Rashi: Amidst Your Chesed, bestow on Your servant (me) something in which I will live.

Malbim: There are many things that prevent a person from reaching perfection - brevity of life, brevity of understanding, the depth of what must be understood, the many possible ways and distractions of attaining needs, like the Rambam writes in Moreh ha'Nevuchim. Also, the world appears to have 'evil' conduct - Resha'im succeed and Tzadikim are disgraced. Here, he addresses the first. Gemul is what one does to another due to love or hatred. Since my Nefesh desires to go in Your Torah, You should bestow amidst love that death not block me - "Limnos Yameinu Ken Hoda v'Navi Levav Chachmah" (90:12).

Radak, Malbim: I do not request life for life itself (worldly pleasures), rather, in order to guard Your words.