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? Keeping Summer Safe: Pool and Spa Safety Tips Each year hundreds of children die or are injured in pool accidents. By taking seven steps, you can keep your pool safe. Protecting Those Who Matter Most The importance of life insurance, how it works, and how much coverage you need.