Paper wallets can be password protected. As mentioned BIP38.
They also can be cut in parts and stored in different locations. Or generate a split wallet (bitaddress,org) to begin with. Also, paper wallets don't need to be printed, they can be stored as PDFs. You also can store your keys on several USB media and store in several locations. Plenty of options. The "best" solution depends on your situation and circumstances.
Think outside the box, but also think about how your family would get access to your coins in case you get hit by a bus.
With that in mind, I've been designing this:
https://bt.irlbtc.com/view/566626.msg6173252#msg6173252NFC enabled, secure, easy to recover your data from, and multi-sig (multiple devices) meaning you can plan for loss, destruction, theft, etc... We are on the 6th and hopefully final prototype. It's designed to work with Hardware wallets, Armory, etc...
https://i.imgur.com/0Hz6QIn.jpg