Is long term storage safe?

The battery won't get damaged if you're storing the phone in a powered off state at room temperature. It's recommended to store it at about 50% charge (not 100%). Since the battery will discharge over time, even when powered off, it's a good idea to power it on every several months to check on the charge, and bring it back up to 50% if needed.
 
If it sits long enough the battery dies the battery could go bad, it's also hard on the battery to leave it with 100% charge. It was explained to me long ago that a battery is filled with cells that are kind of like water balloons. When empty the cells can collapse and when full can rupture both if which result in reduced capacity.

I worked at Verizon for 4 years, nearly every new phone was between 40 and 60% charged when pulled from the shelf new because that was the best way to store them.