I think that's because the for loop body is not a scope for the callback function closure, the scope is the container function.
Try this:
function loadEstimates(option){
for(term_length=72; term_length>=24; term_length-=12){
postProcess(term_length);
}
}
function postProcess(term_length) {
var post_options = {loadEstimates: 'true', coverage_option:option, term_length:term_length};
$.post('../includes/process.php', post_options, function(response, status){
alert(term_length);
});
}
For more info see: