FAANG Death Benefits

The most overlooked type of corporate benefit

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

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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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1. *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.