Commutation?

dodgyeyes

Anybody out there know how a commutation is worked out for payment of lump sum on income protection insurance?

Oscar_The_Grouch

Try here:

http://www.barnett-waddingham.co.uk/Articles/index.aspx?did=476

I got this by typing Commutation into Google (fixed to uk pages only) and this seemed to give quite a bit of information.

I don't work in Life & Pensions, so I have absolutely no idea whether it's any good or not!!

JonBoy_SCFC

it's too complicated to explain on a forum like this!

dodgyeyes

Thanks Oscar for taking the time to give it a go on Google. However, I don't think it applies to income protection insurance.

Go on Jon-Boy - give it a go - just for me?!! I need to have some idea of how its worked out to know whether I get a good offer or not. Happy New Year!

JonBoy_SCFC

tell us some more details about size of lump sum offer, your age, how long the payment is to cover etc and i'll give it a go!:rolleyes:

dodgyeyes

Jon-Boy you are a star! Thank you very much.

Current payment is £1093 gross increasing by 3% guaranteed each year. Next increase imminent. Current age 43yrs - due to continue to pay until 65 years old. Haven't offered lump sum yet but may ask for commutation.

Thanks again - i appreciate your time and effort.