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 Your DNA Test If your family relies on your income, it’s critical to know what their needs would be in the event of your death. Gap Insurance for Leased Cars If you’re thinking of leasing a new car, then you shouldn’t forget about gap insurance. Protecting Those Who Matter Most The importance of life insurance, how it works, and how much coverage you need.