The lifegard was introduced on the black Ghostbusters 2 belts. It’s a PASS alarm, used by the emergency services and will start to let off a high pitch noise if the wearer is still for more than 30 seconds, this helped find firefighters in trouble etc. The model used in Ghostbusters 2 was the Lifegard II. Real Lifegard IIs are getting increasingly difficult to find and the knowledge that they are part of the Ghostbusters uniform has only meant that the price for them has grown dramatically.
There are a number of sellers who offer resin copies of the Lifegard II. Alternatively, the later models of the Lifegard line are also acceptable as their appearance is largely unchanged.
A Lifegard II
A Lifegard IV, notice the identical shape to the II
A Lifegard V, notice how it is slightly shorter
and rounder than the Lifegard II