The actors in these films are usually unknowns, D-Listers, or washed-up performers who may have had one Oscar worthy performance, but then their careers went to crap shortly thereafter. Most of the actors milk their emotions to the point of over-exaggeration.
This term came from the fact that Lifetime movies are poorly produced that it need not be shown in the cinema. It is strictly made-for-TV.
Tom: "Yeah man. Talk about Lifetime Movie bad. Plot sucked and the acting was cheap".