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 Coaches Coaches have helped you your whole life, in ways big and small. We’d like to be one of them. Does Your Credit Score Affect Your Insurance Rates? Your credit score may influence how much you pay for auto and home insurance. Protecting Those Who Matter Most The importance of life insurance, how it works, and how much coverage you need.