A rate for life insurance is the amount the insurer charges you per $1,000 of life insurance coverage.
The premium is the amount charged for your life insurance coverage.
To determine the premium of life insurance, you multiply the rate by the amount of life insurance.
So, if the rate is $2 and you need $250,000 of life insurance, then $2 X $250 = $500.
Your annual premium in the above example would be $500 for your life insurance policy.
Your rate is based on several factors including your age, gender, health, tobacco use, lifestyle, driving record, type and duration of life insurance, etc.
Here's how to compare life insurance rates and premiums online.