You need to think about which airlines offer 'lifetime' status. I don't think Emirates does (but I could be wrong).

Lifetime status typically takes a long time to rack up, and very often the status that 'lifetime' is not the top one that airline offers (for example AA offers only lifetime Platinum, rather than Executive Platinum). By long time, assume that you (or your children) need to fly upwards of one million miles. A frequent traveller (outside of the real road warriors here) will do well to book 100,000 per year. To put that into a broad context, that's a monthly transatlantic in a premium cabin. For ten years+.

BA, for example, offers a lifetime Gold (close enough to their top status) at 35,000 tier points. This status requires 1,500 tier points per annum to retain, so if you achieve say 2,000 tier points per year, you'll be doing so for 18 years before you have lifetime status. A cheap shortfall flight on BA earns 10 tier points, a transatlantic in business class, with a couple of connecting flights, will get you a little short of 400. It takes time.

I'm not saying you shouldn't try for it (most people here have a mild obsession for just that!) but don't forget to smell the roses along the way. Annual status is very useful, and a bucket full of miles might get you some cheap(er) premium flights.

Welcome to FT!