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 If a Tree Falls Do you know what to do if a tree falls on you house, damaging your roof? Insurance Needs Assessment: When You're Young and Single Even if you’re young and single, you should still consider protecting yourself. Protecting Those Who Matter Most The importance of life insurance, how it works, and how much coverage you need.