutual life insurance company in the United States, served as an initial design partner with Empathy on LifeVault. The company was the first life insurance carrier to leverage Empathy’s loss support for bereaved families and now is the first insurer to introduce the legacy planning offering.
“Our ongoing partnership with Empathy well-represents New York Life’s continued commitment to delivering exceptional client and agent experiences through innovation,” said Regina Warga, head of client experience, New York Life. “This includes empowering our agents to deliver further value to our clients and their loved ones through new technologies like Empathy’s latest offering that are designed to strengthen relationships and support families as they build legacies and secure financial futures.”
With a deep commitment to helping families work through life’s most difficult moments, Empathy is redefining the way that we plan for and deal with loss. Learn more about how Empathy is changing the way the world deals with loss at https://www.empathy.com/.
ABOUT EMPATHY
Empathy is a technology company transforming the way the world prepares for and manages the loss of a loved one. With $90 million in total funding from leading tech investors and the largest global insurance carriers, Empathy is at the forefront of the emerging compassionate economy, setting the new standard in family care and modern employment benefits. Founded in 2020 by Ron Gura and Yonatan Bergman, Empathy offers a full range of assistance to those facing grief, estate planning and settlement, probate and more through life insurance benefits or via bereavement leave through an employer. By partnering with Fortune 500 companies and leading insurance carriers, Empathy currently offers services to 40 million covered individuals across the U.S. at no cost to families. Empathy uses its award-winning app and Care Team to carefully assess needs and next steps and complements experiences through time-saving and tech-enabled tools to effectively provide personalized plans, automated workflows and care resources, including an extensive library of articles, guides and meditation tools to support them through their grieving process. With accolades from Apple, Google Play, CB Insights and Fast Company, Empathy is the fastest-growing benefit for insurance carriers and employers alike. Learn more about Empathy at www.empathy.com.
Contact:
press@empathy.com
