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 Accidents Accidents happen to everyone. We’re here to help. Insurance Needs Assessment: Married With Children When you’re married and have children, insurance needs will be different. Protecting Those Who Matter Most The importance of life insurance, how it works, and how much coverage you need.