There are three main options when it comes to long-term care coverage.
Traditional long-term care insurance: Also known as standalone long-term care insurance, traditional policies exclusively cover long-term care expenses in your home or a facility.
Hybrid long-term care insurance: Also known as linked benefits or combo policies pair long-term care with life insurance or an annuity. A hybrid policy provides coverage for both extended care in your home or a facility along with a death benefit. If you never need long-term care, your loved ones would benefit from a life insurance payout after you pass away. Hybrid policies have become increasingly popular in recent years.
Life insurance with a long-term care rider: Some life insurance policies let you add on additional coverage for long-term care via a rider. A long-term care rider lets you use some of the life insurance policy’s death benefit to pay for long-term care needs while you’re still alive.