Triple Protection

What Does Triple Protection Mean?

Triple protection refers to a combination life insurance policy in which an ordinary or straight life insurance policy is combined with a double-term policy to provide triple coverage for a specific period. The term portion of the policy works the same way term life insurance does on its own, paying out only if the insured dies within the set period. If death occurs within this period, the beneficiaries receive a triple benefit. After the stipulated period ends, only the face amount of the ordinary life policy is payable as the death benefit.

Insuranceopedia Explains Triple Protection

The plan is ideal for young families, as it offers increased coverage during the period when children are young, fully dependent on their parents, and approaching maturity. A triple protection policy maximizes insurance coverage at a low premium. Parents who want to compare this kind of layered policy against simpler options can review the best life insurance companies to see how their term and whole life products are priced. Because the permanent portion of triple protection is funded as ordinary life, buyers should also look at typical whole life insurance costs to understand what the lifelong piece of the coverage will run after the term portion expires.