"Protect his treat with his life" is probably a bit exaggerated.
It's just "just in case he'll take it!" behavior. This might also originate from you taking something else or it could be really just inherent behavior. There's nothing to worry about.
However, what you can try is really trivial and simple:
Get your dog in a place where it has a hard time escaping with the bone.
Give it the bone.
After a moment (depends on how fast it'll finish it), take it again.
Look at it a bit, let your dog see it, then give it back.
Repeat this over a few days and the dog should become less "protective", since it will notice that you'll give it back.
These steps should also work in other instances of "protective behavior", e.g. the dog snarling or barking, if you try to take anything.