noun
Refers to the amount paid periodically to an insurance company for coverage.
毎月の保険掛金が高くなった。
My monthly insurance premium has gone up.
保険料 is the more common and general term for 'insurance premium'. 保険掛金 is a less frequent synonym, sometimes used in specific contexts like installment payments.
Compound of 保険 (insurance) + 掛け金 (installment, premium). The exact historical derivation is uncertain, but the word transparently means 'insurance installment'.