Circuits and methods for protecting a multi-level power converter using no more than two high-voltage FET switches while allowing all or most other power switches to be low-voltage FET switches. Some embodiments provide protective high-voltage top and bottom FETs designed to saturate before the remaining low-power FET switches saturate. Other embodiments may use only low-power FETs for the power switches but provide protective circuits configured to be in an always-ON (conducting) state when in normal power conversion operation, and to quickly switch to an OFF (non-conducting) state in the event of transients or a fault condition. Optionally, one or more of the protective circuits may be used in a controlled manner to limit or block current flow during certain types of fault conditions and/or to limit in-rush current during startup of a power converter.