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 Message Thank you! Oops! Related Content The Other Sure Thing Though we don’t like to think about it, all of us will make an exit sometime. Are you prepared? What to Look for in a Long-Term Care Policy Here’s a list of 10 questions to ask that may help you better understand the costs and benefits of long-term-care insurance. Protecting Those Who Matter Most The importance of life insurance, how it works, and how much coverage you need.