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. Gap Insurance for Leased Cars If you’re thinking of leasing a new car, then you shouldn’t forget about gap insurance. Long-Term-Care Protection Strategies The chances of needing long-term care, its cost, and strategies for covering that cost.