This is single best financial optimization most geeks of my acquaintance have not done yet.https://twitter.com/dvassallo/status/1214701616579764224 …
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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.)
"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)
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.
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."
are you using a US-based provider for your private coverage? any recommendations?
I have term life in both Japan and the US. US side was through https://www.ethoslife.com/ ; thoroughly satisfied with experience. (They were willing to do $1M without a medical exam, which is helpful since logistics of a US medical exam tricky for me.)
Would you suggest doing this even if you current work for a company that only issues RSU? (i.e. is it just generally worth it)
Totally a thing you can say if the company you presently work for only issues RSUs, since term of your insurance longer than probabilistic employment at any one employer. (Though if you work for AppAmaGooBookSoft unlikely you even need to; they’ll get it before you say it.)
What's the scenario that gets covered by this conversation?
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