Just tried and it doesnt, u still take dmg from life tap even with a shield that absorbs 100k dmg. In pve its gona be pretty good, unless the fight has constant aoe dmg, if u're in fight like elegon lets say where u take dmg once 20s+ healers wont even have to worry about you, the duration of the shield its 15s and shouldnt be much of problem to maintain it.