There's an eternal dichotomy between serve for term and serve for life. I think it was a mistake to term limit the President. What if the Civil War had occurred during Lincoln's second term (admittedly not likely)? I think FDR was just the guy we needed for WW2 and that occurred during HIS second term, and our entry into it occurred during his THIRD term. And I think Obama could've used a third term.

Anyhow, there is a strong feeling that a strong good leader needs time to institute changes, yet a limited time to not cement himself into power.

TRMP probably is the all-time argument FOR a Presidential term limit. Currently I think there's a good argument for having Supreme Court justices serve for life. They are as close as we get to wise unattached sages, although the current selection is rather an exception than an exmple of same.