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 Question Thank you! Oops! Related Contents Accidents Accidents happen to everyone. We’re here to help. Universal Life Insurance Universal life insurance is permanent insurance with a flexible premium. Here's how it works. Long-Term-Care Protection Strategies The chances of needing long-term care, its cost, and strategies for covering that cost.