I've debated this approach with friends in the past. From a game-theory perspective, does this promote or hinder political corruption?
I'm inclined to believe that term limits would actually encourage corruption.
1) If senators have to find a job after 8 years, surely that encourages the revolving door between industry and government, as they need to find another job .
2) If excellent and popular politicians have to be replaced before they fall from popularity, and it still costs a lot of money to get elected, then candidates will become more beholden to special interests (as they can't campaign on their track record or political capital). This would also dilute the overall quality of legislators.
3) If the average candidate has little or no political record, then how can we root out those who are beholden to special interests? At least currently we can look at who they have taken money from over the years in the public records that are available. If every candidate is a blank slate, who hasn't been subjected to oversight, it will be much easier for a candidate to be secretly bought without the public having a chance to spot it.
The real problem is not that there exists career politicians, it's that they experience extreme conflicts of interest due to being permitted to engage in insider trading [1], that they are not restricted from taking jobs in the industries they regulated while in government [2], and that there is a massive flow of money into politician's campaigns from special interests [3].
A more credible solution to these problems is advanced by Represent.us: http://anticorruptionact.org/whats-in-the-act/
[1]: https://theintercept.com/2015/05/07/congress-argues-cant-inv... [2]: https://www.opensecrets.org/revolving/ [3]: https://en.wikipedia.org/wiki/Citizens_United_v._FEC