Like (one's) life depends on it phrase
The phrase can be rewritten as "as if one's life depends on it".
If a person does something "like his/her life depends on it", he/she makes a frantic effort to do something because it is crucially important, they can risk their life doing something.
He entirely focused on the chess game like his life depended on it. He even forgot to have dinner.
In my opinion, everyone should pursue their passion at least one time like their life depends on it. Just don't hesitate, we only live once.
The verb "depend" should be conjugated according to its tense.