1. Life insurance

No. 1 on our list of alternatives to long-term care is life insurance. People resistant to paying ongoing premiums for a service they may never use could find a solution by getting a life insurance policy with a long-term provider.

Life insurance policies that include long-term care assistance can alleviate the concern about spending more on long-term care insurance that you may never use. These hybrid life insurance policies can be used to cover long-term care costs and will pay a death benefit should the insured person pass away.

While it’s not the perfect solution, there’s a lot of flexibility when it comes to these policies. For instance, they can be brought into single or joint life.