File this under things people rarely think about but probably should. Nothing like a little morbid life planning to kick off your week!
I just sent the following email to my wife:
Subject: FYI Just to Save For your Records (When I Die)
Body:
See separate email for details on all existing financial accounts and instructions. You can find my Will along with our Trust documents in the XXX.
If I am still employed by Facebook when I die:
50% of my salary monthly for 10 years
Our child will receive an additional $1,000 per month for 10 years
A lump sum of 3x my annual base salary (taxes will be taken out)
All my Facebook stock will vest and payout 100% (Up to $2M, taxes will be taken out). Just sell this and buy FZROX.
Non-Facebook:
500k in Term Life Insurance from XXX (if it is before 2032)
50k in Whole Life Insurance from Mutual of Omaha1
Keywords to ensure this comes up when searching your inbox: Death, Dead, Die, Died, Passed Away
Facebook’s death benefits were far and away better than anything I had seen prior. I know Google were the original torch bearers of phenomenal benefits and were the first I could find to ever offer anything remotely close. I reached out to a few friends who worked at some of the other FAANG companies to see what else was out there.
Facebook
50% Salary for 10 years
Child receives $1,000 Per Month for 10 years
Lump sum of 3x Base Salary
All Stock Vests Immediately
Apple
?? Leave a comment if you know and I will update
Amazon
1 Year of Amazon Prime (Didn’t find anything, please share if you know)
Netflix
$1.5M Life Insurance
Google
50% Salary for 10 years
Children receive $1,000 per month until 19 (23 if students)
All Stock Vests Immediately
Looks like Google and Facebook still leading the pack when it comes to the “Best Employer to Die At” award.
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*My mom was conned into buying this. I am still holding since I calculated the benefit as being better than cashing out. Seriously, who convinces someone to buy whole life insurance for their 16 year old.
Facebook: All stocks don't vest - technically, you lose anything above $2M - arguably academic for most people.
Amazon has policy that will pay out a lump sum of 4 times your annual base salary to chosen beneficiaries