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 If a Tree Falls Do you know what to do if a tree falls on you house, damaging your roof? Is Term Life Insurance for You? Term insurance is the simplest form of life insurance. Here's how it works. Protecting Those Who Matter Most The importance of life insurance, how it works, and how much coverage you need.