For health insurance, rate protection refers to the process of paying a year in advance to avoid the scheduled increas in premiums. Health insurance premiums go up on April 1st every year, so paying a year in advance in say, February, will lock in the lower rate for that full year. Assuming the rate increase is higher than what you could earn in a savings account (which is typically is) you'll be saving money. Also, some health funds like HBF give you a discount for paying a year in advance, which helps knock a few more dollars of your premium.