If you're worried to might miss out, Facebook already announced it would prioritize the live content to the top of your News Feed. Notifications are also a way to tune in when a stream is actually live, but depending on how many pages you follow, things can get out of hand quickly. If you're looking for some more immediate relief, you can click the "Live Subscribe" button on a video and turn off the notifications. However, this only works for that page whereas the update will allow you to turn off the alerts for all Live Videos.
Here's what a Facebook spokesperson told Engadget in regards to Live Videos and notifications:
"We've heard from people that they don't want to miss live videos from the people or Pages they care about, so we may send a notification if someone you've recently interacted with is going live, in case you want to tune in. One way you can currently control notifications for live videos is by clicking on the "Live Subscribe" button on top of the video to get notified when that person goes live again. You can also click on that same button as a way to turn off those specific notifications. However, we know people want more control over the live notifications they receive, so we're working on improving this experience. We are starting to roll out a new setting that lets people turn off all live notifications, through their Notifications settings, that will be available to all people soon."