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 Accidents Accidents happen to everyone. We’re here to help. Did You Know This Fact About Smoke Detectors? Do you know how often to change the batteries on your smoke detectors? Protecting Those Who Matter Most The importance of life insurance, how it works, and how much coverage you need.