Because thy lovingkindness
checed (kheh'-sed)
kindness; by implication (towards God) piety: rarely (by opposition) reproof, or (subject.) beauty
is better
towb (tobe)
good (as an adjective) in the widest sense; used likewise as a noun
than life
chay (khah'-ee)
age, alive, appetite, (wild) beast, company, congregation, life(-time), live(-ly), living (creature, thing), maintenance, + merry, multitude, + (be) old, quick, raw, running, springing, troop.
my lips
saphah (saw-faw')
the lip (as a natural boundary); by implication, language; by analogy, a margin (of a vessel, water, cloth, etc.)
shall praise
shabach (shaw-bakh')
to address in a loud tone, i.e. (specifically) loud; figuratively, to pacify (as if by words) -- commend, glory, keep in, praise, still, triumph.
thee