What is a Term? Term[turm]noun1.The Term is the length of time a specific insurance Policy is effective. This feature is most commonly found in life insurance, where the Policy is only good for a specific length of time, or “term” of a person’s life. Share | Have A Question About This Topic? Name Email Address Message Thank you! Oops! Related Content Forecast Life is as unpredictable as the weather. We’d love to help you prepare. Did You Know This Fact About Night Safety? Follow this tip to increase your children's visibility at night. Long-Term-Care Protection Strategies The chances of needing long-term care, its cost, and strategies for covering that cost.