Definition - What does Triple Protection mean?
Triple protection refers to a combination life insurance policy wherein an ordinary or straight life insurance is married to a double term policy to provide triple coverage within a certain coverage period. If death occurs during this stipulated period, the beneficiaries receive a triple benefit. After the stipulated period, only the face amount corresponding to the ordinary life policy is payable as a death benefit.
Insuranceopedia explains Triple Protection
The plan is suitable for young families as it provides increased coverage when the children are young, totally dependent on the parents for support, and just growing to the age of maturity. A triple protection policy maximizes insurance coverage for a low premium.
How Well Do You Know Your Life Insurance?
The more you know about life insurance, the better prepared you are to find the best coverage for you.
Whether you're just starting to look into life insurance coverage or you've carried a policy for years, there's always something to learn.