In Neo-Sindarin maybe...
*cuio i guil
I chose Sindarin because
cuio 'live' is attested in the imperative form (in
The Return of the King Cuio i Pheriain anann!).
Cuil 'life' is attested in
Etymologies at least, but in this example I think it should be lenited *guil.
Of course, if you really mean 'live the (good) life' there is no word 'good' in either example