Hi Rachelhaubi, Lightroom 6 is the version for "life". The version just for a year is called Lightroom CC. For a private use I don't really see an advantage to a subscription unless you need absolutely to have the last technology. Indeed some functionalities are not available in the "life" version. They are only distributed in the CC version.
i don't belief it's for life. the ADOBE homepage offers only CC versions of theyr programs. i assume this version will stop running with the next big OS update on your computer. i would like to buy life version as a successor for my aged "aperture" mac sw. but with the uncertainty ...?