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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
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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
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    2. 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
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    3. 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.

      2 replies 0 retweets 36 likes
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    4. 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
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    5. 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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    6. 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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    7. 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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    8. 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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    9. 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
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    10. Nate Meyvis‏ @NateMeyvis Jan 7
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      Replying to @patio11

      Characteristically good thread. Today I was thinking about how to hedge against my house going down in value. I didn't come up with a good answer. Advice?

      1 reply 0 retweets 0 likes
      Patrick McKenzie‏ @patio11 Jan 7
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      Replying to @NateMeyvis

      Seems like poor optimization for most geeks relative to working on career. There are a lot of startups who want to enable this transaction in future though.

      5:42 PM - 7 Jan 2020
      • 2 Likes
      • If you meet 60+-year-olds, quarantine like one Nate Meyvis
      1 reply 0 retweets 2 likes
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        2. Patrick McKenzie‏ @patio11 Jan 7
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          Replying to @patio11 @NateMeyvis

          (General flavor of that is “Let you sell equity in home” or “Let you sell messanine debt.”)

          1 reply 0 retweets 1 like
        3. Nate Meyvis‏ @NateMeyvis Jan 7
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          Replying to @patio11

          Cool. I was thinking more "is there something that tracks Boston-area real estate that I can buy puts on?" and didn't find anything suitable. Thanks for the response. FWIW I do semi-regularly get mail from companies that want me to sell them X% of my house in some arrangement.

          1 reply 0 retweets 0 likes
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