Provided herein are thermally protected varistor (TPV) devices including a varistor body and a terminal assembly directly coupled together. The terminal assembly may include a housing, wherein an opening is provided in a base of the housing. A lead is coupleable with the varistor body via a thermal linking material positioned within the opening of the base, the thermal linking material operable to maintain direct physical contact with the lead when the thermal linking material is below a melting point. The terminal assembly may further include a shield slidable within the housing between a first position and a second position, wherein in the first position the shield is positioned adjacent the thermal linking material, and in the second position the shield is positioned between the lead and the second side of the varistor body. The shield includes a tab for releasably coupling the shield to the housing.