Long-Term Care Insurance: 7 Other Alternatives You Might Explore

5. Critical illness and critical care insurance

Critical illness and critical care insurance are two other alternatives to long-term care insurance. These two types of coverage extend lump-sum cash payments to patients who are diagnosed with heart attacks, strokes, cancer, and other serious diseases.

Moreover, two major carriers, Guarantee Trust Life Insurance Co. and Aflac, provide critical illness and critical care insurance with daily or monthly benefits for continuing care and inpatient rehab. Guarantee Trust’s monthly benefits can last as much as two years, and Aflac’s daily benefits can last up to six months.

Daily and monthly benefits aside, critical illness and critical care insurance are usually less expensive than long-term care insurance. For instance, if a 60-year-old man is looking for one of these two types of coverage, he can get a $50,000 lump sum payment for as little as $100 a month.