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? Insuring Your Business With a Buy/Sell Agreement It may help your business be better prepared in the event of the death of a principal or key employee. Protecting Those Who Matter Most The importance of life insurance, how it works, and how much coverage you need.