# How can I ask my insurance company for a contract buyout?
**URL:** https://forum.resolutelegal.ca/t/how-can-i-ask-my-insurance-company-for-a-contract-buyout/1292
**Category:** Disability Insurance
**Created:** [May 15, 2018, 5:43pm UTC](https://forum.resolutelegal.ca/t/how-can-i-ask-my-insurance-company-for-a-contract-buyout/1292 "2018-05-15T17:43:30Z")
**Posts on this page:** 8
**Page:** 1
### Author:  [@Elaine](https://forum.resolutelegal.ca/u/Elaine)
#### Post date: [May 15, 2018, 5:43pm UTC](https://forum.resolutelegal.ca/t/how-can-i-ask-my-insurance-company-for-a-contract-buyout/1292/1 "2018-05-15T17:43:30Z")
I am on LTD and was approved beyond 2 year mark. I would like to ask my insurance company to buy my contract. How can approach my insurance company? And what should I tell them to ask them to buy out my LTD contract?
---
### Author:  [@allyoops](https://forum.resolutelegal.ca/u/allyoops)
#### Post date: [May 15, 2018, 6:31pm UTC](https://forum.resolutelegal.ca/t/how-can-i-ask-my-insurance-company-for-a-contract-buyout/1292/2 "2018-05-15T18:31:54Z")
Hi Elaine! Likely your best hope at a buy-out is if they cut you off and you can sue. Unless they offer a buy-out I would be hesitant to ask. If they refuse and cut you off then the fact that you asked to be bought out may have poor optics.
Unless you are terminal or have no chance of recovery.
---
### Author:  [@Elaine](https://forum.resolutelegal.ca/u/Elaine)
#### Post date: [May 15, 2018, 6:52pm UTC](https://forum.resolutelegal.ca/t/how-can-i-ask-my-insurance-company-for-a-contract-buyout/1292/3 "2018-05-15T18:52:11Z")
I don’t think they are going to cut me off any time soon. But I could use the money that I can receive from a buyout.
Can I still send them a letter or call them and ask for a buyout saying that I need the money to pay off debt for example?
If you tell them that you need to pay the debt it probably won’t look bad in the court in case if you decide to sue them.
---
### Author:  [@allyoops](https://forum.resolutelegal.ca/u/allyoops)
#### Post date: [May 15, 2018, 7:08pm UTC](https://forum.resolutelegal.ca/t/how-can-i-ask-my-insurance-company-for-a-contract-buyout/1292/4 "2018-05-15T19:08:56Z")
> [@LTD Buyout Queries](https://forum.resolutelegal.ca/t/ltd-buyout-queries/84):
>
> Hi David, I have read your blog post on “LUMP-SUM BUYOUT OF A DISABILITY INSURANCE POLICY:3 THINGS YOU MUST KNOW BEFORE YOU ASK YOUR INSURER” and queries and your responses. It was very informative and has been very helpful. Thanks very much for taking time - to share your knowledge and responding to queries. My LTD history so far: I have been on employer sponsored LTD since early 2011. Have been receiving CPP-D since 2012 and LTD monthly payment has been offset to account for CPP-D monthly p…
I think many long term disability insurers will not be prepared to consider a buy-out request, and if they are, they may not be prepared to pay an amount that would be acceptable. Insurers would be suspicious regarding the motivation for such a request when monthly benefits are being paid, and will usually only consider paying out the claim for a significantly discounted amount.
Perhaps there are other options that you could look into to get money…or if debt…maybe speak to a trustee.
I think asking for a buy-out is asking for trouble. Some circumstances may warrant such a request…but be careful…
---
### Author:  [@Elaine](https://forum.resolutelegal.ca/u/Elaine)
#### Post date: [May 15, 2018, 7:24pm UTC](https://forum.resolutelegal.ca/t/how-can-i-ask-my-insurance-company-for-a-contract-buyout/1292/5 "2018-05-15T19:24:42Z")
Thank you Ally.
Debt issue was an example. I thought that would be a good start. Not that I have a debt it is that I just want a freedom from insurance company monitoring me. I will continue my treatments even if they don’t watch over me all the time.
---
### Author:  [@mrshastri](https://forum.resolutelegal.ca/u/mrshastri)
#### Post date: [June 9, 2018, 7:00pm UTC](https://forum.resolutelegal.ca/t/how-can-i-ask-my-insurance-company-for-a-contract-buyout/1292/6 "2018-06-09T19:00:58Z")
I would not go for a buyout. I know it is a hassle dealing with them but the buyout from what I have learned is a lot less than one would have received if she stayed on LTD.
---
### Author:  [@Elaine](https://forum.resolutelegal.ca/u/Elaine)
#### Post date: [June 10, 2018, 6:49pm UTC](https://forum.resolutelegal.ca/t/how-can-i-ask-my-insurance-company-for-a-contract-buyout/1292/7 "2018-06-10T18:49:41Z")
I would be ok with 5 years of LTD pay but would settle for 3 years.
---
### Author:  [@jammer](https://forum.resolutelegal.ca/u/jammer)
#### Post date: [June 11, 2018, 5:05pm UTC](https://forum.resolutelegal.ca/t/how-can-i-ask-my-insurance-company-for-a-contract-buyout/1292/8 "2018-06-11T17:05:21Z")
> [@Elaine](#):
>
> I would be ok with 5 years of LTD pay but would settle for 3 years.
Do a search for “buyout” on this site.
I think you need a lawyer to negotiate because the initial offer might be much less (eg. months).
Is it worth it to you to pay a lawyer to avoid the hassle?
Regardless, see what they offer and then decide what to do.