Intel Markets and sells these CPU's as unlocked overclockable 'K' versions. Therefore, these 'should be' safe to be overclocked as long as you keep it in thermal limits by using a good cooler.
CPU's mostly fail due to overvoltage or thermal stress
CPU failure rate due to heat is directly tied to the difference b/w CPU & ambient temp as well as number of thermal cycles.
CPU failure rate due to overvoltage/current, well this also causes more heat than the part is rated for and destroys the silicon.
Here is my theory - we really can not see/say what is happening to the 14nm chip at a transistor level during constant high frequency use. One would think that current/voltage pulses would be passing faster and more frequently through the silicon. I would think that it would certainly take some time off the life of your chip - how much? perhaps even the ASIC engineers who designed the chip could not say for certain.
I do see that these chips seem to have a good service life, seeing as how I was still using my sandy bridge till 2-3 weeks ago. There are still many people with overclocked nehalem and sandy builds, which says something about the service life of these chips.
In short, yes overclocking probably wears out the transistors/silicon a tad bit more but as long as you are keeping your cpu well within safe operating thermal limits and voltage/current ratings you should be able to squeeze a good amount of life out of your 6700k.