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 Surprises Making the most of surprises is a great reason to work with us. What You Should Do About Insurance Following a Divorce In the face of divorce, making changes to insurance coverage may be overlooked. Protecting Those Who Matter Most The importance of life insurance, how it works, and how much coverage you need.