How to create a financial survival plan
Create a spending plan
Your partner's budgeting needs will change if he loses you or if you remain alive but can no longer work. If your partner isn’t accustomed to budgeting, draw up rough budgets for each of these scenarios to give him an idea of how to manage the household finances.
For example, if you become disabled, how much disability income can your household collect and from what sources (e.g., Social Security, a disability insurance policy)? How much of a hit will household income take? Which expenses are likely to change? Which services should be canceled?
If you die, how much will your partner collect from your life insurance policy? Draw up a plan for how he can use the money wisely, because many people have no idea what to do with a windfall. They become paralyzed, blow it or get taken advantage of.
Create instructions covering what accounts the money should be held in; how much should be invested, where and in what; and how it should be allocated among possible priorities like paying for children’s educations and paying off the mortgage.