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 Combine Your Policies and Save Some things just make perfect sense in pairs. Understanding the Basics of Medigap Policies Important as it is, Medicare does not cover the full range of health-care expenses you may experience in your golden years. Long-Term-Care Protection Strategies The chances of needing long-term care, its cost, and strategies for covering that cost.