The bound morpheme non is the negator for life-threatening here, so 'life-threatening' is more coherent. This does not come across with nonlife-threatening, which would seem to imply a threat to non-life. To record and summarize the discussion in the comments, while the oed mostly uses the hyphen, many other dictionaries don't, and the ngrams show higher non-hyphenated usage than hyphenated.

Which is why american style manuals will always ask you to merge it with the subsequent word, without a hyphen. British rules differ, and … Is there any difference in usage between inconclusive and non-conclusive (nonconclusive)? Inconclusive is more popular in research compared to non-conclusive, using pubmed search, 20,872 and 260 …