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patio11's profile
Patrick McKenzie
Patrick McKenzie
Patrick McKenzie
@patio11

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Patrick McKenzie

@patio11

I work for the Internet, at @stripe, mostly on accelerating startups. Opinions here are my own.

東京都 Tokyo
kalzumeus.com
Joined February 2009

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    1. Patrick McKenzie‏ @patio11 Jan 7
      • Report Tweet
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      Patrick McKenzie Retweeted Daniel Vassallo

      This is single best financial optimization most geeks of my acquaintance have not done yet.https://twitter.com/dvassallo/status/1214701616579764224 …

      Patrick McKenzie added,

      Daniel Vassallo @dvassallo
      If you have dependents and you’re in good health, term life insurance should be a no brainer. About to pay my 2nd premium, and I should have done sooner. pic.twitter.com/cEX3rYE4pG
      Show this thread
      22 replies 35 retweets 412 likes
      Show this thread
    2. Patrick McKenzie‏ @patio11 Jan 7
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      "I think I have life insurance through work?" Get private insurance anyhow. A lot of the black swans that can hit young, healthy people will make you uninsurable in later years of the policy you could get now and/or will make you want to quit to spend limited time w/ family.

      2 replies 5 retweets 63 likes
      Show this thread
    3. Patrick McKenzie‏ @patio11 Jan 7
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      "I have like a million dollars of it, thanks." The marginal cost of the second and third million dollars are very small next to your monthly income, you're presently underinsured relative to your earning power, and your heirs will not regret the extra money in event they need it

      2 replies 1 retweet 55 likes
      Show this thread
      Patrick McKenzie‏ @patio11 Jan 7
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      Also make sure to either layer on a new policy or get new policy for X+Y then cancel existing one when your circumstances change as a result of (most prominently for geeks of my acquaintance) marriage, childbirth, or major changes in obligations.

      4:35 PM - 7 Jan 2020
      • 36 Likes
      • Peter Hatch Jonny Daniel Vassallo Pankaj Laddha Jeremy Diamond Sriram Krishnan michael woods dennis hegstad
      2 replies 0 retweets 36 likes
        1. New conversation
        2. Patrick McKenzie‏ @patio11 Jan 7
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          "Major changes in obligations?" Examples might include "I see line of sight to being responsible for my parents' upkeep in their retirement years" or "I have been awarded options which would have a material exercise cost."

          1 reply 0 retweets 26 likes
          Show this thread
        3. Patrick McKenzie‏ @patio11 Jan 7
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          n.b. You can totally say, in a conversation with an underwriter: You: I want $X million in coverage. Underwriter: Per guidelines, based on your income, we think $Y should be sufficient. You: I work in tech and feel I have a likelihood of eventually having options exercise cost.

          4 replies 0 retweets 51 likes
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        4. Patrick McKenzie‏ @patio11 Jan 7
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          (That and "I run a closely held business" are close to magic words for getting coverage approved assuming your core risk(s) are underwritable.)

          2 replies 0 retweets 52 likes
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        5. Patrick McKenzie‏ @patio11 Jan 7
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          "Why do underwriters care how much coverage I have relative to my income?" They're worried about adverse selection. Purpose of term life is protecting future earnings; saying "I want way more than future earnings" suggests either a) you know more than them re: your health or b)

          2 replies 1 retweet 41 likes
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        6. Patrick McKenzie‏ @patio11 Jan 7
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          Well, b is that you or potentially someone else has plans that your insurer should not encourage. If you have specific cash needs which aren't naturally reflected in your future earnings, though, underwriters are very willing to accommodate those, particularly if documented.

          1 reply 0 retweets 23 likes
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        7. Patrick McKenzie‏ @patio11 Jan 7
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          n.b. Feel free to Dangerous Professional your way through "documented": "Here's proof of employment by a tech company." "And can I see the options paperwork." "That's private."

          2 replies 0 retweets 45 likes
          Show this thread
        8. End of conversation
        1. (((code merchant)))‏ @vongillern Jan 7
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          Replying to @patio11

          While you're at it. Get long term disability while you're young and healthy. It is a perk most small startups don't offer and it is dirt cheap. If you work at FAANG now, it'll buy you tons of peace of mind when you venture out on your own.

          0 replies 0 retweets 0 likes
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