The metal components of the bearing should last the life of the vehicle. As DriveHard said, when it comes to life of a bearing, the seal is the weakest link. It's a wear item. Once the seal integrity is breached - either through wear or nicking the seal - the game is over. Water and dirt get in, which seriously compromises the lube, and can destroy the bearing in short order.
Another big important reason for bearing failure is improper maintenance. There are so many things that can go wrong during bearing service, including improper preload (axial clearance), nicked seal, wobbly seal, and dirt ingress into the cavity. I sometimes cringe when people talk about maintaining their bearings, because if the job is anything less than perfect the bearing will fail in short order.