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 If a Tree Falls This handy video helps you stay prepared in case a fallen tree has damaged your house. The Value of Insuring Against Life’s Risks Building wealth requires protection from the forces of wealth destruction. Protecting Those Who Matter Most The importance of life insurance, how it works, and how much coverage you need.