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 If a Tree Falls Do you know what to do if a tree falls on your house, damaging your roof? Disability and Your Finances In the event of an unforeseen accident or illness, disability insurance may be a good way to protect your income and savings. Protecting Those Who Matter Most The importance of life insurance, how it works, and how much coverage you need.