For the third time in its storied history, Life has met its death.

Time Inc. yesterday pulled the plug on the latest iteration of the venerable magazine, a two-year-old weekly supplement for daily newspapers, including the Daily News.

The magazine, which restarted as a weekly supplement in October 2004, will cease publication on April 20. Forty-two people will lose their jobs.

“This was a wonderful, audacious, bold idea that laun-ched at the wrong time,” said Bill Shapiro, managing editor.

The supplement was inserted into 103 newspapers and had a circulation of 13 million, but placed third behind Newhouse-owned Parade at 32.4 million (which appears Sundays in The Post) and Gannett-owned USA Weekend, at 22 million.