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 Extended Care: A Patchwork of Possibilities What is your plan for health care during retirement? Social Media: #Newest Business Liability Risk Social media may be a modern imperative for businesses looking to grow and build their brand, but it also introduces risk. Disability Income This calculator estimates your chances of becoming disabled and your potential need for disability insurance.