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? Address Thank you! Oops! Related Contents Extended Care: A Patchwork of Possibilities What is your plan for health care during retirement? Can Group, Private Disability Policies Work Together? Loss of income from disability has the potential to cause financial hardship. Disability insurance can help. Long-Term-Care Protection Strategies The chances of needing long-term care, its cost, and strategies for covering that cost.