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 Combine Your Policies and Save Some things just make perfect sense in pairs. 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.