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 Snapshots Your life is marked by images. Prepare for the unexpected, so you can keep those pictures going. Did You Know This Fact About Flushing the Toilet? Did you know you can still flush the toilet, even if your well pump is stopped. Long-Term-Care Protection Strategies The chances of needing long-term care, its cost, and strategies for covering that cost.