Insurance

What is a Term?

Term

[turm]

noun

1.

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.

Have A Question About This Topic?

Thank you! Oops!

Related Content

Universal Life Insurance

Universal Life Insurance

Universal life insurance is permanent insurance with a flexible premium. Here's how it works.

Prescription Drug Benefits Under Medicare (Part D)

Prescription Drug Benefits Under Medicare (Part D)

Do you need to enroll in Medicare Part D? Read this article to learn more about whether you need this coverage

Fixed or Variable Mortgage, Which Should You Pick?

Fixed or Variable Mortgage, Which Should You Pick?

When selecting a mortgage, one of the most critical choices is between a fixed or variable interest-rate mortgage.