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. Understanding Long-Term Care Understanding the types of long-term-care services—and what those services could cost—may be critical. Protecting Those Who Matter Most The importance of life insurance, how it works, and how much coverage you need.