New York Life Introduces New Resource for Financial Wellbeing in the Workplace

Business Wire

Balance Wellbeing™ Now Available to New York Life Group Benefit Solutions and Business Solutions Customers

NEW YORK--(BUSINESS WIRE)--
New York Life has announced the launch of Balance Wellbeing with New York Life™(“Balance Wellbeing™”), its new financial wellbeing offering.Balance Wellbeing™ highlights New York Life’s long history of helping families build secure futures by providing access to holistic financial guidance and support designed to address employees’ financial challenges and positively impact workforce outcomes. Balance Wellbeing™ is currently available to eligible Group Benefit Solutions and Business Solutions clients.

“We are seeing a growing interest in financial wellbeing by consumers, thanks to the ease of accessing financial education and advice and the rise of social platforms,” said Debapriya Mitra, vice president and head of marketing strategy and business development at New York Life. “At the same time, the credibility of this information is critical. As a company with a long history of providing advice, guidance, and solutions that build secure futures, New York Life is well-positioned to continue to expand its commitment to financial empowerment and wellbeing, democratizing access to trusted financial guidance. Doing so in the workplace is a natural, and important step on this journey.”

The Balance Wellbeing™ platform leverages partnerships with leaders in financial wellness, including fintech partners, to make personalized financial wellness accessible and inclusive in the workplace, empowering employees to take advantage of workplace benefits, and guiding their next best step throughout life events. Additionally, Balance Wellbeing™ provides access to one-on-one guidance from New York Life financial professionals.

“Employers are increasingly seeking solutions to support their employees’ holistic wellbeing, which we are proud to enable with the introduction of Balance Wellbeing™,” said Meghan Shea, vice president of distribution for New York Life Group Benefit Solutions. “Balance Wellbeing™ provides resources and capabilities that will enable employers to help their employees understand and address a full range of financial wellness needs. Balance Wellbeing™ integrates digital resources and assessment capabilities with human consultation, demonstrating our commitment to providing solutions designed to meet people where and how they want.”

Balance Wellbeing™ offers an intuitive platform for individuals to explore a suite of solutions including:

Objective financial health assessment identifies an individual’s current financial health and behaviors with a FinHealth Score to analyze key needs – and customizes the experience to improve financial health over time.
Relevant resources include financial support based on an employee’s FinHealth Score, including student loan optimization, emergency savings and mortgage readiness, and credit counseling referral services.*
Financial education, such as on-demand education including articles, calculators and webinars focused on supporting consumers during different life events. This includes live financial wellbeing seminars covering a range of topics, from budgeting and money management to navigating market volatility.
Centralized access to overall financial health through Balance Wellbeing™ streamlines employees’ benefits and rewards into one platform, while reducing the administrative burden on employers. Employees can link other accounts to create a comprehensive overview of theirfinancial health.
Access to trusted financial professionals through New York life enables individuals to connect with New York Life financial professionals to address their unique financial needs, including creating a comprehensive financial strategy that encompasses financial priorities critical to long-term wellbeing, like debt management, saving, and protection needs.

“Our September 2024 Wealth Watch research shows that across the board, too few people take advantage of workplace benefits that can support holistic wellbeing for themselves and their families,” said Jessica Ruggles, corporate vice president, Financial Wellness, New York Life. “Balance Wellbeing™ offers employees a comprehensive suite of solutions designed to address people’s unique needs and help put them on a path to a more secure financial future.”

Balance Wellbeing™ supports the needs of workers across industries, incomes, and experiences, from large national employers to small businesses, in communities across the country.

“New York Life financial professionals who offer Business Solutions provide a variety of protection and benefit solutions to small business owners and their employees,” said Natalie Cooper, vice president and head of Business Solutions at New York Life. “The expansion of Balance Wellbeing™ enables financial professionals to deepen relationships and offer financial education and resources that are often unavailable to small businesses.”

For more information, please visit balancewellbeing.com.

ABOUT BALANCE WELLBEING

Balance Wellbeing with New York Life is currently available as a workplace benefit through participating employers. Balance Wellbeing is brought to you by New York Life Insurance Company. The information provided on BalanceWellbeing.com is for general informational purposes only and is not intended as tax, legal, investment, or retirement advice and is not intended to market or sell any specific product. It may not be relied on for the purpose of avoiding any state, federal, or other taxes. Neither New York Life Insurance Company nor its agents provide tax, legal, or financial accounting advice. Please consult your own tax, legal, or accounting professional before making any decisions. While the content is derived from sources believed to be accurate, we do not guarantee its accuracy or completeness. Neither the information presented, nor any opinion expressed constitutes a solicitation for the purchase or sale of any security.

Participation in any Balance Wellbeing service is optional at no cost, and access is not conditioned on the purchase of insurance, retirement, investment products and services from New York Life Insurance Company. You have a choice to engage with New York Life Insurance Company agents for financial guidance and to purchase insurance and other products and services. If you choose to do so, those engagements will be governed by the particular applicable terms and conditions.

* These services are optional and New York Life Insurance Company and does not provide credit counseling, student loan, mortgage readiness and emergency savings services. The third-party companies provide these services and are solely responsible for them. If you choose to use any optional services and depending on your program eligibility, fees may apply.

ABOUT NEW YORK LIFE

New York Life Insurance Company (www.newyorklife.com), a Fortune 100 company founded in 1845, is the largest mutual life insurance company in the United States¹ and one of the largest life insurers in the world. Headquartered in New York City, New York Life’s family of companies offers life insurance, disability income insurance, retirement income, investments, and long-term care insurance. New York Life has the highest financial strength ratings currently awarded to any U.S. life insurer from all four of the major credit rating agencies.²

New York Life Group Benefit Solutions products and services are provided by the Life Insurance Company of North America or New York Life Group Insurance Company of NY, subsidiaries of New York Life Insurance Company. Life Insurance Company of North America is not authorized in NY and does not conduct business in NY.

¹Based on revenue as reported by "Fortune 500 ranked within Industries, Insurance: Life, Health (Mutual)," Fortune magazine, 6/4/24. For methodology, see https://fortune.com/franchise-list-page/fortune-500-methodology-2024/

²Individual independent rating agency commentary as of 11/17/2023: A.M. Best (A++), Fitch (AAA), Moody’s Investors Service (Aaa), Standard & Poor’s (AA+).