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I don't know much about Aschen, but regarding the other planets in the M&M universe, I can say the following:
1) The Elves here are not like Tolkien's Quendi; they are definitely mortal, and you can find old Elves among them. However, I would also like to know their average lifespan.
2) Higher demons are definitely immortal; this is mentioned repeatedly in various parts of M&M and Heroes. I can't say for sure about lower demons. Also, djinns and ifrits are immortal (the latter age with time, their appearance changes, but they don't die). I don't remember any specific mention of angels, but I'm almost certain they are also immortal. At least, they live a very, very long time. I don't know about the Faceless Ones.
Mages generally live as long as ordinary members of their race. But there are exceptions. For example, Gavin Magnus lived on Enroth (and later on Axoth) – a mage who mastered the secret of immortality, and he was a human. Moreover, neither old age, nor weapons, nor magic could easily harm him. He was a good person and ruler, although he became somewhat eccentric in his later years. There was also another fellow who asked a djinn for immortality and often regretted it. There was also a Fountain of Youth on Enroth, and if you drank from it regularly, aging would stop, but few people knew about it... but those who knew used it. But on other planets, there don't seem to be such sources. In general, extending life with magic is possible, but achieving significant results is not within everyone's power. If some great mage reveals an extremely complex recipe for youth, that's fine, but if every person you meet can easily extend their life by many years, that's not normal.
3) There is a lot of information about the reproduction of demons, but I found nothing about angels. By the way, I'm also interested in this question. If you find anything, write it here, okay? And if you don't find anything, but come up with some interesting theory, then write that too.