The most common and most likely answer to this crossword clue is the 3 plus 11 letter word BOA CONSTRICTOR
I've seen this crossword clue in The Guardian
B
O
A
C
O
N
S
T
R
I
C
T
O
R
More clues leading to the result BOA CONSTRICTOR
Buddy explains!
The straight part
We know that "that may squeeze the life out of you" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case that may squeeze the life out of you = boa constrictor.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.