Use it to express a very strong or emphatic refusal or rejection of a suggestion. "Would you like to try insects for dinner?" "Not on your life!"
Pro Tip 2/3
Emotional Emphasis
The phrase adds dramatic effect and shows you have strong feelings about not doing something. "Are you considering taking that risky job?" "Not on your life!"
Pro Tip 3/3
Informal Setting
It is casual and used more commonly in spoken English or informal writing, like text messages. "Can I borrow your car for the road trip?" "Not on your life, it's brand new!"