Refers to situations where there's much to lose, emphasizing the severity of the risk involved. Racing in the storm was like taking your life in your hands.
Pro Tip 2/3
Metaphorical
Not always literal, it can describe any highly risky action, not just physically dangerous ones. Investing all your savings in one stock is taking your life in your hands.
Pro Tip 3/3
Dramatic Tone
Often used to dramatize a situation, making it sound more serious or thrilling than it may be. Asking her out felt like I was taking my life into my hands.