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 Snapshots Your life is marked by images. Prepare for the unexpected, so you can keep those pictures going. 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. Protecting Those Who Matter Most The importance of life insurance, how it works, and how much coverage you need.