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 Surprises Making the most of surprises is a great reason to work with us. Did You Know This Fact About Freestanding Structures? Separate structures on your property may have to be insured separately. Protecting Those Who Matter Most The importance of life insurance, how it works, and how much coverage you need.