"Life" in this sense is a noun with the plural being "lives"

Example:

"I love my life."

"Cats have nine lives" 

(These are pronounced with the "i" in "life" and "lives" sounding like "eye")

"To live" is a verb and works differently

Example:

"She lives in France."

"I live in Rio"

(These are pronounced with the "i" in "lives" and "to live" sounding like the "i" in "give")