Yesterday when I was talking to my brother he mentioned that he and my SIL had applied for long term care insurance and told me what it would cost them a year if they get approved and go forward with the type of policy they have in mind. We had been discussing whether it made sense to continue to pay for my life insurance now that I have no earned income. Well, our current combined life insurance cost is half of what my brother and SIL would pay a year for long term care insurance (they are 5 and 3 years older than we are). Most likely we would either not qualify for long term care insurance or pay a lot for it due to pre-existing conditions.
I recalled that our life policy allowed for an accelerated death benefit if you were terminally ill. I called and this is the case in GA where we live now and CA where we plan to live after retirement. You have to have a Dr. state that you have 12 months or less to live. Otherwise you could use the insurance payout to replenish the money spent caring for the disabled or ill person.
For now we are going to use our life insurance as our long term care asset. This link Using Life Insurance to Pay for Long Term Care tells you about the various types of ways this might work for you.