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 The Other Sure Thing Though we don’t like to think about it, all of us will make an exit sometime. Are you prepared? Keep Your Life Insurance When You Retire This article is perfect for those looking to maintain their life insurance or explore alternate options during retirement. Long-Term-Care Protection Strategies The chances of needing long-term care, its cost, and strategies for covering that cost.