Is it something you heard of, or you just assume that it might happens as Amulet of Life was removed from the game? Why I am asking is the fact that it is a rare item and people would prefer not to risk loosing it. I never heard of it before.
Logically, it should not disappear considering you can sell it to Eremo for same price which you could have bought it (50k)- giving players a chance to get money back.
Now, the only scenario which comes to my mind is a bug which- making it disappear due not being active item (but also then usually anything which will be removed/expired is announced by Cip giving players opportunity to still utilize it), or another bug which gives old properties(even only partially) of Amulet of Life to the Broken Amulet and item will disappear when player who is wearing it dies.