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 Contents The Other Sure Thing Though we don’t like to think about it, all of us will make an exit sometime. Are you prepared? 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.