How can it destroy a bond without killing said person? If the bond between life and the force is broken a person dies. If the capacity for force sensitivity is lost the person can't reconnect themselves, they'd need help.
The technique rationally, is used to hide a person's force sensitivity, it doesn't break or sever force connections (that would either kill the person or render them blind to the force).
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Iboga chose not to fight, to allow himself to evolve. He had the wisdom to abandon the actions of war when he knew they would no longer serve him.
The bond isn't necessary for life to sustain itself. The Exile willingly rid herself of the connection, which was why she was able to escape from Nihilus for so long. The Exile was only found due to Kreia's proximity to her and Sion's knowledge of her secret agenda with the Exile.
While all living things are inherently existent within the Force, the technique undoes this, or at least masks someone with an identity that lacks the Force, or at the very least, Force-Sensitivity.