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. Inventorying Your Possessions Creating an inventory of your possessions can save you time, money and aggravation in the event you someday suffer losses. Long-Term-Care Protection Strategies The chances of needing long-term care, its cost, and strategies for covering that cost.