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 If a Tree Falls This handy video helps you stay prepared in case a fallen tree has damaged your house. How Insurance Deductibles Work Knowing how insurance deductibles work can help you save money and give you peace of mind. Protecting Those Who Matter Most The importance of life insurance, how it works, and how much coverage you need.