I imagine it would allow your brain to keep getting O2 without the lungs, same way it would keep creating O2 for the brain if you lost that precious blood that normally keeps it fed.
I guess, to make this point, we must inspect the causes of death for a bit. There's really only two I can think of. The destruction of your brain, which ends you as a person by destroying crucial synapses, and loss of air, which is caused by basically every other type of death ie bloodloss, organ damage, suffocation, etc. Those are, so far as I can remember at this time of morning, the two base causes of death. If you were somehow storing death, I'd assume it would be similar to tapping oxygen, with braindeath still being possible. You wouldn't be able to die simply because you are magically being supplied with everything you need to live. So this can already kind of happen. Then again, I'm basing everything in this post on flawed, half-asleep memories, so I could be very wrong.