From HoNwiki
Heroes on Newerth is a game that involves killing the other team. On occasion the other team is going to kill a member of your team, giving you a death.
When you die you will lose gold and your hero suffers respawn time, in which you must wait a varying amount of time before your hero is available again (you may still control other units under your control while suffering respawn time). Once this time is up, your hero will respawn in the well or tarpit with 65% health and mana. There is also to option of spending gold to respawn instantly instead of waiting.
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Death
On death you will lose gold equal to your level times by 30. For example if you are level 12 when you die, you will lose 360 gold.
Respawn
On death you are given a respawn timer which you can see, this timer starts at your level times 4, so if you die at level 11 you will have a 44 second respawn timer. When the timer reaches 0 your hero will respawn in your team's well. If the game mode option "No Respawn Time" is checked, you will instantly respawn upon death.
Buy Back
While you are dead and waiting to respawn, there is the option to buy back, which lets you respawn instantly at the gold cost equal to 100 + (Your Level * Your Level * 1.5) + (GameTimeInMinutes * 15). If you die at level 10 15 minutes into the game it will cost:
= 100 + (10 * 10 * 1.5) + (15 * 15)
= 100 + 150 + 225
= 475
You can only buyback twice per game.
Token of Life
Token of Life is an item dropped by Kongor, the boss unit, in Forests of Caldavar. On death you will respawn at the same place you died 5 seconds later with full HP and Mana, your cooldowns will however remain unaffected. After Kongor has died you have 10 minutes to take advantage of Token of Life before it automatically disappears and Kongor respawns.