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? Address Thank you! Oops! Related Contents Extended Care: A Patchwork of Possibilities What is your plan for health care during retirement? What You Should Do About Insurance Following a Divorce In the face of divorce, making changes to insurance coverage may be overlooked. Protecting Those Who Matter Most The importance of life insurance, how it works, and how much coverage you need.