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 Forecast Life is as unpredictable as the weather. We’d love to help you prepare. What is an Appraisal? Do you know what an Appraisal is? Long-Term-Care Protection Strategies The chances of needing long-term care, its cost, and strategies for covering that cost.