You replace the original loop with this one e.g. as follows
checkphrases.docx sholuld have each word or phrase to find in a new paragraph (with no empty paragraphs).
Code:
Sub ComparePhraseList()
Dim sCheckDoc As String
Dim docRef As Document
Dim docCurrent As Document
Dim i As Integer
Dim oPara As Range
sCheckDoc = "c:\path\checkphrases.docx" 'Change to the path where the document is located.
Set docCurrent = Selection.Document
Set docRef = Documents.Open(sCheckDoc)
docCurrent.Activate
Options.DefaultHighlightColorIndex = wdYellow
With Selection.Find
.ClearFormatting
.Replacement.ClearFormatting
.Replacement.Highlight = True
.Replacement.Text = "^&"
.Forward = True
.Format = True
.MatchWholeWord = True
.MatchCase = True
.MatchWildcards = False
End With
For i = 1 To docRef.Paragraphs.Count
Set oPara = docRef.Paragraphs(i).Range
oPara.End = oPara.End - 1
With Selection.Find
.Wrap = wdFindContinue
.Text = oPara.Text
.Execute Replace:=wdReplaceAll
End With
Next i
docRef.Close
docCurrent.Activate
Set docRef = Nothing
Set docCurrent = Nothing
Set oPara = Nothing
End Sub