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 Coaches Coaches have helped you your whole life, in ways big and small. We’d like to be one of them. What is a Loss? Do you know what a Loss is? Protecting Those Who Matter Most The importance of life insurance, how it works, and how much coverage you need.