excess payment in life insurance
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Many policies include an excess. This is the amount you have to pay if you decide to make a claim on your policy. It's a way of you accepting a small portion of the risk yourself. The amount of the excess is specified in your policy.
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As a policyholder, you can pay more than your regular monthly, quarterly, or annual premium to increase the amount of your investment or insurance coverage. These usually apply to Variable Universal Life (VUL) policies
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