We have this, it's called "election day."
Imagine if you will, a Senator who was just elected to his last, six year term. He doesn't have to run again therefore is not accountable to those who elected him, for the next six years. Now imagine corruption we have today, times 100. Same with the two year House terms, although alot less time for them to be on the graft - but alot more of them in that body.
"Term limits" is something that might sound good, until one spends about five seconds really thinking about it. Read the Federalist Papers.
You really want the elected official totally unaccountable to the electorate. How nice. This is why a president in his lame duck term is also, corrupt.