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 Message Thank you! Oops! Related Content If You're In An Accident Learn the best steps to take after you’ve been in an automobile accident with this useful, step-by-step video. Is Cyber Liability Insurance Right for You? Have you heard of cyber liability insurance? Do you need it? Long-Term-Care Protection Strategies The chances of needing long-term care, its cost, and strategies for covering that cost.