Traditional long-term care insurance can feel like a gamble—if you don’t use it, you lose it. Hybrid long-term care insurance solves that problem by combining long-term care coverage with either a life insurance policy or an annuity. That way, your premiums are never wasted.

With a hybrid policy, if you don’t end up needing long-term care, your beneficiaries still receive a death benefit. Some policies also include return-of-premium features, tax advantages, and flexible payout options for couples.