Since this word consists of a kanji with hiragana attached, you can bet that it will use a kun'yomi reading. You didn't learn the い reading with this kanji though, so here's a mnemonic to help you:
What does it mean to live? Life is pretty icky (いき ... the き comes from the hiragana part), but you have to take that ickiness and roll with it if you want to have a good life... if you want to live!
I lost the will to live from heartbreak.
I don't even know if he's alive now.
My favorite anime character is currently in a critical moment between life and death.