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. Can Group, Private Disability Policies Work Together? Loss of income from disability has the potential to cause financial hardship. Disability insurance can help. Lifetime of Earnings Estimate how much you have the potential to earn during your working years.