A systematic study to model and characterize the band-modulation Z(2)-FET device is developed bringing light to the relevance of the carrier lifetime influence. This work provides guidelines to optimize the Z(2)-FETs for sharp switching, ESD protection, and 1T-DRAM applications. Lower carrier lifetime in the Z(2)-FET helps in attaining the sharp switch. We provide new insights into the correlation between generation/recombination, diffusion, electrostatic barriers and carrier lifetime.