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 Message Thank you! Oops! Related Content Snapshots Your life is marked by images. Prepare for the unexpected, so you can keep those pictures going. Assess Life Insurance Needs How to help determine life insurance needs to provide for your family after you pass away. Protecting Those Who Matter Most The importance of life insurance, how it works, and how much coverage you need.