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 Question Thank you! Oops! Related Contents Forecast Life is as unpredictable as the weather. We’d love to help you prepare. 10 Most Common and Costly Small Business Claims Here are the 10 most common claims against small businesses. Are you covered? Protecting Those Who Matter Most The importance of life insurance, how it works, and how much coverage you need.