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 Accidents Accidents happen to everyone. We’re here to help. Did You Know This Fact About Freestanding Structures? Separate structures on your property may have to be insured separately. Long-Term-Care Protection Strategies The chances of needing long-term care, its cost, and strategies for covering that cost.