Resolve the Life Insurance trigger, causing you to lose 1 life and creating a Treasure token Resolve the Falkenrath Noble trigger, causing target player to lose 1 life and gaining you 1 life.
Activate Treasure token by tapping and sacrificing itself, adding ({B} magic symbol) .
Activate Bloodsoaked Champion by paying ({1} magic symbol) ({B} magic symbol) , returning it to the battlefield.