Indefinite Useful Life refers to the situation where there is no foreseeable limit on the period during which that asset, especially intangible asset, is expected to generate economic benefits. An example of an asset with an indefinite useful life is a license which does not require renewal or a freehold lease. When intangible assets have an indefinite useful life, they are not depreciated but rather tested for impairment, annually. When estimating the fair market value of intangible assets with infinite life, business valuators draw on cash flows from the forecast period plus a terminal value cash flow.