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 Forecast Life is as unpredictable as the weather. We’d love to help you prepare. What is Underwriting? Do you know what Underwriting is? Protecting Those Who Matter Most The importance of life insurance, how it works, and how much coverage you need.