You are lucky if you have a doctor or psychiatrist who will prescribe you Klonopin for life. Where I live they have really cracked down on benzos and it's extremely hard to get a prescription for more than about 6 benzos at a time. That's my experience.

Plenty of people are on medication for life. There are definitely serious health risks associated with the long term use of some psychiatric medications - particularly Lithium - but untreated mental illness can be fatal so I think it's a case of whether the risks of the medication are greater or lesser than the risks of being unmedicated.