We demonstrate a method for examining the effects of thermal aging of cellulose pressboard using terahertz time-domain spectroscopy. The change of refractive indexes at the frequencies of pulsed terahertz waves while applying heat reveals that the degree of thermal aging and the condition of thermal breakdown can be clearly analyzed by performing terahertz measurements. The visual examination method only allows evaluation of the degree of blackness on the external surfaces of cellulose pressboard. However, using terahertz techniques for non-destructive inspection enables determination of the dielectric integrity to check the strength of the electrical insulation inside the cellulose pressboard. The results indicate that the terahertz techniques could be very useful, especially in the electric power industry, which requires a variety of methods for internal non-destructive testing to ensure the safety and reliability of insulation materials in electric power facilities and components.