There are always risks when you operate a device outside the parameters defined by the manufacturer. In the case of overvoltage there are risks to the device itself and to it's reliability of operation. Combine overvoltage with a higher operating frequency and you compound the risks.
The CPU is pretty good at protecting itself from high temperatures that occur under normal operation but there are other dangers it can do nothing about. Overvoltage may result in localized high temperatures that contribute little to the average measured temperature. It is also well known that excessive voltage itself can damage electronic devices, even when the other operating parameters are well within safe limits.
A somewhat higher voltage will often improve reliability when overclocking but you must be careful not to go too far. More isn't necessarily better.
A CPU operating under abnormal conditions, such as higher frequency or voltage, may make mistakes. Things become very complicated at the frequencies used in a modern CPU and it is very possible that a specific voltage may be misinterpreted as a 1 when it should be a 0, or the reverse. Most software has a zero tolerance for error and the results are unpredictable. Even a single error during hours of operation can have serious consequences.
An error may result in a system or application crash. That is serious but you at least know there is a problem. Potentially more serious is an error that initially goes unnoticed. When doing calculations a single error can cause a chain reaction of wrong numbers. You really don't want this to happen when the computer is doing your tax return.
A good rule is to never overclock or overvoltage a computer that is used for important purposes. For a computer used for entertainment purposes, such as gaming, the risks may be justified. For financial calculations, clearly not.
While your cooler may be able to keep the overall CPU temperature low there may well be very localised hotspots within the CPU die. You could be damaging small but specific areas of chip and the damage may not be immediate or obvious. How long the CPU lasts will be determined by how "perfect" the CPU die is. It is impossible to say for certain that keeping temperature low is the only factor in how long the CPU will live, but it was designed to work at a particular voltage and higher voltages can cause unexpected damage to circuitry not expecting that voltage. – Mokubai – 2017-02-17T10:32:34.473