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? How Solid is Your Offensive Line? As quarterback of your life, here’s a fun way to think about protecting your financial future. When the Unexpected Becomes Reality Disability happens to more people, more often than you may think, and it lasts longer, too.