Kerrie the foam deteriorates quite slowly, I'm thinking 5-10 years. The stuff in the case for my old Meade 100mm f/10 is quite crumbly now after 20 years. You'll also notice it seems to get a little stiffer than it was when new, a bit like stale white bread, when you notice that its time to replace.
The best material IMHO is probably a tough plastic or possibly felt.
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