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 Extended Care: A Patchwork of Possibilities What is your plan for health care during retirement? Protecting Your Home Against Flood Loss Protect yourself against the damage that your homeowners policy doesn’t cover. Protecting Those Who Matter Most The importance of life insurance, how it works, and how much coverage you need.