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 Coaches Coaches have helped you your whole life, in ways big and small. We’d like to be one of them. The Value of Insuring Against Life’s Risks Building wealth requires protection from the forces of wealth destruction. Protecting Those Who Matter Most The importance of life insurance, how it works, and how much coverage you need.