Every once in a while the realization that my loved ones wouldn't be able to get into my email, financial accounts, and other important digital assets if I died sends a chill down my spine What steps should one take to ameliorate this without sacrificing security in the present?
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Replying to @devonzuegel
Spent a lot of time worrying about this when I was e.g. running companies, which throw more variables into the works. a) "Three envelopes" with close family knowing where to look for them and a few hours of effort into what goes in them. b) Buy more term life insurance.
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Replying to @patio11 @devonzuegel
Every time I was doing the math on "Hmm Ruriko might not be able to access that random savings account" the answer was "Just bump up term life insurance by 500x its balance and then it doesn't matter."
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Replying to @patio11 @devonzuegel
But basically nobody in my social circles carries sufficient term life insurance despite it being very cheap when folks are young and healthy. ("How much?" Should be $2M+ if you're reading this and not cash rich already.)
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Replying to @patio11 @devonzuegel
I’ve always just gone with insurance through work, but now want to buy a bunch more. Any recommended providers? Or places to find providers?
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Replying to @matt_chandler @devonzuegel
This is the industry's best product. Everybody sells it and it is *utterly* a commodity. If you care about $5~10 a month then get quotes otherwise just go to any insurance company and say "Quote me for $2M of 10 year term life; yes I will take the medical exam."
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If you have people or causes in your life that your future income vanishing for tomorrow would negatively impact, yes.
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I’m a big fan of opinionated actionable advice so “10 years.” More precise recommendations require knowing your personal financial situation, timing of major life events and probable payouts in next x years, and likelihood of income/asset stability towards end of period.
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The “10 years” recommendation is partly because it’s short/cheap, partly because almost all providers have it (many don’t have a 5y term) and partly because most software people should have a materially better situation 10y from now counseling major reassessment.
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