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 Combine Your Policies and Save Some things just make perfect sense in pairs. Protecting Your Home Against Flood Loss Protect yourself against the damage that your homeowners policy doesn’t cover. Protecting Those Who Matter Most The importance of life insurance, how it works, and how much coverage you need.