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 If You're In An Accident Learn the best steps to take after you’ve been in an automobile accident with this useful, step-by-step video. A Look at Whole Life Insurance Whole life insurance remains in force as long as you remain current with premiums. 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.