Generally referred to as a hybrid policy, this is an insurance policy which combines a life insurance policy or annuity with a rider for long-term care. Often paid with a single premium, this type of policy gives the policyholder either a benefit for long-term care or a death benefit. These types of policies use the policy’s cash value and/or death benefit, which may result in leaving little or no death benefit to your heirs if you need long-term care for an extended period of time. However, they are generally purchased for long-term care benefit.