A combination of voltage and heat is what causes degradation. Increasing clockspeed causes a linear increase in heat output, whereas voltage causes an exponential increase, so raising voltge has a much larger impact than clockspeed in terms of effect on CPU lifespan. However, there are some generally agreed-upon "safe" voltage limits for various CPUs, and if you stay under them, it'll likely long outlive its usefulness.
For example: An i7 4790K probably shouldn't go above 1.30v. At stock clocks and voltage, it will last for probably decades, even at close to 100c, but as you increase voltage, it's wise to lower temperature with more cooling. Someone with a water chiller or liquid nitrogen could run above 1.30v with much less effect on...