My plan for my wife when I pass away

While having lunch in a subway outlet, me and my wife started talking about something morbid. It's about our plans for each other when we pass away prematurely, like within the next few years. It wasn't a morbid topic for me though. I thought that we should talk about such issues so that we have a feel for each other's plan. In the eventuality that we pass away, we can do so in peace with the knowledge that the other party is well taken care off. That's the important part - to leave peacefully and to know that whoever we leave behind is well taken care off, at least financially.



When I pass away,

1. All the outstanding mortgage payments to HDB will be paid up for. That's like $450k we're talking about.


2. The death benefits from my insurance depends on how I pass away. If it's before 2023, it'll be $275k in total. If it's accidental death and I'm younger than 64 yrs old, it'll be $350k. If none of the above, it'll be $250k. Since we're talking about dying in the immediate future, let's just treat it as $275k.


I think my wife will have no problem taking care of the car loan which is about 10k. I haven't even included my bank accounts, stock portfolio and CPF money to the whole equation, but I'm pretty sure my parents and wife is well taken care financially. That's very good. But money isn't always the only problem that needs to be taken care of. Actually emotional and mental health is just as important.

With that in mind, I even thought out a plan for her:

1. With all the money left, she should just let it sit in the bank for a while and not touch it for at least 6 months to a year. This is the cooling off period to make sure that she don't use the money emotionally.


2. The 5 room HDB that we're currently staying is too big for her needs. She should not sell it but rent it out at maybe 2 to 3k if it's after 5 years of minimum occupation period. If it's before 5 years, ask her parents to stay over at my home and rent out her parent's home. This will free up cash to take care of her parents and also to generate positive cash flow for her own retirement.


3. Look for investment opportunities in the stock market or property investing. This will require the help and advice of my good bullythebear friends, whom she also keeps in constant contact. I'm sure she'll have the best advice from them. Get a small property if necessary, pay off enough as down payment to make sure that the rental from the HDB can cover a big percentage of the mortgage of the new property. This will ensure that in the event that the property market is not good after the purchase, she'll have enough to pay off the mortgage monthly without breaking a sweat.


4. Ask her immediate supervisor for a pay raise. If they refuse, just leave them and concentrate on those work that is satisfying for her. She probably don't have to work so hard for money anymore, so she should find something she likes to do to earn some income. Maybe like just work for 2 or 3 days in a week. No stress.


5. Use the time freed up to take care of her health by going to exercise more often, eat more healthily and bring herself and her parents/my parents overseas to enjoy life.


6. Find herself a good husband if she can, to take care of her.


Good plan? With all these 'morbid' thoughts in mind, I think I'll treasure my time here with her more.