This is your periodic reminder that, if you have people who depend on you or causes that you support, 10 year term-life insurance is a product which is easy to buy when you are young and healthy and very inexpensive. Got married? Had a kid? Add a new policy on top of old one.
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"How much?" That depends on a lot of personal circumstances but, if you're reading this [+], the correct answer is probably denominated in millions. [+] Assumptions: "substantial earning power", "relatively young", "peak earning years well ahead of you", "low liquid net worth."
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Replying to @patio11
Speaking of low liquidity, I'm curious -- any idea what the norm is in the event that someone with an equity grant dies? Do incentive options evaporate? Heirs have to decide whether to exercise within N days? Or something more generous?
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Replying to @cperciva
The norm is that your contract has anticipated this and you can expect the company to perform as per the contract, neither above nor below it. I'll follow this tweet with my understanding of what I would assume a contract prepared by professionals for a US tech company would be.
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1) We're going to repurchase your unvested options. 2) The vesting clock stops at death; we don't accelerate vesting. 3) Normally, you would have X time to purchase options, but in event of death (or maybe severe disability), your heirs have Y, which is materially longer.
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Note that most people with options that are worth material amounts of money or would cost a material amount of money to exercise will also be covered by employer-provided life insurance, which is a standard US tech industry perk for companies old enough to have HR folks.
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I'd also expect, as a matter of social concern, that someone at the company would have a quick chat with your heirs which would mention that you had vested, unexercised options, provide heirs a copy of the legal agreements, and then say "Strongly suggest you talk to an attorney."
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