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 Combine Your Policies and Save Some things just make perfect sense in pairs. An Overview of Renter’s Insurance Don’t overlook the need for renter’s insurance if you rent your home. Protecting Those Who Matter Most The importance of life insurance, how it works, and how much coverage you need.