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 Snapshots Your life is marked by images. Prepare for the unexpected, so you can keep those pictures going. What is Loss of Use? Do you know what Loss of Use is? Assess Your Life Insurance Needs This calculator estimates how much life insurance you would need to meet your family's needs if you were to die prematurely.