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. Insuring Your Business With a Buy/Sell Agreement It may help your business be better prepared in the event of the death of a principal or key employee. Long-Term-Care Protection Strategies The chances of needing long-term care, its cost, and strategies for covering that cost.