Originally Posted by shillard
QF really has this sorted, in fact you can buy lifetime lounge access (QF, AA & BA lounges) for either $$$ or points with "Qantas Club Lifetime Membership".
As previously mentioned, QF elites can also qualify for lifetime free membership by obtaining lifetime gold, at 14,000 status credits (the equivalent of 10 cunningly planned F RTW trips).
QF Club lifetime sells for: AUD$3,820 (USD$2,850), or 825,000 QF Miles, but by the time you hit 825,000 QF miles, you basically will have had enough QF Status Credits to qualify for lifetime Gold, which gets you lifetime AA Admirals Club Access...although some have said, you are better off buying QF Club lifetime membership and putting your OW flights towards AA where redemption rates are much better than AA.