Yes, the Android OS provides a system notification that stays on when a VPN is enabled. Lookout Life’s Safe Browsing feature uses a VPN service to function, which is why you are seeing this notification.
A recent change in the way Android allows apps to use some accessibility services means the VPN will now stay on at all times if Safe Browsing is enabled. The key or lock symbol in your status bar indicates Safe Browsing is enabled and should stay in the status bar at all times.
Note: Information is for devices running Android 6.0+