The Project Study Life (aka ‘Predicted service life’) will override the life expectancy of all materials entered assuming that the study life for the project is lower than the material life.
For example, if structural steel is set to 150 years, once you add that template into your design, your study life of 60 years will automatically override that 150 years material life.
On the other hand, if your study life is longer than your material life, the software will just ‘replace’ that material for you automatically as many times as it is able to fit within that study period. For example, if you add your 150 years structural steel template to a design with a study life of 500 years, that steel will be replaced 3 times within that study period before the final end of life of that steel at 500 years.
Therefore, you don’t need to worry about the different life expectancy in your templates/inputs since the software will automatically calculate recurring and end of life impacts for you.