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, ......