Can someone explain this effect as it pertains to equipment? If there is a piece of eq that has age 5 does that mean 5 years is added on to your character's life when you wear it? Is this effect temporary or permanent.

If is permanent, and you die 3 time and wear that piece of gear each time after getting your things back you would have a net 20 years added on to your life (5 for the 1st time and 15 for the 3 times you died)?

If gear says age five years, it adds five years to your characters current age. When you remove it, the effect goes away and you will be whatever your actual age is. However if the age boost pushes you from say young to mature, you will not go back to being young when you remove it.

So yes, you can put on something that ages you without penalty after each time you die. Your age will never go above what the piece says it ages you, it does not stack or become cumulative. Otherwise people would never age die, as there are items which make you younger too.

Hope this helps.