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? Address Thank you! Oops! Related Contents Accidents Accidents happen to everyone. We’re here to help. Did You Know This Fact About Dryer Lint? Dryer lint is extremely flammable, and should be cleaned regularly Long-Term-Care Protection Strategies The chances of needing long-term care, its cost, and strategies for covering that cost.