The license should be to use the likeness for a given purpose. Either make it perpetual or per copy, not per time. Product breaking licenses should not be allowed in most situations.
Offering a perpetual license would limit the licensor's options (e.g. they could never offer someone else an exclusive license, nor could they adjust the rates if the brand becomes more popular, nor could they terminate if the developer/publisher becomes toxic), so I guess while it's theoretically possible I just don't see why they'd want to offer such a license.
