I know some people who were lifetime members of the TWA club, PanAm club and PI club (although I think the PI club may still work in US clubs but you have to fight to get it renewed each year if that is what my friend told me... can not remember the details.)

If you joined a life time club 20 years ago and the airlines is still around, you got a great bargain. I would think joining a lifetime club today is very riskly. We all know how long life time is with DL, it is the life of the program.... I am an FC with DL and that was supposed to be lifetime benefits!