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Maturity
This is when the policy reaches the end of a set term (number of years) which were determined at the start.

Maturity bonus
A final bonus which is not guaranteed but added when the policy ends. The amount depends on the performance of the investments (and other profits and losses of the fund).

Mid-price
The average of the bid and offer price.

Mortality rate
A percentage rate at which death occurs among a defined group of people of a specified age and sometimes gender. Insurers base premiums for life insurance on the mortality rate for a proposed person(s).