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 Coaches Coaches have helped you your whole life, in ways big and small. We’d like to be one of them. The Value of Insuring Against Life’s Risks Building wealth requires protection from the forces of wealth destruction. Long-Term-Care Protection Strategies The chances of needing long-term care, its cost, and strategies for covering that cost.