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 Combine Your Policies and Save Some things just make perfect sense in pairs. What to Look for in a Long-Term Care Policy Here’s a list of 10 questions to ask that may help you better understand the costs and benefits of long-term-care insurance. Protecting Those Who Matter Most The importance of life insurance, how it works, and how much coverage you need.