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. Disability and Your Finances In the event of an unforeseen accident or illness, disability insurance may be a good way to protect your income and savings. Protecting Those Who Matter Most The importance of life insurance, how it works, and how much coverage you need.