This is fairly simple to achieve by using an array to hold the terms to find in quotes separated by commas e.g.

Sub HighLightList()
Dim vFindText As Variant
Dim oRng As Range
Dim i As Long
vFindText = Array("lorem", "ipsum")    'the words or phrases to find
    For i = 0 To UBound(vFindText)
        Set oRng = ActiveDocument.Range
        With oRng.Find
            .ClearFormatting
            .Replacement.ClearFormatting
            Do While .Execute(findText:=vFindText(i), _
                              MatchWholeWord:=True, _
                              Forward:=True, _
                              Wrap:=wdFindStop) = True
                oRng.HighlightColorIndex = wdYellow
                oRng.Collapse wdCollapseEnd
            Loop
        End With
        DoEvents
    Next
lbl_Exit:
    Set oRng = Nothing
    Exit Sub
End Sub