The Lifetaker referred to two different sets of body armor closely linked to the Black Company.
The first was a set of body armor created and worn by Lady during their initial battles with the Shadowmasters. It was intentionally designed to instill fear, and many of the people of Taglios thought that the Lifetaker armor resembled Kina, the goddess of death and destruction. Lady had Croaker utilize a similar armor, called the Widowmaker.
A second set of the Lifetaker armor was created later by Soulcatcher for herself to manipulate events, impersonate her sister and accomplish her own ends alongside a new Widowmaker armor for Croaker.