Does anyone have information on the life time of air bags. At what point should they be replaced. My 850T is a 94 with 370,000 on it and runs just fine, thus I would like to keep it. My son who is a Chemical Eng worries about the sodium azide leaking and causing burns. A local fellow was burned badly in a Honda when the bag deployed and the azide did not fully oxidize to gas.

Not sure about Volvo-specific bags, but my old 93 Camry had a notice that after 10 years the airbag system required yearly inspection from the dealer. Maybe something to that number, maybe not, but you're in the ballpark. Might be worth a call to your dealer, could be a TSB on the subject.
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Scott - '98 V70 T5M

I had an '89 740 wagon that was involved in a head on crash at about 30 MPH and the bag did not deploy. Never got a CEL for airbag in the 15 years I owned it. Maybe was better that it didn't go off.
I'd say 15 years may be pushing it.

Mine has expiry date label on driver side B pillar (door).

A couple of results from a google search:

http://brickboard.com/ARCHIVES/1998AUG/20008847.shtml

http://www.airbagtesting.com/paper.pdf