I have never seen a defective wheel speed sensor in over six years. Maybe a damaged wire, but never a sensor.
On the other hand, a loss of LF wheel speed signal on 99 Volvos is one of the symptoms of a defective ABS unit.
All the ABS control units (Installed on 96 and newer 850, 70 series and S80 models) will eventually fail after they reach 65,000 miles or 5 years. The average is 85,000 miles and/or 6 years for failures.
A dealer will charge from $60.0 to $120.00 to diagnose the problem and about 95% of the cases the mechanic will recommend to replace the ABS control unit.
Check here for more information.
Vitor's Volvo ABS website
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