Tall tale about fine luxurious existence (4,4)
I believe the answer is:
long life
'luxurious existence' is the definition.
'long life' can be an answer for 'existence' (thesaurus). I am not sure about the 'luxurious' bit.
'tall tale about fine' is the wordplay.
'tall' becomes 'long' (I've seen this before).
'tale' becomes 'lie' (tale can mean a lie or invention).
'about' is an insertion indicator.
'fine' becomes 'f' (abbreviation).
'lie' placed around 'f' is 'life'.
'long'+'life'='LONG-LIFE'
Can you help me to learn more?
(Other definitions for long life that I've seen before include "Type of milk" , "A toast - to a prolonged existence" , "treated to keep fresh" , "(Of milk etc) treated so as not to decay" .)