Bung has rightly said "Temp rises low enough to avoid accelerated failure (through burning or oxidation) are not likely to severely affect any inorganic materialsas much (copper, ceramics etc)." To add a few more to it:
Becuse of the temperature rise the insulation deteriorates. However if by some means the deterioration is resisted, then the life will not deteriorate as previously thought. When oils are changed it was considered life enhancement. But what has happened is in fact the oxidising inhibitor has reduced. So if the oil is regenerated inside the transformer till the color is changed to LIGHT YELLOW and not to the level of clear colorless, then the inhibiting natural chemicals remain in the oil as intact, which will prolong the life of oil thereby the transformer. Some researchers of ABB consider to filter to the extent of colorless by adding inhibitor in order to enhance the life.
Yes it is true that with the rise of temperature the life is reduced, provided the temperature is well above 90 degree celsius. Otherwise, I think the life does not decrease, that is if the transformer temperature is maintained at 50 degree celsius above 40 degree celsius ambient and regularly checking its acidity and IFT.