I grew up with Labs. A well-cared for Lab will usually make it to 12. Barring cancer & other diseases of course. Labs are perceptable to knee & hip problems though so expect to have to fork out some vet fees.
They are very good natured & great with children, but because of their size, make good watch dogs as well.
Once they hit 11 years, they'll slow down and likely develop arthritis. Watch their quality of life...if they have trouble walking regularly and cry alot (with no apparent isolated pain), it might be very old age & time to have them put down (as much as that will hurt). This won't happen overnight but slowly.
I dumped at the gybe mark in strong winds when I looked up at a Porter Q400 on finals. Can't stop spotting.