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? What is Underwriting? Do you know what Underwriting is? Protecting Those Who Matter Most The importance of life insurance, how it works, and how much coverage you need.