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 Your DNA Test If your family relies on your income, it’s critical to know what their needs would be in the event of your death. Inventorying Your Possessions Creating an inventory of your possessions can save you time, money and aggravation in the event you someday suffer losses. Long-Term-Care Protection Strategies The chances of needing long-term care, its cost, and strategies for covering that cost.