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 The Other Sure Thing Though we don’t like to think about it, all of us will make an exit sometime. Are you prepared? Did You Know This Fact About Night Safety? Follow this tip to increase your children's visibility at night. Assess Your Life Insurance Needs This calculator estimates how much life insurance you would need to meet your family's needs if you were to die prematurely.