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 Coaches Coaches have helped you your whole life, in ways big and small. We’d like to be one of them. Did You Know This Fact About Trampolines? Trampolines cause thousands of injuries per year. Long-Term-Care Protection Strategies The chances of needing long-term care, its cost, and strategies for covering that cost.