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 Pipe Breaks Do you know what to do if a pipe breaks in your house? What is Blanket Coverage? Do you know what Blanket Coverage is? Protecting Those Who Matter Most The importance of life insurance, how it works, and how much coverage you need.