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 Question Thank you! Oops! Related Contents If a Pipe Breaks Learn what to do when a pipe bursts with this helpful video flooded with smart tips. Can Group, Private Disability Policies Work Together? Loss of income from disability has the potential to cause financial hardship. Disability insurance can help. Long-Term-Care Protection Strategies The chances of needing long-term care, its cost, and strategies for covering that cost.