Life is wonderful.
My life is over. ＼(＾o＾)／
Life is like a banana, you never know how long it will be.
The kanji for person and life combined makes you think about human life. What is your human life like?
This is a jukugo word, which usually means on'yomi readings from the kanji. If you know the readings of your kanji you'll know how to read this as well.